NewEdge Wealth LLC Buys Shares of 11,959 Align Technology, Inc. $ALGN

Key Points

• NewEdge Wealth LLC bought a new position in Align Technology during the first quarter, acquiring 11,959 shares valued at about $2.05 million.
• Align Technology reported strong quarterly results, with EPS of $2.58 beating estimates and revenue of $1.04 billion also topping expectations. Revenue rose 6.2% from a year earlier.
• The company’s board approved a $200 million share repurchase program, signaling confidence in the stock’s valuation. Analysts currently have a Moderate Buy consensus with an average price target of $206.36.

NewEdge Wealth LLC purchased a new position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 11,959 shares of the medical equipment provider's stock, valued at approximately $2,050,000.

A number of other hedge funds have also made changes to their positions in ALGN. Bessemer Group Inc. raised its position in shares of Align Technology by 37.2% in the first quarter. Bessemer Group Inc. now owns 247 shares of the medical equipment provider's stock valued at $43,000 after purchasing an additional 67 shares during the period. Banco Bilbao Vizcaya Argentaria S.A. lifted its stake in shares of Align Technology by 3.7% in the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 1,896 shares of the medical equipment provider's stock worth $296,000 after buying an additional 68 shares during the last quarter. Blue Trust Inc. boosted its holdings in shares of Align Technology by 77.5% during the 1st quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider's stock worth $27,000 after buying an additional 69 shares during the period. Comerica Bank grew its stake in Align Technology by 0.6% in the 4th quarter. Comerica Bank now owns 13,656 shares of the medical equipment provider's stock valued at $2,132,000 after buying an additional 76 shares during the last quarter. Finally, Independence Bank of Kentucky raised its holdings in Align Technology by 77.7% in the 4th quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider's stock worth $29,000 after acquiring an additional 80 shares during the period. Institutional investors and hedge funds own 88.43% of the company's stock.

Align Technology Stock Down 0.7%

Align Technology stock opened at $167.01 on Friday. The business has a 50 day moving average price of $173.31 and a two-hundred day moving average price of $175.01. Align Technology, Inc. has a 12 month low of $122.00 and a 12 month high of $208.30. The stock has a market cap of $11.96 billion, a price-to-earnings ratio of 28.02, a price-to-earnings-growth ratio of 1.71 and a beta of 1.67.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share for the quarter, topping the consensus estimate of $2.26 by $0.32. The company had revenue of $1.04 billion for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter last year, the firm earned $2.13 EPS. On average, analysts expect that Align Technology, Inc. will post 9.48 earnings per share for the current fiscal year.

Align Technology declared that its board has approved a share repurchase program on Wednesday, April 29th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the medical equipment provider to repurchase up to 1.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board believes its shares are undervalued.

Wall Street Analyst Weigh In

ALGN has been the subject of a number of recent analyst reports. Zacks Research cut shares of Align Technology from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 16th. UBS Group reissued a "neutral" rating and set a $189.00 price objective on shares of Align Technology in a research report on Thursday. Piper Sandler raised their target price on Align Technology from $220.00 to $235.00 and gave the company an "overweight" rating in a report on Tuesday, April 21st. BMO Capital Markets started coverage on Align Technology in a research report on Wednesday, July 8th. They issued an "outperform" rating and a $209.00 price target on the stock. Finally, Evercore increased their price objective on Align Technology from $200.00 to $220.00 in a research report on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Align Technology currently has a consensus rating of "Moderate Buy" and an average price target of $206.36.

Align Technology Company 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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