Avantax Advisory Services Inc. Raises Stock Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Avantax Advisory Services Inc. boosted its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 22.2% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,221 shares of the medical equipment provider’s stock after purchasing an additional 586 shares during the quarter. Avantax Advisory Services Inc.’s holdings in Align Technology were worth $512,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. GKV Capital Management Co. Inc. purchased a new stake in Align Technology during the fourth quarter valued at about $31,000. Compagnie Lombard Odier SCmA purchased a new stake in shares of Align Technology in the 1st quarter valued at approximately $32,000. Aster Capital Management DIFC Ltd purchased a new stake in shares of Align Technology in the 4th quarter valued at approximately $35,000. Center for Financial Planning Inc. acquired a new position in Align Technology in the 1st quarter worth approximately $35,000. Finally, Orion Capital Management LLC purchased a new position in Align Technology during the 4th quarter worth approximately $42,000. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Align Technology Stock Up 1.4%

NASDAQ ALGN opened at $139.65 on Wednesday. The firm has a 50-day moving average price of $185.60 and a two-hundred day moving average price of $184.24. Align Technology, Inc. has a 12-month low of $127.70 and a 12-month high of $262.87. The company has a market capitalization of $10.12 billion, a P/E ratio of 23.55, a P/E/G ratio of 1.55 and a beta of 1.61.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, July 30th. The medical equipment provider reported $2.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.57 by ($0.08). The firm had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1.06 billion. Align Technology had a return on equity of 13.36% and a net margin of 11.04%. The company’s quarterly revenue was down 1.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.41 earnings per share. Equities analysts expect that Align Technology, Inc. will post 7.98 EPS for the current year.

Align Technology declared that its Board of Directors has initiated a stock buyback program on Tuesday, May 6th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the medical equipment provider to purchase up to 7.9% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ALGN. Piper Sandler dropped their price target on Align Technology from $250.00 to $190.00 and set an “overweight” rating on the stock in a research report on Thursday, July 31st. Wells Fargo & Company dropped their target price on Align Technology from $246.00 to $199.00 and set an “overweight” rating on the stock in a report on Thursday, July 31st. Mizuho set a $210.00 price target on shares of Align Technology in a research report on Thursday, July 31st. Stifel Nicolaus lowered their price objective on shares of Align Technology from $275.00 to $200.00 and set a “buy” rating on the stock in a research report on Thursday, July 31st. Finally, Evercore ISI increased their target price on shares of Align Technology from $200.00 to $220.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 9th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Align Technology has a consensus rating of “Moderate Buy” and a consensus price target of $215.00.

Insider Buying and Selling at Align Technology

In other Align Technology news, CEO Joseph M. Hogan purchased 7,576 shares of the company’s stock in a transaction dated Friday, August 1st. The stock was purchased at an average price of $131.49 per share, with a total value of $996,168.24. Following the completion of the purchase, the chief executive officer owned 184,945 shares of the company’s stock, valued at approximately $24,318,418.05. The trade was a 4.27% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.66% of the stock is currently owned by company insiders.

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.