Riverbridge Partners LLC Lowers Stock Position in Align Technology, Inc. $ALGN

Riverbridge Partners LLC cut its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 34.6% in the first quarter, Holdings Channel.com reports. The fund owned 47,918 shares of the medical equipment provider’s stock after selling 25,379 shares during the period. Riverbridge Partners LLC’s holdings in Align Technology were worth $8,215,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. SG Americas Securities LLC boosted its position in shares of Align Technology by 67.8% during the 1st quarter. SG Americas Securities LLC now owns 232,442 shares of the medical equipment provider’s stock worth $39,848,000 after purchasing an additional 93,953 shares during the period. Evolve Private Wealth LLC raised its position in Align Technology by 3.1% in the first quarter. Evolve Private Wealth LLC now owns 4,296 shares of the medical equipment provider’s stock valued at $736,000 after purchasing an additional 131 shares during the period. AEGON ASSET MANAGEMENT UK Plc acquired a new position in Align Technology during the first quarter worth $18,276,000. Rockefeller Capital Management L.P. lifted its stake in Align Technology by 108.3% during the fourth quarter. Rockefeller Capital Management L.P. now owns 6,884 shares of the medical equipment provider’s stock worth $1,075,000 after purchasing an additional 3,579 shares in the last quarter. Finally, Tobam purchased a new position in shares of Align Technology during the fourth quarter worth $30,000. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on ALGN shares. Barclays raised Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 price objective for the company in a research note on Tuesday, March 17th. Evercore raised their target price on Align Technology from $200.00 to $220.00 in a report on Thursday, April 30th. Citigroup assumed coverage on Align Technology in a research report on Wednesday, April 15th. They issued a “buy” rating and a $240.00 target price for the company. Piper Sandler boosted their price target 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. Finally, Wall Street Zen cut shares of Align Technology from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 13th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $205.85.

Align Technology Stock Performance

Shares of Align Technology stock opened at $168.49 on Wednesday. The business has a 50-day simple moving average of $173.65 and a 200-day simple moving average of $172.17. Align Technology, Inc. has a one year low of $122.00 and a one year high of $208.30. The company has a market cap of $12.07 billion, a PE ratio of 28.27, a P/E/G ratio of 1.78 and a beta of 1.68.

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

Align Technology announced that its Board of Directors has authorized a share buyback plan on Wednesday, April 29th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the medical equipment provider to repurchase up to 1.6% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

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.