Oppenheimer Asset Management Inc. Acquires Shares of 7,140 Align Technology, Inc. $ALGN

Oppenheimer Asset Management Inc. bought a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN) in the second quarter, HoldingsChannel reports. The institutional investor bought 7,140 shares of the medical equipment provider’s stock, valued at approximately $1,204,000.

Other large investors also recently modified their holdings of the company. Capital International Investors increased its position in shares of Align Technology by 52.2% in the fourth quarter. Capital International Investors now owns 4,643,221 shares of the medical equipment provider’s stock worth $725,039,000 after purchasing an additional 1,592,848 shares during the period. Ruane Cunniff & Goldfarb L.P. bought a new stake in Align Technology during the fourth quarter worth about $190,899,000. Norges Bank bought a new stake in Align Technology during the fourth quarter worth about $155,556,000. Assenagon Asset Management S.A. grew its stake in Align Technology by 413.0% during the first quarter. Assenagon Asset Management S.A. now owns 989,388 shares of the medical equipment provider’s stock worth $169,611,000 after buying an additional 796,529 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its stake in Align Technology by 247.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,005,413 shares of the medical equipment provider’s stock worth $156,995,000 after buying an additional 715,919 shares in the last quarter. 88.43% of the stock is owned by institutional investors and hedge funds.

Align Technology Price Performance

Align Technology stock opened at $181.31 on Monday. Align Technology, Inc. has a 12-month low of $122.00 and a 12-month high of $200.43. The business’s 50-day moving average price is $175.99 and its two-hundred day moving average price is $175.58. The stock has a market cap of $12.99 billion, a PE ratio of 31.53, a P/E/G ratio of 1.93 and a beta of 1.65.

Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 EPS for the quarter, topping the consensus estimate of $2.62 by $0.02. The firm had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.05 billion. Align Technology had a return on equity of 15.86% and a net margin of 9.99%.The business’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.49 earnings per share. As a group, analysts expect that Align Technology, Inc. will post 9.38 earnings per share for the current year.

Align Technology declared that its Board of Directors has approved a stock buyback plan on Wednesday, April 29th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the medical equipment provider to buy up to 1.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on ALGN shares. Weiss Ratings cut shares of Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a research report on Monday, August 3rd. Wall Street Zen lowered shares of Align Technology from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 1st. Piper Sandler lifted their price objective on shares of Align Technology from $220.00 to $235.00 and gave the company an “overweight” rating in a research note on Tuesday, April 21st. Evercore boosted their price objective on shares of Align Technology from $200.00 to $220.00 in a research report on Thursday, April 30th. Finally, Morgan Stanley boosted their price objective on shares of Align Technology from $169.00 to $188.00 and gave the company an “equal weight” rating in a research report on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $206.36.

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.