Arrowstreet Capital Limited Partnership Increases Position in Align Technology, Inc. $ALGN

Arrowstreet Capital Limited Partnership raised its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 4.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,054,633 shares of the medical equipment provider’s stock after acquiring an additional 49,220 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 1.47% of Align Technology worth $180,796,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Sunbelt Securities Inc. increased its stake in shares of Align Technology by 222.4% in the 4th quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider’s stock worth $25,000 after acquiring an additional 109 shares during the last quarter. Blue Trust Inc. boosted its position 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 valued at $27,000 after acquiring an additional 69 shares during the last quarter. Independence Bank of Kentucky grew its holdings in shares of Align Technology by 77.7% in the fourth quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider’s stock valued at $29,000 after purchasing an additional 80 shares during the period. Tobam purchased a new stake in shares of Align Technology in the fourth quarter valued at about $30,000. Finally, Hollencrest Capital Management acquired a new stake in Align Technology during the first quarter worth about $34,000. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Align Technology Stock Down 0.7%

Shares of ALGN opened at $167.01 on Friday. The company has a market capitalization of $11.96 billion, a price-to-earnings ratio of 28.02, a price-to-earnings-growth ratio of 1.72 and a beta of 1.67. Align Technology, Inc. has a 52-week low of $122.00 and a 52-week high of $208.30. The stock has a 50 day moving average price of $173.31 and a 200 day moving average price of $175.01.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share for the quarter, topping the consensus estimate of $2.26 by $0.32. Align Technology had a net margin of 10.50% and a return on equity of 15.82%. The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.02 billion. During the same quarter in the previous year, the firm earned $2.13 EPS. The company’s revenue was up 6.2% compared to the same quarter last year. On average, equities analysts anticipate that Align Technology, Inc. will post 9.48 EPS for the current fiscal year.

Align Technology announced that its board has approved a share buyback program on Wednesday, April 29th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the medical equipment provider to reacquire up to 1.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

ALGN has been the topic of a number of analyst reports. BMO Capital Markets began coverage on shares of Align Technology in a research note on Wednesday, July 8th. They set an “outperform” rating and a $209.00 target price on the stock. Leerink Partners raised their price target on shares of Align Technology from $225.00 to $230.00 in a report on Thursday, April 30th. Piper Sandler lifted their price target on shares of Align Technology from $220.00 to $235.00 and gave the company an “overweight” rating in a research report on Tuesday, April 21st. Zacks Research cut Align Technology from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 16th. Finally, Evercore increased their price objective on Align Technology from $200.00 to $220.00 in a research report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $206.36.

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.