K.J. Harrison & Partners Inc Boosts Stock Holdings in Align Technology, Inc. $ALGN

Key Points

• K.J. Harrison & Partners Inc boosted its stake in Align Technology by 781.3% in Q4, adding 12,500 shares to hold 14,100 shares valued at about $2.20 million.
• Align beat quarterly estimates with EPS of $2.58 (vs. $2.26) and revenue of $1.04 billion, the board approved a $200 million share buyback, and analysts hold a consensus "Moderate Buy" with an average target of $205.85.

K.J. Harrison & Partners Inc lifted its holdings in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 781.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,100 shares of the medical equipment provider's stock after buying an additional 12,500 shares during the period. K.J. Harrison & Partners Inc's holdings in Align Technology were worth $2,202,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Independence Bank of Kentucky lifted its position in Align Technology by 77.7% during the fourth quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider's stock worth $29,000 after buying an additional 80 shares in the last quarter. Sentry Investment Management LLC grew its holdings in Align Technology by 73.1% in the 3rd quarter. Sentry Investment Management LLC now owns 187 shares of the medical equipment provider's stock valued at $25,000 after buying an additional 79 shares in the last quarter. CYBER HORNET ETFs LLC acquired a new stake in shares of Align Technology in the 2nd quarter worth $36,000. Miller Global Investments LLC purchased a new position in Align Technology during the fourth quarter worth about $31,000. Finally, MUFG Securities EMEA plc acquired a new stake in shares of Align Technology during the 2nd quarter worth approximately $38,000. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently commented on ALGN shares. Weiss Ratings reiterated a "hold (c-)" rating on shares of Align Technology in a report on Wednesday, April 15th. UBS Group lifted their target price on Align Technology from $175.00 to $185.00 and gave the company a "neutral" rating in a research report on Thursday, February 5th. Citigroup initiated coverage on Align Technology in a research report on Wednesday, April 15th. They set a "buy" rating and a $240.00 price objective for the company. Stifel Nicolaus boosted their price objective on shares of Align Technology from $200.00 to $210.00 and gave the company a "buy" rating in a report on Thursday, February 5th. Finally, Piper Sandler upped their target price on shares of Align Technology from $220.00 to $235.00 and gave the company an "overweight" rating in a research report on Tuesday, April 21st. Eight investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $205.85.

Align Technology Trading Up 3.1%

ALGN stock opened at $173.94 on Thursday. The business's fifty day moving average price is $178.45 and its 200 day moving average price is $165.08. Align Technology, Inc. has a 12-month low of $122.00 and a 12-month high of $208.30. The company has a market capitalization of $12.46 billion, a PE ratio of 29.18, a P/E/G ratio of 1.74 and a beta of 1.70.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 EPS for the quarter, beating analysts' consensus estimates of $2.26 by $0.32. The company had revenue of $1.04 billion during the quarter, compared to analysts' expectations of $1.02 billion. Align Technology had a return on equity of 15.82% and a net margin of 10.50%.Align Technology's revenue for the quarter was up 6.2% on a year-over-year basis. During the same period last year, the business posted $2.13 EPS. Research analysts predict that Align Technology, Inc. will post 9.43 EPS for the current fiscal year.

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

Insider Activity at Align Technology

In other news, EVP John Morici sold 7,969 shares of the firm's stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $189.31, for a total value of $1,508,611.39. Following the completion of the transaction, the executive vice president owned 8,237 shares of the company's stock, valued at approximately $1,559,346.47. This trade represents a 49.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.75% of the company's stock.

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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