Ieq Capital LLC Acquires Shares of 52,134 Align Technology, Inc. $ALGN

Ieq Capital LLC bought a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 52,134 shares of the medical equipment provider’s stock, valued at approximately $8,793,000. Ieq Capital LLC owned approximately 0.07% of Align Technology at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Sunbelt Securities Inc. increased its stake in shares of Align Technology by 222.4% in the 4th quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider’s stock worth $25,000 after acquiring an additional 109 shares in the last quarter. Blue Trust Inc. boosted its stake in Align Technology by 77.5% during the first quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider’s stock worth $27,000 after acquiring an additional 69 shares in the last quarter. Tobam bought a new stake in Align Technology during the fourth quarter worth about $30,000. Hollencrest Capital Management purchased a new stake in Align Technology in the first quarter worth about $34,000. Finally, Caitong International Asset Management Co. Ltd grew its holdings in Align Technology by 1,773.3% in the third quarter. Caitong International Asset Management Co. Ltd now owns 281 shares of the medical equipment provider’s stock worth $35,000 after purchasing an additional 266 shares during the period. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Stock Performance

NASDAQ:ALGN opened at $162.55 on Monday. The firm has a market cap of $11.64 billion, a P/E ratio of 28.27, a P/E/G ratio of 1.73 and a beta of 1.65. Align Technology, Inc. has a fifty-two week low of $122.00 and a fifty-two week high of $200.43. The firm has a 50-day simple moving average of $175.02 and a two-hundred day simple moving average of $175.58.

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

Align Technology declared that its board has initiated a stock repurchase plan on Wednesday, April 29th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the medical equipment provider to repurchase up to 1.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on ALGN shares. Leerink Partners lifted their target price on shares of Align Technology from $225.00 to $230.00 in a report on Thursday, April 30th. Zacks Research downgraded Align Technology from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 16th. Needham & Company LLC restated a “hold” rating on shares of Align Technology in a research note on Thursday, July 30th. Evercore raised their price objective on Align Technology from $200.00 to $220.00 in a research report on Thursday, April 30th. Finally, BMO Capital Markets started coverage on Align Technology in a report on Wednesday, July 8th. They issued an “outperform” rating and a $209.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, Align Technology currently has an average rating of “Moderate Buy” and a consensus target price of $206.36.

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.