Argent Capital Management LLC Boosts Holdings in Align Technology, Inc. $ALGN

Key Points

• Argent Capital Management LLC increased its stake in Align Technology by 163.3% during the second quarter, owning approximately $21.5 million worth of shares after a significant purchase of 70,344 additional shares.
• Align Technology's stock has a market capitalization of $9.51 billion and recently opened at $131.18, experiencing a 12-month high of $260.35 and a low of $127.70.
• The company initiated a $200 million stock buyback program, indicating that the board believes its shares are undervalued and targets up to 2% of shares repurchased through the open market.

Argent Capital Management LLC lifted its stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 163.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 113,417 shares of the medical equipment provider's stock after buying an additional 70,344 shares during the period. Argent Capital Management LLC owned approximately 0.16% of Align Technology worth $21,473,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. GAMMA Investing LLC boosted its stake in Align Technology by 84.1% during the 2nd quarter. GAMMA Investing LLC now owns 1,458 shares of the medical equipment provider's stock worth $276,000 after purchasing an additional 666 shares during the period. Park Avenue Securities LLC boosted its stake in Align Technology by 11.2% during the 2nd quarter. Park Avenue Securities LLC now owns 2,668 shares of the medical equipment provider's stock worth $505,000 after purchasing an additional 269 shares during the period. Farther Finance Advisors LLC boosted its stake in Align Technology by 42.2% during the 2nd quarter. Farther Finance Advisors LLC now owns 310 shares of the medical equipment provider's stock worth $59,000 after purchasing an additional 92 shares during the period. IFM Investors Pty Ltd boosted its stake in Align Technology by 1.8% during the 2nd quarter. IFM Investors Pty Ltd now owns 13,981 shares of the medical equipment provider's stock worth $2,647,000 after purchasing an additional 251 shares during the period. Finally, NorthCrest Asset Manangement LLC acquired a new stake in Align Technology during the 2nd quarter worth $388,000. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Price Performance

Align Technology stock opened at $131.18 on Tuesday. Align Technology, Inc. has a 12-month low of $127.70 and a 12-month high of $260.35. The stock has a market capitalization of $9.51 billion, a P/E ratio of 22.12, a P/E/G ratio of 1.48 and a beta of 1.65. The firm's 50-day moving average is $152.46 and its two-hundred day moving average is $168.07.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly 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 return on equity of 13.36% and a net margin of 11.04%.The firm had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1.06 billion. During the same period in the prior year, the business earned $2.41 earnings per share. Align Technology's revenue for the quarter was down 1.6% on a year-over-year basis. Align Technology has set its Q3 2025 guidance at EPS. As a group, analysts forecast that Align Technology, Inc. will post 7.98 EPS for the current year.

Align Technology announced that its board has initiated a stock buyback program on Tuesday, August 5th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the medical equipment provider to repurchase up to 2% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's board believes its shares are undervalued.

Insider Activity

In related news, CEO Joseph M. Hogan bought 7,576 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The shares were acquired at an average cost of $131.49 per share, with a total value of $996,168.24. Following the completion of the transaction, the chief executive officer owned 184,945 shares of the company's stock, valued at approximately $24,318,418.05. The trade was a 4.27% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.66% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Morgan Stanley reiterated an "equal weight" rating and set a $154.00 price target (down previously from $249.00) on shares of Align Technology in a research note on Thursday, July 31st. Evercore ISI increased their price target on shares of Align Technology from $200.00 to $220.00 and gave the company an "outperform" rating in a report on Wednesday, July 9th. Zacks Research downgraded shares of Align Technology from a "hold" rating to a "strong sell" rating in a report on Monday, September 1st. Stifel Nicolaus cut their price target on shares of Align Technology from $275.00 to $200.00 and set a "buy" rating for the company in a report on Thursday, July 31st. Finally, Mizuho set a $210.00 price target on shares of Align Technology in a report on Thursday, July 31st. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, Align Technology has a consensus rating of "Moderate Buy" and a consensus price target of $215.00.

Align Technology Company 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.

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