Pallas Capital Advisors LLC Takes $1.13 Million Position in Align Technology, Inc. $ALGN

Key Points

• Pallas Capital Advisors purchased 6,689 Align Technology shares worth approximately $1.13 million during the second quarter. Institutional investors collectively own 88.43% of the company.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $206.36. Ratings range from “Hold” to “Strong Buy,” with price targets as high as $235.
• Align reported quarterly revenue of $1.06 billion and adjusted earnings of $2.64 per share, slightly exceeding estimates, while revenue rose 4.3% year over year. The company also authorized a $200 million stock buyback.

Pallas Capital Advisors LLC purchased a new position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 6,689 shares of the medical equipment provider's stock, valued at approximately $1,128,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Sunbelt Securities Inc. grew its holdings in shares of Align Technology by 222.4% during the fourth quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider's stock worth $25,000 after purchasing an additional 109 shares during the last quarter. Blue Trust Inc. lifted its holdings in shares of Align Technology by 77.5% in the 1st quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider's stock valued at $27,000 after purchasing an additional 69 shares during the last quarter. Tobam acquired a new stake in shares of Align Technology in the 4th quarter valued at about $30,000. Hollencrest Capital Management purchased a new position in Align Technology during the 1st quarter worth approximately $34,000. Finally, Caitong International Asset Management Co. Ltd grew its stake in Align Technology by 1,773.3% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 281 shares of the medical equipment provider's stock worth $35,000 after buying an additional 266 shares during the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ALGN has been the subject of several research analyst reports. UBS Group reissued a "neutral" rating and issued a $189.00 price objective on shares of Align Technology in a report on Thursday, July 23rd. BMO Capital Markets began coverage on shares of Align Technology in a research report on Wednesday, July 8th. They issued an "outperform" rating and a $209.00 price target for the company. Evercore increased their price target on shares of Align Technology from $200.00 to $220.00 in a research note on Thursday, April 30th. Piper Sandler raised their price objective on shares of Align Technology from $220.00 to $235.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 21st. Finally, Needham & Company LLC restated a "hold" rating on shares of Align Technology in a research note on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, Align Technology has a consensus rating of "Moderate Buy" and a consensus price target of $206.36.

Align Technology Trading Down 1.9%

Shares of ALGN stock opened at $167.91 on Wednesday. The company has a market capitalization of $12.03 billion, a P/E ratio of 29.20, a price-to-earnings-growth ratio of 1.93 and a beta of 1.65. The business's 50 day moving average is $175.77 and its two-hundred day moving average is $175.63. Align Technology, Inc. has a twelve month low of $122.00 and a twelve month high of $200.43.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 EPS for the quarter, topping the consensus estimate of $2.62 by $0.02. Align Technology had a return on equity of 15.86% and a net margin of 9.99%.The business had revenue of $1.06 billion during the quarter, compared to analysts' expectations of $1.05 billion. During the same quarter in the prior year, the business earned $2.49 earnings per share. The company's quarterly revenue was up 4.3% compared to the same quarter last year. As a group, equities analysts predict that Align Technology, Inc. will post 9.38 earnings per share for the current fiscal year.

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

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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