Align Technology, Inc. $ALGN Position Boosted by SG Americas Securities LLC

SG Americas Securities LLC increased its position in Align Technology, Inc. (NASDAQ:ALGN) by 67.8% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 232,442 shares of the medical equipment provider’s stock after purchasing an additional 93,953 shares during the period. SG Americas Securities LLC owned 0.32% of Align Technology worth $39,848,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Evolve Private Wealth LLC grew its position in shares of Align Technology by 3.1% in the 1st quarter. Evolve Private Wealth LLC now owns 4,296 shares of the medical equipment provider’s stock worth $736,000 after acquiring an additional 131 shares in the last quarter. AEGON ASSET MANAGEMENT UK Plc acquired a new stake in shares of Align Technology during the 1st quarter valued at approximately $18,276,000. Rockefeller Capital Management L.P. lifted its stake in Align Technology by 108.3% during the fourth quarter. Rockefeller Capital Management L.P. now owns 6,884 shares of the medical equipment provider’s stock worth $1,075,000 after purchasing an additional 3,579 shares during the last quarter. Tobam bought a new position in Align Technology during the fourth quarter worth $30,000. Finally, Sunbelt Securities Inc. boosted its holdings in Align Technology by 222.4% in the fourth quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider’s stock worth $25,000 after purchasing an additional 109 shares during the period. 88.43% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have weighed in on ALGN shares. Citigroup assumed coverage on shares of Align Technology in a research note on Wednesday, April 15th. They set a “buy” rating and a $240.00 target price for the company. Wall Street Zen lowered Align Technology from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 13th. Zacks Research upgraded Align Technology from a “hold” rating to a “strong-buy” rating in a research report on Monday, June 1st. Morgan Stanley raised their price target on Align Technology from $169.00 to $188.00 and gave the stock an “equal weight” rating in a report on Friday, April 24th. Finally, Barclays upgraded Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 price objective for the company in a research report on Tuesday, March 17th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $205.85.

Align Technology Trading Down 3.0%

Align Technology stock opened at $168.49 on Wednesday. The stock has a market cap of $12.07 billion, a price-to-earnings ratio of 28.27, a PEG ratio of 1.78 and a beta of 1.68. The company’s 50-day moving average price is $173.65 and its two-hundred day moving average price is $172.17. Align Technology, Inc. has a 52 week low of $122.00 and a 52 week high of $208.30.

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

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

Align Technology Profile

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.