Cynosure Group LLC Takes Position in Align Technology, Inc. $ALGN

Cynosure Group LLC acquired a new stake in Align Technology, Inc. (NASDAQ:ALGN) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 3,502 shares of the medical equipment provider’s stock, valued at approximately $547,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Alberta Investment Management Corp purchased a new stake in Align Technology during the fourth quarter worth $1,530,000. Vanguard Personalized Indexing Management LLC boosted its holdings in Align Technology by 4.3% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 6,834 shares of the medical equipment provider’s stock worth $1,067,000 after buying an additional 280 shares in the last quarter. Marathon Trading Investment Management LLC purchased a new stake in Align Technology during the fourth quarter worth $396,000. Mariner LLC boosted its holdings in Align Technology by 69.7% during the fourth quarter. Mariner LLC now owns 33,837 shares of the medical equipment provider’s stock worth $5,289,000 after buying an additional 13,893 shares in the last quarter. Finally, Focus Partners Wealth boosted its holdings in Align Technology by 148.2% during the fourth quarter. Focus Partners Wealth now owns 12,214 shares of the medical equipment provider’s stock worth $1,899,000 after buying an additional 7,293 shares in the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Stock Performance

NASDAQ:ALGN opened at $178.26 on Tuesday. The company has a fifty day moving average of $173.14 and a two-hundred day moving average of $171.01. The stock has a market capitalization of $12.77 billion, a PE ratio of 29.91, a P/E/G ratio of 1.79 and a beta of 1.68. Align Technology, Inc. has a fifty-two week low of $122.00 and a fifty-two week high of $208.30.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings data on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share for the quarter, topping analysts’ consensus estimates of $2.26 by $0.32. The company had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.02 billion. Align Technology had a net margin of 10.50% and a return on equity of 15.82%. The firm’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same period in the prior year, the business posted $2.13 earnings per share. Research analysts forecast that Align Technology, Inc. will post 9.48 earnings per share for the current year.

Align Technology declared that its board has authorized a share buyback program on Wednesday, April 29th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the medical equipment provider to purchase up to 1.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

A number of brokerages recently issued reports on ALGN. Morgan Stanley increased their price target on shares of Align Technology from $169.00 to $188.00 and gave the stock an “equal weight” rating in a report on Friday, April 24th. Evercore increased their price target on shares of Align Technology from $200.00 to $220.00 in a report on Thursday, April 30th. Citigroup began coverage on shares of Align Technology in a report on Wednesday, April 15th. They set a “buy” rating and a $240.00 price target on the stock. Piper Sandler increased their price target on shares of Align Technology from $220.00 to $235.00 and gave the stock an “overweight” rating in a report on Tuesday, April 21st. Finally, Zacks Research raised shares of Align Technology from a “hold” rating to a “strong-buy” rating in a report on Monday, June 1st. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Align Technology currently has an average rating of “Moderate Buy” and an average price target of $205.85.

About Align Technology

Align Technology, Inc (NASDAQ: ALGN) pioneered the use of digital technology in orthodontics through the development of the Invisalign system, a series of clear, removable aligners that provide an alternative to traditional metal braces. Since its founding in 1997 by Zia Chishti and Kelsey Wirth, the Tempe, Arizona–based company has expanded its focus to include intraoral scanners, CAD/CAM software for dental laboratories and comprehensive digital dentistry solutions.

The company’s signature Invisalign system leverages 3D imaging and computer-aided design (CAD) to create customized aligners that gradually reposition teeth, improving patient comfort and treatment predictability.