Align Technology, Inc. $ALGN Stake Boosted by Senvest Management LLC

Senvest Management LLC increased its stake in Align Technology, Inc. (NASDAQ:ALGN) by 8.6% in the first quarter, Holdings Channel.com reports. The institutional investor owned 754,797 shares of the medical equipment provider’s stock after acquiring an additional 59,855 shares during the period. Align Technology comprises 4.3% of Senvest Management LLC’s holdings, making the stock its 5th largest position. Senvest Management LLC’s holdings in Align Technology were worth $129,395,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Capital International Investors boosted its position in Align Technology by 52.2% during 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 in the last quarter. Invesco Ltd. raised its position 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 acquiring an additional 407,559 shares in the last quarter. Capital World Investors lifted its stake in shares of Align Technology by 13.2% in the 4th quarter. Capital World Investors now owns 1,490,503 shares of the medical equipment provider’s stock valued at $232,742,000 after purchasing an additional 173,641 shares during the period. Bank of America Corp DE lifted 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 valued at $169,438,000 after purchasing an additional 566,488 shares during the period. Finally, Ruane Cunniff & Goldfarb L.P. bought a new stake in shares of Align Technology during the fourth quarter valued at approximately $190,899,000. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Align Technology Stock Down 0.7%

Align Technology stock opened at $167.01 on Friday. Align Technology, Inc. has a twelve month low of $122.00 and a twelve month high of $208.30. The company has a market capitalization of $11.96 billion, a P/E ratio of 28.02, a PEG ratio of 1.72 and a beta of 1.67. The stock’s 50 day moving average is $173.31 and its 200 day moving average is $175.01.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.26 by $0.32. The business had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.02 billion. Align Technology had a return on equity of 15.82% and a net margin of 10.50%.The firm’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.13 earnings per share. As a group, equities analysts expect that Align Technology, Inc. will post 9.48 EPS for the current year.

Align Technology declared that its board has initiated a stock repurchase program on Wednesday, April 29th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the medical equipment provider to buy up to 1.6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Wall Street Zen raised Align Technology from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 4th. Zacks Research cut shares of Align Technology from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 16th. Citigroup started coverage on shares of Align Technology in a research report on Wednesday, April 15th. They issued a “buy” rating and a $240.00 target price on the stock. UBS Group reiterated a “neutral” rating and issued a $189.00 price target on shares of Align Technology in a research note on Thursday. Finally, Evercore lifted their price target on shares of Align Technology from $200.00 to $220.00 in a research report on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $206.36.

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.