Capital International Sarl Buys 26,482 Shares of Align Technology, Inc. $ALGN

Capital International Sarl raised its stake in Align Technology, Inc. (NASDAQ:ALGN) by 33.2% during the fourth quarter, HoldingsChannel.com reports. The fund owned 106,343 shares of the medical equipment provider’s stock after purchasing an additional 26,482 shares during the quarter. Capital International Sarl’s holdings in Align Technology were worth $16,605,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in shares of Align Technology by 0.7% in the 3rd quarter. Vanguard Group Inc. now owns 8,301,611 shares of the medical equipment provider’s stock worth $1,039,528,000 after buying an additional 58,546 shares in the last quarter. Capital International Investors grew its stake in shares of Align Technology by 52.2% in the 4th quarter. Capital International Investors now owns 4,643,221 shares of the medical equipment provider’s stock worth $725,039,000 after buying an additional 1,592,848 shares in the last quarter. Invesco Ltd. grew its stake in shares of Align Technology by 37.4% in the 3rd quarter. Invesco Ltd. now owns 1,497,535 shares of the medical equipment provider’s stock worth $187,521,000 after buying an additional 407,559 shares in the last quarter. Holocene Advisors LP purchased a new position in shares of Align Technology in the 3rd quarter worth $179,035,000. Finally, Bank of America Corp DE grew its stake in shares of Align Technology by 72.0% in the 3rd quarter. Bank of America Corp DE now owns 1,353,125 shares of the medical equipment provider’s stock worth $169,438,000 after buying an additional 566,488 shares in the last quarter. 88.43% of the stock is currently owned by institutional investors.

Align Technology Trading Down 0.3%

ALGN stock opened at $167.74 on Friday. Align Technology, Inc. has a 12 month low of $122.00 and a 12 month high of $208.30. The company has a 50-day moving average price of $172.63 and a 200 day moving average price of $169.22. The stock has a market cap of $12.01 billion, a PE ratio of 28.14, a P/E/G ratio of 1.72 and a beta of 1.67.

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. Align Technology had a net margin of 10.50% and a return on equity of 15.82%. The firm had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.02 billion. During the same period in the previous year, the company earned $2.13 EPS. The firm’s revenue for the quarter was up 6.2% compared to the same quarter last year. Sell-side analysts forecast that Align Technology, Inc. will post 9.48 EPS for the current year.

Align Technology declared that its board has approved a share repurchase program on Wednesday, April 29th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the medical equipment provider to purchase up to 1.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

ALGN has been the subject of a number of recent research reports. Zacks Research raised shares of Align Technology from a “hold” rating to a “strong-buy” rating in a research note on Monday, June 1st. Piper Sandler lifted their price objective on shares of Align Technology from $220.00 to $235.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 21st. Leerink Partners lifted their price objective on shares of Align Technology from $225.00 to $230.00 in a research note on Thursday, April 30th. Morgan Stanley lifted their price objective on shares of Align Technology from $169.00 to $188.00 and gave the stock an “equal weight” rating in a research note on Friday, April 24th. Finally, Weiss Ratings cut shares of Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Align Technology presently has an average rating of “Moderate Buy” and a consensus price target of $205.85.

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.