Align Technology, Inc. $ALGN Shares Bought by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC raised its stake in Align Technology, Inc. (NASDAQ:ALGN) by 117.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,588 shares of the medical equipment provider’s stock after buying an additional 3,554 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Align Technology were worth $1,138,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Sunbelt Securities Inc. raised its stake in shares of Align Technology by 222.4% during the 4th quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider’s stock worth $25,000 after buying an additional 109 shares during the last quarter. Blue Trust Inc. raised its position in Align Technology by 77.5% during the first quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider’s stock worth $27,000 after acquiring an additional 69 shares during the last quarter. Independence Bank of Kentucky lifted 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 in the last quarter. Tobam purchased a new stake in shares of Align Technology in the fourth quarter valued at about $30,000. Finally, Caitong International Asset Management Co. Ltd grew its position in shares of Align Technology by 1,773.3% in the third quarter. Caitong International Asset Management Co. Ltd now owns 281 shares of the medical equipment provider’s stock valued at $35,000 after purchasing an additional 266 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Trading Down 0.0%

NASDAQ ALGN opened at $167.01 on Monday. The company has a market capitalization of $11.96 billion, a PE ratio of 28.02, a price-to-earnings-growth ratio of 1.71 and a beta of 1.67. The business’s 50-day moving average price is $173.31 and its 200 day moving average price is $175.11. Align Technology, Inc. has a twelve month low of $122.00 and a twelve month high of $208.30.

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

Align Technology declared that its Board of Directors has authorized a stock repurchase program on Wednesday, April 29th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the medical equipment provider to purchase up to 1.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

ALGN has been the subject of a number of recent research reports. Morgan Stanley raised their price objective on shares of Align Technology from $169.00 to $188.00 and gave the stock an “equal weight” rating in a research note on Friday, April 24th. Leerink Partners upped their target price on Align Technology from $225.00 to $230.00 in a research note on Thursday, April 30th. Wall Street Zen upgraded Align Technology from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 4th. Zacks Research cut Align Technology from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 16th. Finally, Piper Sandler raised their price target on Align Technology from $220.00 to $235.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 21st. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price 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.