Parkman Healthcare Partners LLC Invests $6.23 Million in Align Technology, Inc. $ALGN

Key Points

• Parkman Healthcare Partners acquired 36,963 Align Technology shares worth approximately $6.23 million, while institutional investors collectively own 88.43% of the company.
• Align Technology recently beat quarterly earnings and revenue estimates, reporting $2.64 in EPS and $1.06 billion in revenue, up 4.3% year over year. The company also authorized a $200 million share-repurchase program.
• Analyst sentiment remains positive but measured, with a consensus rating of “Moderate Buy” and an average price target of $206.36, compared with a recent share price of $159.64.

Parkman Healthcare Partners LLC acquired a new position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 36,963 shares of the medical equipment provider's stock, valued at approximately $6,234,000. Parkman Healthcare Partners LLC owned approximately 0.05% of Align Technology as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of ALGN. Sunbelt Securities Inc. increased its position 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 in the last quarter. Blue Trust Inc. lifted 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 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 worth $30,000. Hollencrest Capital Management acquired a new stake in shares of Align Technology in the 1st quarter worth $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 currently owned by institutional investors and hedge funds.

Align Technology Stock Performance

Shares of ALGN opened at $159.64 on Tuesday. The stock has a 50-day moving average of $174.65 and a two-hundred day moving average of $175.60. Align Technology, Inc. has a one year low of $122.00 and a one year high of $200.43. The stock has a market cap of $11.43 billion, a P/E ratio of 27.76, a P/E/G ratio of 1.73 and a beta of 1.65.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $1.05 billion. During the same period in the prior year, the company earned $2.49 earnings per share. The company's revenue was up 4.3% on a year-over-year basis. Analysts predict that Align Technology, Inc. will post 9.38 EPS for the current fiscal year.

Align Technology declared that its Board of Directors has authorized a stock buyback program on Wednesday, April 29th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the medical equipment provider to buy up to 1.6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on ALGN. Zacks Research lowered Align Technology from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 16th. UBS Group reissued a "neutral" rating and issued a $189.00 price target on shares of Align Technology in a report on Thursday, July 23rd. Wall Street Zen lowered Align Technology from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 1st. Weiss Ratings downgraded shares of Align Technology from a "hold (c)" rating to a "hold (c-)" rating in a report on Monday, August 3rd. Finally, Leerink Partners upped their price objective on shares of Align Technology from $225.00 to $230.00 in a report on Thursday, April 30th. One 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. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $206.36.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source