Align Technology, Inc. $ALGN Shares Acquired by Jennison Associates LLC

Key Points

• Jennison Associates LLC increased its stake in Align Technology by 203% in the first quarter, buying 303,623 additional shares and ending with 453,207 shares valued at about $77.7 million.
• Align Technology reported better-than-expected quarterly results, posting EPS of $2.58 versus the $2.26 estimate and revenue of $1.04 billion, up 6.2% year over year.
• The company’s board approved a $200 million share buyback, while analysts currently rate the stock a consensus “Moderate Buy” with an average price target of $206.07.

Jennison Associates LLC boosted its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 203.0% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 453,207 shares of the medical equipment provider's stock after buying an additional 303,623 shares during the quarter. Jennison Associates LLC owned 0.63% of Align Technology worth $77,693,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of ALGN. Capital International Investors lifted its holdings in Align Technology by 52.2% in the 4th quarter. Capital International Investors now owns 4,643,221 shares of the medical equipment provider's stock valued at $725,039,000 after acquiring an additional 1,592,848 shares during the last quarter. Ruane Cunniff & Goldfarb L.P. acquired a new position in shares of Align Technology in the 4th quarter worth approximately $190,899,000. Norges Bank bought a new stake in shares of Align Technology in the 4th quarter worth approximately $155,556,000. Assenagon Asset Management S.A. raised its holdings in shares of Align Technology by 413.0% in the 1st quarter. Assenagon Asset Management S.A. now owns 989,388 shares of the medical equipment provider's stock worth $169,611,000 after purchasing an additional 796,529 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its holdings in shares of Align Technology by 247.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,005,413 shares of the medical equipment provider's stock worth $156,995,000 after purchasing an additional 715,919 shares in the last quarter. 88.43% of the stock is owned by institutional investors and hedge funds.

Align Technology Price Performance

ALGN stock opened at $176.76 on Monday. Align Technology, Inc. has a 52-week low of $122.00 and a 52-week high of $208.30. The company's 50 day simple moving average is $172.30 and its 200-day simple moving average is $174.60. The firm has a market capitalization of $12.66 billion, a P/E ratio of 29.66, a P/E/G ratio of 1.81 and a beta of 1.67.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The medical equipment provider reported $2.58 EPS for the quarter, topping analysts' consensus estimates of $2.26 by $0.32. Align Technology had a net margin of 10.50% and a return on equity of 15.82%. The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.02 billion. During the same quarter last year, the business posted $2.13 EPS. The company's revenue was up 6.2% on a year-over-year basis. Sell-side analysts predict that Align Technology, Inc. will post 9.48 EPS for the current fiscal year.

Align Technology announced that its Board of Directors has approved a stock buyback program on Wednesday, April 29th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the medical equipment provider to buy up to 1.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Morgan Stanley raised their target price on shares of Align Technology from $169.00 to $188.00 and gave the stock an "equal weight" rating in a report on Friday, April 24th. BMO Capital Markets assumed coverage on Align Technology in a research report on Wednesday, July 8th. They set an "outperform" rating and a $209.00 price objective for the company. Citigroup initiated coverage on Align Technology in a report on Wednesday, April 15th. They issued a "buy" rating and a $240.00 target price on the stock. Leerink Partners boosted their target price on Align Technology from $225.00 to $230.00 in a research report on Thursday, April 30th. Finally, Zacks Research downgraded Align Technology from a "strong-buy" rating to a "hold" rating in a report on Thursday. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $206.07.

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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