9,838 Shares in Align Technology, Inc. $ALGN Acquired by Maridea Wealth Management LLC

Key Points

• Maridea Wealth Management acquired 9,838 shares of Align Technology, worth approximately $1.66 million. Institutional investors collectively own 88.43% of the company, with several major firms increasing their positions.
• Align Technology reported quarterly EPS of $2.64, slightly exceeding estimates, while revenue reached $1.06 billion, up 4.3% year over year. The company expects full-year EPS of $9.38.
• The stock rose 2.9% to $181.31, while analysts maintain a “Moderate Buy” consensus with an average price target of $206.36. Align also authorized a $200 million share-repurchase program.

Maridea Wealth Management LLC bought a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 9,838 shares of the medical equipment provider's stock, valued at approximately $1,659,000.

Other institutional investors have also added to or reduced their stakes in the company. Capital International Investors lifted its position in Align Technology by 52.2% during the fourth quarter. Capital International Investors now owns 4,643,221 shares of the medical equipment provider's stock valued at $725,039,000 after purchasing an additional 1,592,848 shares in the last quarter. Invesco Ltd. raised its stake in shares of Align Technology by 37.4% in the third quarter. Invesco Ltd. now owns 1,497,535 shares of the medical equipment provider's stock worth $187,521,000 after buying an additional 407,559 shares during the period. Capital World Investors raised its stake in shares of Align Technology by 13.2% in the fourth quarter. Capital World Investors now owns 1,490,503 shares of the medical equipment provider's stock worth $232,742,000 after buying an additional 173,641 shares during the period. Bank of America Corp DE lifted its position in shares of Align Technology by 72.0% during the 3rd quarter. Bank of America Corp DE now owns 1,353,125 shares of the medical equipment provider's stock valued at $169,438,000 after buying an additional 566,488 shares in the last quarter. Finally, Ruane Cunniff & Goldfarb L.P. purchased a new position in shares of Align Technology during the 4th quarter valued at about $190,899,000. 88.43% of the stock is currently owned by institutional investors.

Align Technology Stock Up 2.9%

NASDAQ ALGN opened at $181.31 on Friday. The firm has a market cap of $12.99 billion, a price-to-earnings ratio of 31.53, a price-to-earnings-growth ratio of 1.93 and a beta of 1.65. The business has a 50-day moving average price of $175.99 and a 200-day moving average price of $175.52. Align Technology, Inc. has a twelve month low of $122.00 and a twelve month high of $200.43.

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

Align Technology announced that its board has initiated a stock repurchase plan on Wednesday, April 29th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the medical equipment provider to buy up to 1.6% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ALGN. BMO Capital Markets initiated coverage on Align Technology in a research note on Wednesday, July 8th. They set an "outperform" rating and a $209.00 price objective for the company. Wall Street Zen cut shares of Align Technology from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 1st. 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 report on Tuesday, April 21st. Morgan Stanley upped their price target on shares of Align Technology from $169.00 to $188.00 and gave the stock an "equal weight" rating in a research report on Friday, April 24th. Finally, UBS Group reissued a "neutral" rating and issued a $189.00 price objective on shares of Align Technology in a research note on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Align Technology has a consensus rating of "Moderate Buy" and a consensus target price of $206.36.

Align Technology 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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