Catalyst Funds Management Pty Ltd Takes Position in Align Technology, Inc. $ALGN

Catalyst Funds Management Pty Ltd purchased a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 8,300 shares of the medical equipment provider’s stock, valued at approximately $1,296,000.

A number of other institutional investors have also added to or reduced their stakes in ALGN. Sentry Investment Management LLC lifted its holdings in Align Technology by 73.1% during the 3rd quarter. Sentry Investment Management LLC now owns 187 shares of the medical equipment provider’s stock worth $25,000 after purchasing an additional 79 shares in the last quarter. Independence Bank of Kentucky lifted its holdings in Align Technology by 77.7% during the 4th quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider’s stock worth $29,000 after purchasing an additional 80 shares in the last quarter. Miller Global Investments LLC purchased a new stake in Align Technology during the 4th quarter worth about $31,000. JFS Wealth Advisors LLC lifted its holdings in Align Technology by 2,016.7% during the 3rd quarter. JFS Wealth Advisors LLC now owns 254 shares of the medical equipment provider’s stock worth $32,000 after purchasing an additional 242 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd lifted its holdings in Align Technology by 1,773.3% during the 3rd 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 in the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Jefferies Financial Group increased their price objective on Align Technology from $155.00 to $185.00 and gave the stock a “hold” rating in a report on Thursday, February 5th. Wall Street Zen raised Align Technology from a “buy” rating to a “strong-buy” rating in a report on Saturday, March 7th. Leerink Partners increased their price objective on Align Technology from $225.00 to $230.00 in a report on Thursday, April 30th. Stifel Nicolaus increased their price objective on Align Technology from $200.00 to $210.00 and gave the stock a “buy” rating in a report on Thursday, February 5th. Finally, Weiss Ratings raised Align Technology from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday. Eight research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, Align Technology has an average rating of “Moderate Buy” and an average target price of $205.85.

Align Technology Stock Up 0.3%

Shares of NASDAQ ALGN opened at $163.61 on Friday. The firm has a market capitalization of $11.72 billion, a P/E ratio of 27.45, a P/E/G ratio of 1.68 and a beta of 1.70. The stock’s 50-day simple moving average is $173.96 and its two-hundred day simple moving average is $167.18. Align Technology, Inc. has a twelve month low of $122.00 and a twelve month high of $208.30.

Align Technology (NASDAQ:ALGN) last announced its earnings results 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 business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.02 billion. Align Technology had a return on equity of 15.82% and a net margin of 10.50%.The company’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same period in the prior year, the company earned $2.13 EPS. As a group, research analysts anticipate that Align Technology, Inc. will post 9.48 EPS for the current fiscal year.

Align Technology declared that its Board of Directors has authorized a share repurchase program 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 purchase up to 1.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are 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.