Contravisory Investment Management Inc. acquired a new stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 6,557 shares of the medical equipment provider's stock, valued at approximately $1,106,000.
Several other hedge funds and other institutional investors have also made changes to their positions in ALGN. Blue Trust Inc. boosted its holdings in Align Technology by 77.5% in the first quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider's stock valued at $27,000 after purchasing an additional 69 shares in the last quarter. Sunbelt Securities Inc. raised its holdings in Align Technology by 222.4% during the fourth quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider's stock worth $25,000 after purchasing an additional 109 shares in the last quarter. CYBER HORNET ETFs LLC purchased a new stake in shares of Align Technology during the 2nd quarter worth approximately $36,000. Tobam acquired a new position in shares of Align Technology in the 4th quarter valued at $30,000. Finally, Hollencrest Capital Management acquired a new position in shares of Align Technology in the 1st quarter valued at $34,000. Institutional investors and hedge funds own 88.43% of the company's stock.
Align Technology Price Performance
ALGN stock opened at $173.66 on Monday. The company has a market cap of $12.44 billion, a price-to-earnings ratio of 30.20, a price-to-earnings-growth ratio of 1.85 and a beta of 1.65. The company has a fifty day moving average price of $175.06 and a 200 day moving average price of $175.30. Align Technology, Inc. has a 12 month low of $122.00 and a 12 month high of $200.43.
Align Technology (NASDAQ:ALGN - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.62 by $0.02. The company had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.05 billion. Align Technology had a net margin of 9.99% and a return on equity of 15.86%. Align Technology's revenue for the quarter 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, analysts anticipate that Align Technology, Inc. will post 9.38 earnings per share for the current year.
Align Technology declared that its Board of Directors has initiated a stock buyback plan on Wednesday, April 29th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the medical equipment provider to buy up to 1.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's leadership believes its stock is undervalued.
Wall Street Analysts Forecast Growth
Several equities research analysts recently commented on ALGN shares. Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a research note on Thursday, July 30th. Wall Street Zen downgraded shares of Align Technology from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 1st. Citigroup started coverage on Align Technology in a report on Wednesday, April 15th. They issued a "buy" rating and a $240.00 target price for the company. Morgan Stanley upped their target price on Align Technology from $169.00 to $188.00 and gave the company an "equal weight" rating in a research report on Friday, April 24th. Finally, Evercore upped their target price on Align Technology from $200.00 to $220.00 in a research report on Thursday, April 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 data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $206.36.
Read Our Latest Report on Align Technology
About Align Technology
(
Free Report)
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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