Assenagon Asset Management S.A. Increases Stock Holdings in Align Technology, Inc. $ALGN

Key Points

• Assenagon Asset Management S.A. increased its stake in Align Technology by 413% in the first quarter, buying 796,529 more shares and ending with 989,388 shares valued at about $169.6 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 also announced a $200 million share buyback program, while analysts currently rate the stock a moderate buy with a consensus price target of $205.85.

Assenagon Asset Management S.A. lifted its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 413.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 989,388 shares of the medical equipment provider's stock after buying an additional 796,529 shares during the quarter. Assenagon Asset Management S.A. owned approximately 1.38% of Align Technology worth $169,611,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Banco Bilbao Vizcaya Argentaria S.A. increased its stake in shares of Align Technology by 3.7% during the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 1,896 shares of the medical equipment provider's stock worth $296,000 after purchasing an additional 68 shares in the last quarter. Comerica Bank raised its holdings 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 acquiring an additional 76 shares during the last quarter. Independence Bank of Kentucky raised its holdings 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 acquiring an additional 80 shares during the last quarter. Allworth Financial LP lifted its position 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 valued at $360,000 after acquiring an additional 92 shares in the last quarter. Finally, Royal London Asset Management Ltd. lifted its position 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 valued at $5,988,000 after acquiring an additional 93 shares in the last quarter. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Align Technology Price Performance

NASDAQ ALGN opened at $170.90 on Thursday. The company has a market cap of $12.24 billion, a P/E ratio of 28.67, a P/E/G ratio of 1.73 and a beta of 1.67. Align Technology, Inc. has a 12 month low of $122.00 and a 12 month high of $208.30. The company has a 50-day moving average of $173.45 and a 200-day moving average of $172.27.

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

Align Technology announced that its Board of Directors has initiated a share buyback program on Wednesday, April 29th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the medical equipment provider to buy up to 1.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board believes its shares are undervalued.

Analysts Set New Price Targets

A number of research analysts have issued reports on ALGN shares. Leerink Partners upped their target price on shares of Align Technology from $225.00 to $230.00 in a report on Thursday, April 30th. Piper Sandler lifted their price target on shares of Align Technology from $220.00 to $235.00 and gave the stock an "overweight" rating in a report on Tuesday, April 21st. Barclays raised shares of Align Technology from an "equal weight" rating to an "overweight" rating and set a $200.00 price objective for the company in a research report on Tuesday, March 17th. 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 research report on Friday, April 24th. Finally, Weiss Ratings cut shares of Align Technology from a "hold (c)" rating to a "hold (c-)" rating in a research note on Thursday, June 4th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, Align Technology presently has an average rating of "Moderate Buy" and a consensus target price of $205.85.

Align Technology Company 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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