4,419,366 Shares in Align Technology, Inc. $ALGN Purchased by BlackRock Inc.

Key Points

• BlackRock acquired 4.42 million Align Technology shares in the second quarter, valued at approximately $745.4 million, giving it a 6.17% stake. Institutional investors and hedge funds collectively own 88.43% of the company.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $206.36 price target. Recent targets range from $209 to $230.
• Align’s latest quarter modestly exceeded expectations, with earnings of $2.64 per share and revenue of $1.06 billion, up 4.3% year over year. The company also authorized a $200 million share-repurchase program.

BlackRock Inc. acquired a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 4,419,366 shares of the medical equipment provider's stock, valued at approximately $745,370,000. BlackRock Inc. owned approximately 6.17% of Align Technology at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Sunbelt Securities Inc. lifted its position in Align Technology by 222.4% during the fourth quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider's stock worth $25,000 after buying an additional 109 shares in the last quarter. Blue Trust Inc. boosted its stake 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 buying an additional 69 shares during the last quarter. Tobam purchased a new stake in Align Technology in the 4th quarter valued at $30,000. Hollencrest Capital Management purchased a new stake in Align Technology in the 1st quarter valued at $34,000. Finally, Caitong International Asset Management Co. Ltd increased its stake in shares of Align Technology by 1,773.3% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 281 shares of the medical equipment provider's stock worth $35,000 after acquiring an additional 266 shares during the last quarter. Institutional investors and hedge funds own 88.43% of the company's stock.

Wall Street Analysts Forecast Growth

ALGN has been the topic of several recent research reports. BMO Capital Markets assumed coverage on shares of Align Technology in a research report on Wednesday, July 8th. They set an "outperform" rating and a $209.00 price target on the stock. Needham & Company LLC restated a "hold" rating on shares of Align Technology in a research report on Thursday, July 30th. Wall Street Zen downgraded shares of Align Technology from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 1st. Evercore boosted their target price on shares of Align Technology from $200.00 to $220.00 in a report on Thursday, April 30th. Finally, Leerink Partners increased their price target on shares of Align Technology from $225.00 to $230.00 in a research note on Thursday, April 30th. One 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 data from MarketBeat.com, Align Technology currently has a consensus rating of "Moderate Buy" and a consensus target price of $206.36.

Align Technology Trading Up 2.3%

Shares of NASDAQ ALGN opened at $162.55 on Friday. The stock has a market capitalization of $11.64 billion, a PE ratio of 28.27, a PEG ratio of 1.73 and a beta of 1.65. Align Technology, Inc. has a twelve month low of $122.00 and a twelve month high of $200.43. The stock has a fifty day simple moving average of $175.02 and a 200-day simple moving average of $175.50.

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

Align Technology announced that its board has authorized a stock buyback plan on Wednesday, April 29th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the medical equipment provider to repurchase up to 1.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board believes its shares are undervalued.

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.

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