K.J. Harrison & Partners Inc Acquires Shares of 11,100 Align Technology, Inc. $ALGN

Key Points

• K.J. Harrison & Partners acquired 11,100 Align Technology shares worth approximately $1.87 million during the second quarter. Institutional investors collectively own 88.43% of the company.
• Align Technology reported quarterly EPS of $2.64, slightly exceeding estimates, while revenue reached $1.06 billion, up 4.3% year over year. Management also authorized a $200 million stock buyback, covering up to 1.6% of outstanding shares.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $206.36, compared with the stock’s reported opening price of $171.16.

K.J. Harrison & Partners Inc acquired a new position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 11,100 shares of the medical equipment provider's stock, valued at approximately $1,872,000.

Several other institutional investors also recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of Align Technology during the 2nd quarter worth $745,370,000. Pallas Capital Advisors LLC purchased a new position in Align Technology in the second quarter valued at about $1,128,000. Deutsche Bank AG bought a new position in Align Technology in the second quarter worth about $99,779,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Align Technology during the second quarter valued at about $14,364,000. Finally, Simplicity Wealth LLC purchased a new stake in shares of Align Technology during the second quarter valued at about $219,000. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Align Technology Stock Performance

Shares of ALGN stock opened at $171.16 on Tuesday. Align Technology, Inc. has a fifty-two week low of $122.00 and a fifty-two week high of $200.43. The firm has a market capitalization of $12.26 billion, a price-to-earnings ratio of 29.77, a PEG ratio of 1.93 and a beta of 1.65. The stock's 50-day simple moving average is $175.97 and its 200-day simple moving average is $175.61.

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, beating the consensus estimate of $2.62 by $0.02. The firm had revenue of $1.06 billion during 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 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 analysts forecast that Align Technology, Inc. will post 9.38 earnings per share for the current year.

Align Technology announced that its board has approved a stock buyback program on Wednesday, April 29th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the medical equipment provider to purchase up to 1.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's management believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Piper Sandler lifted their price objective on shares of Align Technology from $220.00 to $235.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 21st. 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. Morgan Stanley raised their target price on shares of Align Technology from $169.00 to $188.00 and gave the company an "equal weight" rating in a research note on Friday, April 24th. BMO Capital Markets began coverage on shares of Align Technology in a report on Wednesday, July 8th. They issued an "outperform" rating and a $209.00 price target on the stock. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Align Technology in a research report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus 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.

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