Apollon Wealth Management LLC Makes New Investment in Align Technology, Inc. (NASDAQ:ALGN)

Apollon Wealth Management LLC acquired a new position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 2,283 shares of the medical equipment provider's stock, valued at approximately $363,000.

Other large investors have also made changes to their positions in the company. American Assets Inc. acquired a new position in Align Technology during the fourth quarter valued at approximately $417,000. HighTower Advisors LLC raised its stake in shares of Align Technology by 132.0% in the 4th quarter. HighTower Advisors LLC now owns 7,050 shares of the medical equipment provider's stock valued at $1,470,000 after acquiring an additional 29,057 shares during the period. Intech Investment Management LLC raised its stake in shares of Align Technology by 185.1% in the 4th quarter. Intech Investment Management LLC now owns 3,287 shares of the medical equipment provider's stock valued at $685,000 after acquiring an additional 2,134 shares during the period. Royal London Asset Management Ltd. raised its stake in shares of Align Technology by 6.0% in the 4th quarter. Royal London Asset Management Ltd. now owns 29,511 shares of the medical equipment provider's stock valued at $6,153,000 after acquiring an additional 1,683 shares during the period. Finally, Mizuho Securities USA LLC raised its stake in shares of Align Technology by 46.1% in the 4th quarter. Mizuho Securities USA LLC now owns 6,651 shares of the medical equipment provider's stock valued at $1,387,000 after acquiring an additional 2,098 shares during the period. 88.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ALGN. Wells Fargo & Company decreased 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 Align Technology from $250.00 to $245.00 and set an "outperform" rating for the company in a research note on Tuesday, April 29th. Hsbc Global Res lowered Align Technology from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 25th. Evercore ISI increased their target price on Align Technology from $200.00 to $220.00 and gave the company an "outperform" rating in a research note on Wednesday, July 9th. Finally, HSBC lowered Align Technology from a "buy" rating to a "hold" rating and lowered their target price for the company from $290.00 to $170.00 in a research note on Friday, April 25th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $242.92.

Align Technology Price Performance

ALGN traded down $1.95 on Thursday, reaching $202.18. The company's stock had a trading volume of 687,548 shares, compared to its average volume of 828,469. The stock has a market cap of $14.66 billion, a price-to-earnings ratio of 36.83, a price-to-earnings-growth ratio of 2.16 and a beta of 1.63. Align Technology, Inc. has a 1 year low of $141.74 and a 1 year high of $262.87. The business's 50 day moving average is $186.71 and its 200 day moving average is $186.96.

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

Align Technology declared that its Board of Directors has authorized a stock buyback program on Tuesday, May 6th that authorizes the company to buyback $1.00 billion in 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 generally an indication that the company's board of directors believes its shares are undervalued.

Align Technology Company 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.