Align Technology, Inc. $ALGN Shares Purchased by Capital International Inc. CA

Key Points

• Capital International Inc. CA increased its stake in Align Technology by 36.9% in the fourth quarter, buying 16,658 additional shares and bringing its total holding to 61,793 shares worth about $9.65 million.
• Several other institutional investors also added to their positions, and institutional ownership stands at 88.43%, indicating strong ownership interest from professional investors.
• Analysts remain generally upbeat on ALGN: the consensus rating is Moderate Buy with a $205.85 average price target, while the company recently beat quarterly earnings and revenue estimates and authorized a $200 million share repurchase program.

Capital International Inc. CA lifted its holdings in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 36.9% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 61,793 shares of the medical equipment provider's stock after purchasing an additional 16,658 shares during the quarter. Capital International Inc. CA owned 0.09% of Align Technology worth $9,649,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Comerica Bank grew its stake in shares of Align Technology by 0.6% in the fourth quarter. Comerica Bank now owns 13,656 shares of the medical equipment provider's stock worth $2,132,000 after purchasing an additional 76 shares in the last quarter. Sentry Investment Management LLC grew its stake in shares of Align Technology by 73.1% in the third quarter. Sentry Investment Management LLC now owns 187 shares of the medical equipment provider's stock worth $25,000 after purchasing an additional 79 shares in the last quarter. Independence Bank of Kentucky grew its stake in shares of Align Technology by 77.7% in the fourth quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider's stock worth $29,000 after purchasing an additional 80 shares in the last quarter. Allworth Financial LP grew its stake in shares of Align Technology by 3.3% in the third quarter. Allworth Financial LP now owns 2,874 shares of the medical equipment provider's stock worth $360,000 after purchasing an additional 92 shares in the last quarter. Finally, Royal London Asset Management Ltd. grew its stake in shares of Align Technology by 0.3% in the second quarter. Royal London Asset Management Ltd. now owns 31,629 shares of the medical equipment provider's stock worth $5,988,000 after purchasing an additional 93 shares in the last quarter. Institutional investors own 88.43% of the company's stock.

Analysts Set New Price Targets

ALGN has been the subject of several research reports. Evercore raised their target price on Align Technology from $200.00 to $220.00 in a research note on Thursday, April 30th. Weiss Ratings cut Align Technology from a "hold (c)" rating to a "hold (c-)" rating in a research note on Thursday. Leerink Partners raised their target price on Align Technology from $225.00 to $230.00 in a research note on Thursday, April 30th. Zacks Research raised Align Technology from a "hold" rating to a "strong-buy" rating in a research note on Monday, June 1st. Finally, Barclays raised Align Technology from an "equal weight" rating to an "overweight" rating and set a $200.00 target price for the company in a research note on Tuesday, March 17th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, Align Technology has a consensus rating of "Moderate Buy" and a consensus price target of $205.85.

Align Technology Price Performance

Shares of ALGN stock opened at $167.74 on Monday. The stock has a 50-day simple moving average of $172.63 and a 200 day simple moving average of $169.48. Align Technology, Inc. has a fifty-two week low of $122.00 and a fifty-two week high of $208.30. The stock has a market capitalization of $12.01 billion, a P/E ratio of 28.14, a P/E/G ratio of 1.72 and a beta of 1.68.

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

Align Technology announced that its Board of Directors has initiated a stock repurchase 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 purchase up to 1.6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its shares are undervalued.

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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