Pallas Capital Advisors LLC Acquires New Position in Align Technology, Inc. $ALGN

Pallas Capital Advisors LLC acquired a new stake in Align Technology, Inc. (NASDAQ:ALGN) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 6,689 shares of the medical equipment provider’s stock, valued at approximately $1,128,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ALGN. Sunbelt Securities Inc. raised its stake in shares of Align Technology by 222.4% during the 4th quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider’s stock worth $25,000 after buying an additional 109 shares in the last quarter. Blue Trust Inc. boosted its stake in shares of Align Technology by 77.5% in the first quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider’s stock valued at $27,000 after buying an additional 69 shares in the last quarter. Tobam purchased a new stake in shares of Align Technology in the fourth quarter valued at approximately $30,000. Hollencrest Capital Management acquired a new position in Align Technology during the first quarter worth $34,000. Finally, Caitong International Asset Management Co. Ltd grew its holdings in Align Technology by 1,773.3% during the third quarter. Caitong International Asset Management Co. Ltd now owns 281 shares of the medical equipment provider’s stock worth $35,000 after acquiring an additional 266 shares during the period. Institutional investors and hedge funds own 88.43% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a report on Thursday, July 30th. Leerink Partners increased their price target on shares of Align Technology from $225.00 to $230.00 in a report on Thursday, April 30th. Weiss Ratings downgraded shares of Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a report on Monday, August 3rd. Zacks Research cut shares of Align Technology from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 16th. Finally, BMO Capital Markets began coverage on shares of Align Technology in a report on Wednesday, July 8th. They set an “outperform” rating and a $209.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $206.36.

Align Technology Stock Performance

ALGN opened at $167.91 on Wednesday. The company has a market cap of $12.03 billion, a price-to-earnings ratio of 29.20, a PEG ratio of 1.93 and a beta of 1.65. Align Technology, Inc. has a one year low of $122.00 and a one year high of $200.43. The business’s fifty day moving average is $175.77 and its two-hundred day moving average is $175.63.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share for the quarter, beating analysts’ consensus estimates of $2.62 by $0.02. The business had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.05 billion. Align Technology had a return on equity of 15.86% and a net margin of 9.99%.The business’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter last year, the business posted $2.49 earnings per share. On average, analysts predict that Align Technology, Inc. will post 9.38 EPS for the current fiscal year.

Align Technology declared that its Board of Directors has initiated a share repurchase program on Wednesday, April 29th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the medical equipment provider to buy up to 1.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Align Technology Company 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.