Wealth Enhancement Advisory Services LLC Boosts Stake in Align Technology, Inc. (NASDAQ:ALGN)

Wealth Enhancement Advisory Services LLC boosted its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 44.3% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,380 shares of the medical equipment provider’s stock after purchasing an additional 2,881 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Align Technology were worth $1,490,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Picton Mahoney Asset Management raised its stake in shares of Align Technology by 69.9% in the fourth quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider’s stock worth $30,000 after buying an additional 58 shares during the period. GKV Capital Management Co. Inc. purchased a new stake in Align Technology in the 4th quarter worth approximately $31,000. Aster Capital Management DIFC Ltd bought a new stake in Align Technology during the 4th quarter worth approximately $35,000. Private Trust Co. NA raised its stake in Align Technology by 113.4% during the 4th quarter. Private Trust Co. NA now owns 175 shares of the medical equipment provider’s stock worth $36,000 after acquiring an additional 93 shares during the period. Finally, Orion Capital Management LLC purchased a new position in Align Technology during the fourth quarter valued at approximately $42,000. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ALGN. Wells Fargo & Company dropped their price target on shares of Align Technology from $255.00 to $246.00 and set an “overweight” rating for the company in a research report on Thursday, May 1st. Mizuho lowered their target price on shares of Align Technology from $250.00 to $245.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 29th. Evercore ISI upped their target price on shares of Align Technology from $165.00 to $200.00 and gave the stock an “outperform” rating in a report on Thursday, May 1st. HSBC cut Align Technology from a “buy” rating to a “hold” rating and decreased their price target for the company from $290.00 to $170.00 in a report on Friday, April 25th. Finally, Piper Sandler restated an “overweight” rating and issued a $250.00 price objective (up from $235.00) on shares of Align Technology in a research report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, four have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $241.25.

Align Technology Trading Up 0.4%

Shares of ALGN stock opened at $189.33 on Tuesday. The stock has a market capitalization of $13.72 billion, a price-to-earnings ratio of 34.49, a price-to-earnings-growth ratio of 2.00 and a beta of 1.64. Align Technology, Inc. has a 12-month low of $141.74 and a 12-month high of $263.24. The stock’s 50-day moving average price is $180.92 and its 200-day moving average price is $188.74.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.00 by $0.13. The business had revenue of $979.26 million for the quarter, compared to the consensus estimate of $977.90 million. Align Technology had a return on equity of 13.52% and a net margin of 10.29%. The company’s revenue was down 1.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.14 EPS. As a group, research analysts predict that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology declared that its board has approved a stock buyback plan on Tuesday, May 6th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the medical equipment provider to reacquire up to 7.9% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.

Align Technology Profile

Align Technology, Inc designs, manufactures, and markets Invisalign clear aligners, and iTero intraoral scanners and services for orthodontists and general practitioner dentists in the United States, Switzerland, and internationally. The company's Clear Aligner segment offers comprehensive products, including Invisalign comprehensive package that addresses the orthodontic needs of younger patients, such as mandibular advancement, compliance indicators, and compensation for tooth eruption; and Invisalign First Phase I and Invisalign First Comprehensive Phase 2 package for younger patients generally between the ages of six and ten years, which is a mixture of primary/baby and permanent teeth.