Fox Run Management L.L.C. Grows Stock Position in Align Technology, Inc. $ALGN

Fox Run Management L.L.C. boosted its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 484.6% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 14,966 shares of the medical equipment provider’s stock after buying an additional 12,406 shares during the period. Align Technology makes up approximately 0.4% of Fox Run Management L.L.C.’s holdings, making the stock its 16th largest holding. Fox Run Management L.L.C.’s holdings in Align Technology were worth $2,337,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of ALGN. Capital International Investors grew its position in 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 valued at $725,039,000 after acquiring an additional 1,592,848 shares during the last quarter. Holocene Advisors LP bought a new position in Align Technology in the 3rd quarter valued at $179,035,000. Norges Bank bought a new position in Align Technology in the 4th quarter valued at $155,556,000. Bank of America Corp DE grew its position in 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 valued at $169,438,000 after acquiring an additional 566,488 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its position in Align Technology by 35,513.8% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 545,604 shares of the medical equipment provider’s stock valued at $85,196,000 after acquiring an additional 544,072 shares during the last quarter. Institutional investors own 88.43% of the company’s stock.

Align Technology Trading Up 2.6%

ALGN opened at $172.05 on Tuesday. Align Technology, Inc. has a 12-month low of $122.00 and a 12-month high of $208.30. The business’s fifty day simple moving average is $172.52 and its 200-day simple moving average is $169.76. The company has a market capitalization of $12.32 billion, a price-to-earnings ratio of 28.87, a PEG ratio of 1.72 and a beta of 1.68.

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

Align Technology announced that its Board of Directors has authorized a share repurchase program on Wednesday, April 29th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the medical equipment provider to repurchase up to 1.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

ALGN has been the topic of several research analyst reports. Weiss Ratings downgraded Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday. Barclays raised Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 price objective on the stock in a research report on Tuesday, March 17th. Evercore upped their price objective on Align Technology from $200.00 to $220.00 in a research report on Thursday, April 30th. Morgan Stanley upped their price objective on Align Technology from $169.00 to $188.00 and gave the company an “equal weight” rating in a research report on Friday, April 24th. Finally, Piper Sandler upped their price objective on Align Technology from $220.00 to $235.00 and gave the company an “overweight” rating in a research report on Tuesday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average 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.