Franklin Resources Inc. Increases Holdings in Align Technology, Inc. $ALGN

Franklin Resources Inc. increased its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 115.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 17,432 shares of the medical equipment provider’s stock after purchasing an additional 9,345 shares during the quarter. Franklin Resources Inc.’s holdings in Align Technology were worth $3,300,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Rothschild Investment LLC lifted its stake in Align Technology by 140.3% during the 2nd quarter. Rothschild Investment LLC now owns 149 shares of the medical equipment provider’s stock valued at $28,000 after acquiring an additional 87 shares during the period. True Wealth Design LLC lifted its position in Align Technology by 7,650.0% during the second quarter. True Wealth Design LLC now owns 155 shares of the medical equipment provider’s stock valued at $29,000 after purchasing an additional 153 shares during the period. Cromwell Holdings LLC boosted its holdings in Align Technology by 2,900.0% in the second quarter. Cromwell Holdings LLC now owns 180 shares of the medical equipment provider’s stock valued at $34,000 after purchasing an additional 174 shares during the last quarter. SVB Wealth LLC acquired a new stake in Align Technology during the 1st quarter worth about $36,000. Finally, MAI Capital Management grew its position in Align Technology by 84.8% during the 2nd quarter. MAI Capital Management now owns 255 shares of the medical equipment provider’s stock worth $48,000 after purchasing an additional 117 shares during the period. Institutional investors and hedge funds own 88.43% of the company’s stock.

Align Technology Stock Performance

Align Technology stock opened at $150.93 on Wednesday. The stock has a market capitalization of $10.83 billion, a P/E ratio of 29.25, a P/E/G ratio of 1.79 and a beta of 1.86. The company’s fifty day moving average price is $135.20 and its 200 day moving average price is $155.66. Align Technology, Inc. has a 1 year low of $122.00 and a 1 year high of $246.19.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings data on Wednesday, October 29th. The medical equipment provider reported $2.61 earnings per share for the quarter, topping analysts’ consensus estimates of $2.38 by $0.23. Align Technology had a net margin of 9.50% and a return on equity of 13.96%. The company had revenue of $995.69 million during the quarter, compared to analysts’ expectations of $980.75 million. During the same period in the prior year, the business posted $2.35 earnings per share. The firm’s revenue for the quarter was up 1.8% on a year-over-year basis. Sell-side analysts predict that Align Technology, Inc. will post 7.98 EPS for the current year.

Align Technology announced that its board has initiated a stock buyback program on Tuesday, August 5th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the medical equipment provider to repurchase up to 2% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

ALGN has been the topic of a number of recent research reports. Wells Fargo & Company lowered their target price on Align Technology from $199.00 to $181.00 and set an “overweight” rating on the stock in a research note on Thursday, October 30th. Jefferies Financial Group upped their price objective on Align Technology from $140.00 to $155.00 in a research report on Thursday, October 30th. Evercore ISI dropped their price objective on shares of Align Technology from $220.00 to $170.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 25th. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a research note on Thursday, October 30th. Finally, Weiss Ratings lowered shares of Align Technology from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $175.45.

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.