Allstate Corp Purchases 2,274 Shares of Align Technology, Inc. $ALGN

Key Points

• Allstate Corp increased its stake in Align Technology by 108.6% during the first quarter, now holding 4,368 shares valued at $694,000.
• Several institutional investors have significantly raised their investments in Align Technology, including Federated Hermes Inc. which increased its holdings by 510.3%.
• Align Technology's recent earnings report showed a miss in revenue with $1.01 billion against expected $1.06 billion, alongside authorizing a $1 billion stock buyback program.

Allstate Corp increased its position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 108.6% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,368 shares of the medical equipment provider's stock after purchasing an additional 2,274 shares during the period. Allstate Corp's holdings in Align Technology were worth $694,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Teacher Retirement System of Texas bought a new position in shares of Align Technology in the 1st quarter worth $1,647,000. Asset Management One Co. Ltd. lifted its holdings in shares of Align Technology by 14.5% in the 1st quarter. Asset Management One Co. Ltd. now owns 31,624 shares of the medical equipment provider's stock worth $5,024,000 after purchasing an additional 4,009 shares in the last quarter. Schonfeld Strategic Advisors LLC lifted its holdings in shares of Align Technology by 1,679.5% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 35,110 shares of the medical equipment provider's stock worth $7,321,000 after purchasing an additional 33,137 shares in the last quarter. American Assets Inc. bought a new position in shares of Align Technology in the 4th quarter worth $417,000. Finally, Janney Montgomery Scott LLC lifted its holdings in shares of Align Technology by 48.9% in the 1st quarter. Janney Montgomery Scott LLC now owns 10,120 shares of the medical equipment provider's stock worth $1,608,000 after purchasing an additional 3,325 shares in the last quarter. 88.43% of the stock is currently owned by institutional investors.

Insider Activity

In other Align Technology news, CEO Joseph M. Hogan bought 7,576 shares of the firm's stock in a transaction dated Friday, August 1st. The stock was purchased at an average cost of $131.49 per share, with a total value of $996,168.24. Following the transaction, the chief executive officer directly owned 184,945 shares in the company, valued at $24,318,418.05. This trade represents a 4.27% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.66% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

ALGN has been the topic of a number of recent research reports. Wells Fargo & Company cut their target price on Align Technology from $246.00 to $199.00 and set an "overweight" rating on the stock in a report on Thursday, July 31st. Morgan Stanley reiterated an "equal weight" rating and issued a $154.00 target price (down from $249.00) on shares of Align Technology in a report on Thursday, July 31st. Stifel Nicolaus lowered their price target on Align Technology from $275.00 to $200.00 and set a "buy" rating for the company in a research report on Thursday, July 31st. Evercore ISI increased their price target on Align Technology from $200.00 to $220.00 and gave the company an "outperform" rating in a research report on Wednesday, July 9th. Finally, Mizuho set a $210.00 price target on Align Technology in a research report on Thursday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $215.00.

Align Technology Stock Up 0.6%

NASDAQ ALGN traded up $0.83 on Friday, reaching $141.96. The company had a trading volume of 982,408 shares, compared to its average volume of 1,557,928. Align Technology, Inc. has a 52-week low of $127.70 and a 52-week high of $262.87. The stock has a market capitalization of $10.29 billion, a P/E ratio of 23.94, a P/E/G ratio of 1.60 and a beta of 1.65. The company's fifty day moving average is $171.61 and its 200 day moving average is $174.13.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its earnings results on Wednesday, July 30th. The medical equipment provider reported $2.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.57 by ($0.08). Align Technology had a net margin of 11.04% and a return on equity of 13.36%. The business had revenue of $1.01 billion for the quarter, compared to analysts' expectations of $1.06 billion. During the same period in the prior year, the business earned $2.41 earnings per share. The company's revenue for the quarter was down 1.6% compared to the same quarter last year. Align Technology has set its Q3 2025 guidance at EPS. On average, research analysts expect that Align Technology, Inc. will post 7.98 EPS for the current year.

Align Technology announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, May 6th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the medical equipment provider to purchase up to 7.9% of its shares through open market purchases. Shares buyback plans are often an indication that the company's board of directors believes its stock is undervalued.

Align Technology 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.