Northwestern Mutual Wealth Management Co. Purchases 544,072 Shares of Align Technology, Inc. $ALGN

Key Points

• Northwestern Mutual Wealth Management dramatically increased its stake in Align Technology during Q4, buying 544,072 shares and bringing its total holding to 545,604 shares worth about $85.2 million.
• Align Technology reported better-than-expected quarterly results, with EPS of $2.58 versus estimates of $2.26 and revenue of $1.04 billion versus $1.02 billion expected. Revenue rose 6.2% year over year.
• The company also announced a $200 million share buyback, while analysts remain generally positive with a consensus rating of “Moderate Buy” and an average price target of $205.85.

Northwestern Mutual Wealth Management Co. lifted its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 35,513.8% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 545,604 shares of the medical equipment provider's stock after buying an additional 544,072 shares during the quarter. Northwestern Mutual Wealth Management Co. owned approximately 0.76% of Align Technology worth $85,196,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Independence Bank of Kentucky lifted 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 purchasing an additional 80 shares in the last quarter. Sentry Investment Management LLC lifted 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 worth $25,000 after purchasing an additional 79 shares in the last quarter. CYBER HORNET ETFs LLC purchased a new position in Align Technology in the 2nd quarter worth approximately $36,000. Miller Global Investments LLC bought a new stake in Align Technology in the 4th quarter worth approximately $31,000. Finally, MUFG Securities EMEA plc bought a new stake in Align Technology in the 2nd quarter worth approximately $38,000. Hedge funds and other institutional investors own 88.43% of the company's stock.

Insider Buying and Selling

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

Align Technology Stock Performance

Shares of ALGN stock opened at $157.25 on Monday. The company has a market capitalization of $11.26 billion, a P/E ratio of 26.38, a P/E/G ratio of 1.61 and a beta of 1.70. The business's 50 day moving average is $175.26 and its two-hundred day moving average is $166.51. Align Technology, Inc. has a 12-month low of $122.00 and a 12-month high of $208.30.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.26 by $0.32. The company had revenue of $1.04 billion for the quarter, compared to the consensus estimate 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 quarter in the prior year, the business posted $2.13 earnings per share. On average, research analysts predict that Align Technology, Inc. will post 9.47 earnings per share for the current fiscal year.

Align Technology announced that its Board of Directors has authorized a share buyback plan on Wednesday, April 29th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the medical equipment provider to purchase up to 1.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Mizuho lifted their price objective on Align Technology from $200.00 to $215.00 and gave the stock an "outperform" rating in a research note on Thursday, February 5th. Morgan Stanley upped their price objective on Align Technology from $169.00 to $188.00 and gave the company an "equal weight" rating in a research report on Friday, April 24th. Piper Sandler upped their target price on Align Technology from $220.00 to $235.00 and gave the stock an "overweight" rating in a report on Tuesday, April 21st. Evercore upped their price objective on Align Technology from $200.00 to $220.00 in a research note on Thursday, April 30th. Finally, UBS Group upped 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. Eight analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $205.85.

About Align Technology

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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