Bank of New York Mellon Corp Buys Shares of 338,327 Align Technology, Inc. $ALGN

Key Points

• Bank of New York Mellon purchased 338,327 Align Technology shares worth approximately $57.1 million, giving it a 0.47% stake. Institutional investors collectively own 88.43% of the company.
• Analysts maintain a generally positive view, with Align receiving a consensus “Moderate Buy” rating and an average price target of $206.36.
• Align exceeded quarterly expectations with $2.64 earnings per share and $1.06 billion in revenue, while its board authorized a $200 million share repurchase program.

Bank of New York Mellon Corp bought a new stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 338,327 shares of the medical equipment provider's stock, valued at approximately $57,062,000. Bank of New York Mellon Corp owned about 0.47% of Align Technology at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Align Technology by 4.8% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,222 shares of the medical equipment provider's stock valued at $1,624,000 after purchasing an additional 469 shares during the period. Focus Partners Wealth grew its stake in shares of Align Technology by 5.2% during the first quarter. Focus Partners Wealth now owns 3,062 shares of the medical equipment provider's stock worth $486,000 after purchasing an additional 151 shares during the period. Sivia Capital Partners LLC acquired a new stake in shares of Align Technology during the second quarter worth $204,000. EverSource Wealth Advisors LLC increased its holdings in Align Technology by 55.7% in the second quarter. EverSource Wealth Advisors LLC now owns 531 shares of the medical equipment provider's stock valued at $101,000 after purchasing an additional 190 shares during the last quarter. Finally, First Trust Advisors LP increased its holdings in Align Technology by 201.7% in the second quarter. First Trust Advisors LP now owns 88,270 shares of the medical equipment provider's stock valued at $16,712,000 after purchasing an additional 59,010 shares during the last quarter. Institutional investors and hedge funds own 88.43% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. UBS Group restated a "neutral" rating and set a $189.00 target price on shares of Align Technology in a report on Thursday, July 23rd. Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a research report on Thursday, July 30th. Zacks Research lowered shares of Align Technology from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 16th. Wall Street Zen cut shares of Align Technology from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 1st. Finally, Leerink Partners raised their price objective on Align Technology from $225.00 to $230.00 in a research note on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Align Technology has an average rating of "Moderate Buy" and a consensus target price of $206.36.

Align Technology Stock Down 0.3%

Align Technology stock opened at $159.14 on Thursday. The company has a 50 day moving average of $173.97 and a 200-day moving average of $175.48. Align Technology, Inc. has a twelve month low of $122.00 and a twelve month high of $200.43. The stock has a market capitalization of $11.40 billion, a PE ratio of 27.68, a price-to-earnings-growth ratio of 1.70 and a beta of 1.65.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The medical equipment provider reported $2.64 EPS for the quarter, topping analysts' consensus estimates of $2.62 by $0.02. The business had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.05 billion. Align Technology had a net margin of 9.99% and a return on equity of 15.86%. The firm's quarterly revenue was up 4.3% on a year-over-year basis. During the same period last year, the business posted $2.49 earnings per share. Equities analysts anticipate that Align Technology, Inc. will post 9.38 EPS for the current fiscal year.

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

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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