OFI Invest Asset Management Purchases Shares of 84,306 Align Technology, Inc. $ALGN

Key Points

• OFI Invest Asset Management purchased a new stake of 84,306 shares of Align Technology (about $13.16 million), representing roughly 0.12% of the company; institutional investors now own about 88.43% of ALGN.
• Align topped Q4 expectations with EPS of $3.29 versus $2.99 expected and revenue of $1.05 billion (up 5.3% year-over-year), while analysts forecast about 7.98 EPS for the current fiscal year.
• An executive (EVP John Morici) sold 7,969 shares in February, reducing insider holdings, and Wall Street sentiment is mixed-to-positive with a consensus rating of "Moderate Buy" and an average price target of $198.08 (7 Buy, 7 Hold).

OFI Invest Asset Management purchased a new stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 84,306 shares of the medical equipment provider's stock, valued at approximately $13,164,000. OFI Invest Asset Management owned approximately 0.12% of Align Technology as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also made changes to their positions in the business. Greenleaf Trust bought a new stake in shares of Align Technology in the fourth quarter worth $202,000. Modera Wealth Management LLC lifted its position in shares of Align Technology by 9.8% in the fourth quarter. Modera Wealth Management LLC now owns 14,394 shares of the medical equipment provider's stock worth $2,248,000 after purchasing an additional 1,285 shares in the last quarter. Groesbeck Investment Management Corp NJ bought a new stake in shares of Align Technology in the fourth quarter worth $78,000. Independence Bank of Kentucky lifted its position in shares of Align Technology by 77.7% in the fourth 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. Finally, Signaturefd LLC lifted its position in shares of Align Technology by 56.7% in the fourth quarter. Signaturefd LLC now owns 721 shares of the medical equipment provider's stock worth $113,000 after purchasing an additional 261 shares in the last quarter. Institutional investors own 88.43% of the company's stock.

Align Technology Price Performance

Shares of ALGN opened at $176.83 on Thursday. The firm has a market capitalization of $12.66 billion, a PE ratio of 31.24, a PEG ratio of 1.86 and a beta of 1.81. The company's 50-day moving average is $177.61 and its 200-day moving average is $158.00. Align Technology, Inc. has a fifty-two week low of $122.00 and a fifty-two week high of $208.30.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its quarterly earnings data on Wednesday, February 4th. The medical equipment provider reported $3.29 earnings per share for the quarter, beating the consensus estimate of $2.99 by $0.30. The company had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. Align Technology had a net margin of 10.17% and a return on equity of 15.16%. The company's revenue was up 5.3% on a year-over-year basis. During the same period in the prior year, the firm earned $2.44 earnings per share. Analysts predict that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Insider Buying and Selling at Align Technology

In related news, EVP John Morici sold 7,969 shares of the company's stock in a transaction dated 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 transaction, the executive vice president directly owned 8,237 shares in the company, valued at approximately $1,559,346.47. This represents a 49.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.66% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

ALGN has been the topic of a number of research reports. Weiss Ratings raised shares of Align Technology from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Friday, January 16th. Morgan Stanley boosted their price objective on shares of Align Technology from $154.00 to $169.00 and gave the stock an "equal weight" rating in a research report on Thursday, February 5th. Jefferies Financial Group boosted their price objective on shares of Align Technology from $155.00 to $185.00 and gave the stock a "hold" rating in a research report on Thursday, February 5th. Wall Street Zen upgraded shares of Align Technology from a "buy" rating to a "strong-buy" rating in a report on Saturday, March 7th. Finally, Robert W. Baird set a $218.00 target price on shares of Align Technology in a report on Thursday, February 5th. Seven research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $198.08.

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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