Bank of Nova Scotia Makes New Investment in Align Technology, Inc. $ALGN

Bank of Nova Scotia bought a new position in shares of Align Technology, Inc. (NASDAQ:ALGN) in the second quarter, HoldingsChannel reports. The firm bought 8,358 shares of the medical equipment provider’s stock, valued at approximately $1,410,000.

Several other hedge funds have also modified their holdings of the business. Bessemer Group Inc. grew its holdings in Align Technology by 37.2% during the first quarter. Bessemer Group Inc. now owns 247 shares of the medical equipment provider’s stock worth $43,000 after acquiring an additional 67 shares during the period. Banco Bilbao Vizcaya Argentaria S.A. boosted its position in shares of Align Technology by 3.7% during the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 1,896 shares of the medical equipment provider’s stock worth $296,000 after purchasing an additional 68 shares in the last quarter. Blue Trust Inc. grew its stake in shares of Align Technology by 77.5% during the 1st quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider’s stock worth $27,000 after purchasing an additional 69 shares during the period. Comerica Bank increased its holdings in shares of Align Technology by 0.6% in the 4th quarter. Comerica Bank now owns 13,656 shares of the medical equipment provider’s stock valued at $2,132,000 after purchasing an additional 76 shares in the last quarter. Finally, First Bank & Trust lifted its stake in shares of Align Technology by 5.0% in the second quarter. First Bank & Trust now owns 1,599 shares of the medical equipment provider’s stock valued at $270,000 after purchasing an additional 76 shares during the period. 88.43% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on ALGN shares. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a research report on Thursday, July 30th. Evercore lifted their price target on Align Technology from $200.00 to $220.00 in a research note on Thursday, April 30th. Wall Street Zen downgraded shares of Align Technology from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 1st. Leerink Partners raised their price objective on shares of Align Technology from $225.00 to $230.00 in a research note on Thursday, April 30th. Finally, Weiss Ratings downgraded Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a research report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $206.36.

Align Technology Price Performance

ALGN opened at $159.14 on Thursday. The stock has a market capitalization of $11.40 billion, a price-to-earnings ratio of 27.68, a price-to-earnings-growth ratio of 1.70 and a beta of 1.65. The business has a 50-day moving average of $173.97 and a two-hundred day moving average of $175.48. Align Technology, Inc. has a 12 month low of $122.00 and a 12 month high of $200.43.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings data on Wednesday, July 29th. The medical equipment provider reported $2.64 EPS for the quarter, beating analysts’ consensus estimates of $2.62 by $0.02. The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.05 billion. Align Technology had a net margin of 9.99% and a return on equity of 15.86%. The company’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.49 EPS. Equities research analysts anticipate that Align Technology, Inc. will post 9.38 earnings per share for the current year.

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

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.