NewEdge Wealth LLC Acquires New Shares in Align Technology, Inc. $ALGN

Key Points

• NewEdge Wealth acquired 9,833 Align Technology shares worth approximately $1.66 million during the second quarter. Institutional investors and hedge funds own 88.43% of the company.
• Align Technology reported quarterly earnings of $2.64 per share, beating estimates, while revenue rose 4.3% year over year to $1.06 billion. The company also authorized a $200 million share-repurchase program.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $206.36, compared with the stock’s reported opening price of $162.55.

NewEdge Wealth LLC purchased a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 9,833 shares of the medical equipment provider's stock, valued at approximately $1,658,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. BlackRock Inc. purchased a new stake in Align Technology in the 2nd quarter worth approximately $745,370,000. Capital International Investors raised its stake in Align Technology by 52.2% during the 4th quarter. Capital International Investors now owns 4,643,221 shares of the medical equipment provider's stock valued at $725,039,000 after purchasing an additional 1,592,848 shares during the period. Ruane Cunniff & Goldfarb L.P. purchased a new position in Align Technology in the 4th quarter worth approximately $190,899,000. Norges Bank purchased a new position in Align Technology in the 4th quarter worth approximately $155,556,000. Finally, Assenagon Asset Management S.A. boosted its stake in Align Technology by 413.0% in the 1st quarter. Assenagon Asset Management S.A. now owns 989,388 shares of the medical equipment provider's stock worth $169,611,000 after purchasing an additional 796,529 shares during the period. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Align Technology Price Performance

Shares of ALGN opened at $162.55 on Friday. The stock has a market capitalization of $11.64 billion, a price-to-earnings ratio of 28.27, a price-to-earnings-growth ratio of 1.69 and a beta of 1.65. Align Technology, Inc. has a 1 year low of $122.00 and a 1 year high of $200.43. The business's 50 day simple moving average is $175.02 and its 200-day simple moving average is $175.50.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its earnings results 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 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 for the quarter was up 4.3% compared to the same quarter last year. During the same period last year, the firm posted $2.49 earnings per share. On average, sell-side analysts expect that Align Technology, Inc. will post 9.38 earnings per share for the current year.

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

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. BMO Capital Markets assumed coverage on shares of Align Technology in a research report on Wednesday, July 8th. They set an "outperform" rating and a $209.00 price objective on the stock. UBS Group restated a "neutral" rating and set a $189.00 target price on shares of Align Technology in a research report on Thursday, July 23rd. Leerink Partners raised their target price on shares of Align Technology from $225.00 to $230.00 in a research note on Thursday, April 30th. Evercore lifted their price target on shares of Align Technology from $200.00 to $220.00 in a report on Thursday, April 30th. 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 given a Hold rating to the company. According to data from MarketBeat.com, the company 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.

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