Cetera Investment Advisers Acquires 9,188 Shares of Align Technology, Inc. $ALGN

Key Points

• Cetera Investment Advisers more than doubled its Align Technology stake in the first quarter, adding 9,188 shares to hold 17,137 shares valued at approximately $2.94 million. Institutional investors collectively own 88.43% of ALGN.
• Align Technology reported quarterly earnings of $2.64 per share, slightly above estimates, while revenue rose 4.3% year over year to $1.06 billion. The stock recently traded at $169.08, below its 50-day and 200-day moving averages.
• The company authorized a $200 million share buyback, covering up to 1.6% of outstanding shares. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $206.36.

Cetera Investment Advisers grew its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 115.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 17,137 shares of the medical equipment provider's stock after purchasing an additional 9,188 shares during the quarter. Cetera Investment Advisers' holdings in Align Technology were worth $2,938,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Militia Capital Management LLC acquired a new position in Align Technology during the 1st quarter worth $3,549,000. NewEdge Wealth LLC bought a new position in Align Technology in the 1st quarter worth approximately $2,050,000. PNC Financial Services Group Inc. lifted its holdings in shares of Align Technology by 13.2% during the first quarter. PNC Financial Services Group Inc. now owns 9,766 shares of the medical equipment provider's stock worth $1,674,000 after buying an additional 1,141 shares during the last quarter. Hollencrest Capital Management acquired a new position in shares of Align Technology during the first quarter worth approximately $34,000. Finally, Dimensional Fund Advisors LP boosted its position in shares of Align Technology by 21.3% in the first quarter. Dimensional Fund Advisors LP now owns 972,519 shares of the medical equipment provider's stock valued at $166,696,000 after acquiring an additional 170,523 shares during the period. Institutional investors and hedge funds own 88.43% of the company's stock.

Align Technology Price Performance

ALGN stock opened at $169.08 on Friday. The company has a 50 day moving average price of $175.09 and a 200 day moving average price of $175.28. Align Technology, Inc. has a fifty-two week low of $122.00 and a fifty-two week high of $200.43. The stock has a market capitalization of $12.11 billion, a PE ratio of 29.41, a price-to-earnings-growth ratio of 1.86 and a beta of 1.65.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced 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. Align Technology had a return on equity of 15.86% and a net margin of 9.99%.The firm had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.05 billion. During the same period last year, the company earned $2.49 earnings per share. The company's revenue was up 4.3% on a year-over-year basis. As a group, equities analysts expect that Align Technology, Inc. will post 9.38 earnings per share for the current fiscal year.

Align Technology declared that its board has authorized a stock buyback plan on Wednesday, April 29th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the medical equipment provider to reacquire up to 1.6% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

ALGN has been the topic of several research analyst reports. Zacks Research lowered shares of Align Technology from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 16th. Morgan Stanley upped their price objective on shares of Align Technology from $169.00 to $188.00 and gave the company an "equal weight" rating in a research report on Friday, April 24th. Citigroup began coverage on shares of Align Technology in a research note on Wednesday, April 15th. They issued a "buy" rating and a $240.00 target price for the company. BMO Capital Markets assumed coverage on Align Technology in a research report on Wednesday, July 8th. They set an "outperform" rating and a $209.00 target price on the stock. Finally, Evercore boosted their price target on Align Technology from $200.00 to $220.00 in a research note on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $206.36.

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.

Want to see what other hedge funds are holding ALGN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Align Technology, Inc. (NASDAQ:ALGN - Free Report).

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