26,510 Shares in Align Technology, Inc. $ALGN Acquired by Canada Pension Plan Investment Board

Key Points

• Canada Pension Plan Investment Board acquired 26,510 shares of Align Technology in the second quarter, valued at approximately $4.47 million. Other institutions also initiated positions, and institutional investors now own 88.43% of the stock.
• Analyst sentiment is generally positive, with Align carrying a consensus “Moderate Buy” rating and an average price target of $206.36. Individual ratings range from “Hold” to “Strong Buy.”
• Align’s latest quarterly results slightly exceeded expectations, reporting $2.64 in EPS and $1.06 billion in revenue, up 4.3% year over year; shares opened at $157.58, below their 52-week high of $200.43.

Canada Pension Plan Investment Board bought a new position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 26,510 shares of the medical equipment provider's stock, valued at approximately $4,471,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Osterweis Capital Management Inc. purchased a new position in shares of Align Technology during the second quarter worth approximately $36,000. Parkman Healthcare Partners LLC bought a new position in shares of Align Technology during the 2nd quarter valued at $6,234,000. Legal & General Group Plc bought a new position in shares of Align Technology during the 2nd quarter valued at $22,542,000. The Manufacturers Life Insurance Company purchased a new position in Align Technology in the 2nd quarter worth $13,007,000. Finally, Vega Investment Solutions purchased a new position in Align Technology in the 2nd quarter worth $476,000. 88.43% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on ALGN shares. Needham & Company LLC restated a "hold" rating on shares of Align Technology in a research report on Thursday, July 30th. BMO Capital Markets started coverage on Align Technology in a report on Wednesday, July 8th. They issued an "outperform" rating and a $209.00 price objective on the stock. Weiss Ratings lowered Align Technology from a "hold (c)" rating to a "hold (c-)" rating in a research note on Monday, August 3rd. UBS Group reissued a "neutral" rating and issued a $189.00 target price on shares of Align Technology in a research note on Thursday, July 23rd. Finally, Zacks Research cut Align Technology from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, Align Technology currently has a consensus rating of "Moderate Buy" and a consensus price target of $206.36.

Align Technology Price Performance

NASDAQ:ALGN opened at $157.58 on Monday. The firm has a market capitalization of $11.29 billion, a P/E ratio of 27.41, a P/E/G ratio of 1.67 and a beta of 1.65. The company has a fifty day moving average of $173.01 and a 200 day moving average of $175.03. Align Technology, Inc. has a 52 week low of $122.00 and a 52 week high of $200.43.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.62 by $0.02. The business had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.05 billion. Align Technology had a net margin of 9.99% and a return on equity of 15.86%. The company's revenue was up 4.3% on a year-over-year basis. During the same quarter last year, the firm earned $2.49 EPS. As a group, analysts anticipate that Align Technology, Inc. will post 9.38 EPS for the current year.

Align Technology Company Profile

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.

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