Park State Asset Management Acquires New Shares in Align Technology, Inc. $ALGN

Park State Asset Management acquired a new position in Align Technology, Inc. (NASDAQ:ALGN) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 21,424 shares of the medical equipment provider’s stock, valued at approximately $3,613,000. Align Technology makes up approximately 3.5% of Park State Asset Management’s investment portfolio, making the stock its 10th largest position.

A number of other large investors have also recently added to or reduced their stakes in ALGN. Sunbelt Securities Inc. grew its position in shares of Align Technology by 222.4% in the fourth quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider’s stock valued at $25,000 after purchasing an additional 109 shares during the last quarter. Blue Trust Inc. lifted its holdings in shares of Align Technology by 77.5% during the first quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider’s stock worth $27,000 after buying an additional 69 shares during the last quarter. Tobam acquired a new position in shares of Align Technology during the fourth quarter worth approximately $30,000. Hollencrest Capital Management bought a new stake in shares of Align Technology in the first quarter valued at approximately $34,000. Finally, Caitong International Asset Management Co. Ltd grew its stake in shares of Align Technology by 1,773.3% in the third quarter. Caitong International Asset Management Co. Ltd now owns 281 shares of the medical equipment provider’s stock worth $35,000 after acquiring an additional 266 shares during the last quarter. Institutional investors own 88.43% of the company’s stock.

Align Technology Price Performance

ALGN opened at $167.91 on Wednesday. The company’s 50 day simple moving average is $175.77 and its 200-day simple moving average is $175.63. The stock has a market capitalization of $12.03 billion, a P/E ratio of 29.20, a price-to-earnings-growth ratio of 1.93 and a beta of 1.65. Align Technology, Inc. has a one year low of $122.00 and a one year high of $200.43.

Align Technology (NASDAQ:ALGN) last released its earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 EPS for the quarter, topping analysts’ consensus estimates of $2.62 by $0.02. The firm had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.05 billion. Align Technology had a net margin of 9.99% and a return on equity of 15.86%. The business’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.49 EPS. As a group, analysts anticipate that Align Technology, Inc. will post 9.38 EPS for the current year.

Align Technology declared that its board has initiated a share buyback 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 repurchase up to 1.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on ALGN shares. Morgan Stanley boosted their target price on shares of Align Technology from $169.00 to $188.00 and gave the stock an “equal weight” rating in a research report on Friday, April 24th. Leerink Partners raised their price target on shares of Align Technology from $225.00 to $230.00 in a research report on Thursday, April 30th. Weiss Ratings downgraded shares of Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a report on Monday, August 3rd. BMO Capital Markets initiated coverage on shares of Align Technology in a research report on Wednesday, July 8th. They set an “outperform” rating and a $209.00 price objective for the company. Finally, Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a research report on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $206.36.

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.