Bank of Nova Scotia Takes Position in Align Technology, Inc. $ALGN

Key Points

• Bank of Nova Scotia purchased 8,358 shares of Align Technology in the second quarter, valued at approximately $1.41 million. Institutional investors collectively own 88.43% of the company.
• Analyst sentiment remains positive, with a consensus rating of “Moderate Buy” and an average price target of $206.36, despite ratings ranging from Strong Buy to Hold.
• Align Technology exceeded quarterly earnings and revenue estimates, reporting $2.64 in EPS and $1.06 billion in revenue. The company also authorized a $200 million share repurchase program, allowing buybacks of up to 1.6% of outstanding shares.

Bank of Nova Scotia bought a new stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 8,358 shares of the medical equipment provider's stock, valued at approximately $1,410,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Elevation Point Wealth Partners LLC purchased a new position in Align Technology during the 2nd quarter worth approximately $260,000. Commerce Bank purchased a new stake in Align Technology in the second quarter valued at approximately $292,000. Northwestern Mutual Wealth Management Co. purchased a new stake in Align Technology in the second quarter valued at approximately $372,000. Quantbot Technologies LP acquired a new stake in shares of Align Technology in the second quarter valued at approximately $371,000. Finally, Evolve Private Wealth LLC acquired a new stake in shares of Align Technology in the second quarter valued at approximately $658,000. Hedge funds and other institutional investors own 88.43% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on ALGN shares. Leerink Partners lifted their target price on shares of Align Technology from $225.00 to $230.00 in a report on Thursday, April 30th. Wall Street Zen cut shares of Align Technology from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 1st. BMO Capital Markets began coverage on shares of Align Technology in a research note on Wednesday, July 8th. They issued an "outperform" rating and a $209.00 price objective on the stock. UBS Group reaffirmed a "neutral" rating and issued a $189.00 target price on shares of Align Technology in a report on Thursday, July 23rd. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a research note on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $206.36.

Align Technology Price Performance

Align Technology stock opened at $159.14 on Thursday. The business has a 50 day simple moving average of $173.97 and a 200-day simple moving average of $175.48. Align Technology, Inc. has a 12 month low of $122.00 and a 12 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 posted its quarterly earnings data on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share for the quarter, beating analysts' consensus estimates of $2.62 by $0.02. The firm 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%. Align Technology's quarterly revenue was up 4.3% on a year-over-year basis. During the same period last year, the firm posted $2.49 EPS. As a group, equities research analysts anticipate that Align Technology, Inc. will post 9.38 EPS for the current year.

Align Technology declared that its Board of Directors has initiated a share repurchase program on Wednesday, April 29th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the medical equipment provider to purchase up to 1.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's leadership believes its stock is 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source