NorthCrest Asset Manangement LLC Purchases New Holdings in Align Technology, Inc. $ALGN

Key Points

• NorthCrest Asset Management LLC has acquired a new stake in Align Technology, Inc., purchasing 1,972 shares valued at approximately $388,000 in the second quarter.
• Align Technology missed earnings expectations for the last quarter, reporting $2.49 EPS instead of the anticipated $2.57, with a quarterly revenue decline of 1.6% year-over-year.
• The company's Board of Directors authorized a share repurchase plan allowing the company to buy back up to $200 million in outstanding shares, signaling confidence in its stock value.

NorthCrest Asset Manangement LLC purchased a new position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,972 shares of the medical equipment provider's stock, valued at approximately $388,000.

Several other institutional investors and hedge funds also recently made changes to their positions in ALGN. American Assets Inc. bought a new position in shares of Align Technology during the 4th quarter valued at $417,000. Tidal Investments LLC grew its holdings in shares of Align Technology by 26.1% during the 4th quarter. Tidal Investments LLC now owns 3,716 shares of the medical equipment provider's stock valued at $775,000 after purchasing an additional 769 shares during the last quarter. Voloridge Investment Management LLC grew its holdings in shares of Align Technology by 534.7% during the 4th quarter. Voloridge Investment Management LLC now owns 59,651 shares of the medical equipment provider's stock valued at $12,438,000 after purchasing an additional 50,252 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Align Technology by 11.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 629,697 shares of the medical equipment provider's stock valued at $131,298,000 after purchasing an additional 65,033 shares during the last quarter. Finally, Vise Technologies Inc. bought a new position in shares of Align Technology during the 4th quarter valued at $202,000. Institutional investors own 88.43% of the company's stock.

Insider Activity at Align Technology

In related news, CEO Joseph M. Hogan bought 7,576 shares of the company's stock in a transaction dated Friday, August 1st. The stock was purchased at an average cost of $131.49 per share, with a total value of $996,168.24. Following the transaction, the chief executive officer owned 184,945 shares in the company, valued at approximately $24,318,418.05. This trade represents a 4.27% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.66% of the company's stock.

Wall Street Analyst Weigh In

ALGN has been the topic of several recent research reports. Mizuho set a $210.00 target price on shares of Align Technology in a report on Thursday, July 31st. Evercore ISI increased their price target on shares of Align Technology from $200.00 to $220.00 and gave the company an "outperform" rating in a research report on Wednesday, July 9th. Stifel Nicolaus dropped their price target on shares of Align Technology from $275.00 to $200.00 and set a "buy" rating for the company in a research report on Thursday, July 31st. Piper Sandler dropped their price target on shares of Align Technology from $250.00 to $190.00 and set an "overweight" rating for the company in a research report on Thursday, July 31st. Finally, Zacks Research cut shares of Align Technology from a "hold" rating to a "strong sell" rating in a research report on Monday, September 1st. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $215.00.

Align Technology Stock Down 0.5%

Shares of NASDAQ:ALGN traded down $0.66 on Tuesday, hitting $130.52. The company had a trading volume of 283,707 shares, compared to its average volume of 1,226,831. The firm's 50-day simple moving average is $152.46 and its two-hundred day simple moving average is $168.07. Align Technology, Inc. has a 1 year low of $127.70 and a 1 year high of $260.35. The firm has a market capitalization of $9.46 billion, a price-to-earnings ratio of 22.06, a P/E/G ratio of 1.48 and a beta of 1.65.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its earnings results on Wednesday, July 30th. The medical equipment provider reported $2.49 EPS for the quarter, missing the consensus estimate of $2.57 by ($0.08). Align Technology had a return on equity of 13.36% and a net margin of 11.04%.The company had revenue of $1.01 billion during the quarter, compared to analysts' expectations of $1.06 billion. During the same period in the prior year, the business posted $2.41 earnings per share. The company's revenue for the quarter was down 1.6% on a year-over-year basis. Align Technology has set its Q3 2025 guidance at EPS. Equities research analysts anticipate that Align Technology, Inc. will post 7.98 EPS for the current year.

Align Technology declared that its Board of Directors has initiated a share repurchase plan on Tuesday, August 5th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the medical equipment provider to repurchase up to 2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board of directors believes its stock is undervalued.

About Align Technology

Align Technology, Inc designs, manufactures, and markets Invisalign clear aligners, and iTero intraoral scanners and services for orthodontists and general practitioner dentists in the United States, Switzerland, and internationally. The company's Clear Aligner segment offers comprehensive products, including Invisalign comprehensive package that addresses the orthodontic needs of younger patients, such as mandibular advancement, compliance indicators, and compensation for tooth eruption; and Invisalign First Phase I and Invisalign First Comprehensive Phase 2 package for younger patients generally between the ages of six and ten years, which is a mixture of primary/baby and permanent teeth.