State of Wyoming Has $892,000 Stock Holdings in Align Technology, Inc. $ALGN

Key Points

• The State of Wyoming increased its holdings in Align Technology, Inc. by 101.3%, with its stake valued at $892,000 after acquiring additional shares during the first quarter.
• Align Technology reported a missed earnings estimate of $2.49 EPS against a forecast of $2.57, alongside a revenue decline of 1.6% year-over-year.
• The company's Board of Directors has initiated a $1.00 billion stock buyback program, which reflects confidence in its stock valuation.

State of Wyoming increased its holdings in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 101.3% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 5,613 shares of the medical equipment provider's stock after buying an additional 2,824 shares during the period. State of Wyoming's holdings in Align Technology were worth $892,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Redmond Asset Management LLC boosted its holdings in shares of Align Technology by 2.0% in the 1st quarter. Redmond Asset Management LLC now owns 2,769 shares of the medical equipment provider's stock valued at $440,000 after buying an additional 54 shares during the period. Horizon Investments LLC boosted its holdings in shares of Align Technology by 6.2% in the 1st quarter. Horizon Investments LLC now owns 1,018 shares of the medical equipment provider's stock valued at $162,000 after buying an additional 59 shares during the period. Washington Trust Advisors Inc. boosted its stake in Align Technology by 5.2% during the 1st quarter. Washington Trust Advisors Inc. now owns 1,205 shares of the medical equipment provider's stock valued at $191,000 after purchasing an additional 60 shares during the period. Fulcrum Capital LLC boosted its stake in Align Technology by 0.8% during the 1st quarter. Fulcrum Capital LLC now owns 9,282 shares of the medical equipment provider's stock valued at $1,475,000 after purchasing an additional 70 shares during the period. Finally, Covestor Ltd boosted its stake in Align Technology by 18.8% during the 1st quarter. Covestor Ltd now owns 493 shares of the medical equipment provider's stock valued at $78,000 after purchasing an additional 78 shares during the period. 88.43% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Align Technology news, CEO Joseph M. Hogan bought 7,576 shares of Align Technology stock in a transaction that occurred on Friday, August 1st. The stock was purchased at an average cost of $131.49 per share, for a total transaction of $996,168.24. Following the completion of the acquisition, the chief executive officer owned 184,945 shares of the company's stock, valued at approximately $24,318,418.05. This represents a 4.27% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.66% of the company's stock.

Align Technology Stock Performance

Shares of ALGN stock traded down $4.76 during midday trading on Tuesday, reaching $137.20. 1,003,665 shares of the company were exchanged, compared to its average volume of 1,220,224. Align Technology, Inc. has a 12 month low of $127.70 and a 12 month high of $262.87. The company has a market cap of $9.95 billion, a P/E ratio of 23.14, a PEG ratio of 1.60 and a beta of 1.65. The company's 50 day moving average price is $170.78 and its two-hundred day moving average price is $173.68.

Align Technology (NASDAQ:ALGN - Get Free Report) last released 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). The business had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1.06 billion. Align Technology had a net margin of 11.04% and a return on equity of 13.36%. The firm's revenue for the quarter was down 1.6% on a year-over-year basis. During the same period in the prior year, the company earned $2.41 earnings per share. Align Technology has set its Q3 2025 guidance at EPS. As a group, sell-side analysts predict that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Align Technology announced that its Board of Directors has authorized a share buyback program on Tuesday, May 6th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the medical equipment provider to purchase up to 7.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on ALGN shares. Morgan Stanley reissued an "equal weight" rating and set a $154.00 target price (down from $249.00) on shares of Align Technology in a research note on Thursday, July 31st. Stifel Nicolaus reduced their target price on shares of Align Technology from $275.00 to $200.00 and set a "buy" rating for the company in a research note on Thursday, July 31st. Evercore ISI boosted their price target on shares of Align Technology from $200.00 to $220.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 9th. Piper Sandler dropped their price target on shares of Align Technology from $250.00 to $190.00 and set an "overweight" rating on the stock in a research report on Thursday, July 31st. Finally, Wells Fargo & Company dropped their price target on shares of Align Technology from $246.00 to $199.00 and set an "overweight" rating on the stock in a research report on Thursday, July 31st. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $215.00.

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.