Strs Ohio Purchases New Position in Align Technology, Inc. $ALGN

Key Points

• Strs Ohio has acquired a new stake in Align Technology, Inc. during the 1st quarter, purchasing 5,000 shares valued at approximately $794,000.
• Institutional ownership of Align Technology is high, with 88.43% of the stock currently held by institutional investors.
• Align Technology reported lower-than-expected quarterly earnings of $2.49 per share, missing analysts' consensus estimates by $0.08.

Strs Ohio acquired a new position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 5,000 shares of the medical equipment provider's stock, valued at approximately $794,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ALGN. Redmond Asset Management LLC lifted its position in Align Technology by 2.0% in the first 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 last quarter. Horizon Investments LLC boosted its holdings in shares of Align Technology by 6.2% in the first quarter. Horizon Investments LLC now owns 1,018 shares of the medical equipment provider's stock valued at $162,000 after acquiring an additional 59 shares during the period. Washington Trust Advisors Inc. boosted its holdings in shares of Align Technology by 5.2% in the first quarter. Washington Trust Advisors Inc. now owns 1,205 shares of the medical equipment provider's stock valued at $191,000 after acquiring an additional 60 shares during the period. Fulcrum Capital LLC grew its position in Align Technology by 0.8% in the 1st quarter. Fulcrum Capital LLC now owns 9,282 shares of the medical equipment provider's stock valued at $1,475,000 after buying an additional 70 shares during the last quarter. Finally, Covestor Ltd boosted its holdings in shares of Align Technology by 18.8% in the first quarter. Covestor Ltd now owns 493 shares of the medical equipment provider's stock valued at $78,000 after acquiring an additional 78 shares in the last quarter. Hedge funds and other institutional investors own 88.43% of the company's stock.

Analysts Set New Price Targets

ALGN has been the subject of several research reports. Morgan Stanley reaffirmed an "equal weight" rating and set a $154.00 price target (down previously from $249.00) on shares of Align Technology in a research note on Thursday, July 31st. Stifel Nicolaus lowered their price objective on Align Technology from $275.00 to $200.00 and set a "buy" rating for the company in a research note on Thursday, July 31st. Zacks Research lowered Align Technology from a "hold" rating to a "strong sell" rating in a report on Monday, September 1st. Mizuho set a $210.00 price target on Align Technology in a research report on Thursday, July 31st. Finally, Wells Fargo & Company dropped their price target on 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 research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $215.00.

Insider Activity

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

Align Technology Price Performance

Shares of ALGN traded down $0.19 during mid-day trading on Tuesday, reaching $131.00. The company had a trading volume of 42,767 shares, compared to its average volume of 1,225,524. Align Technology, Inc. has a twelve month low of $127.70 and a twelve month high of $260.35. The company's 50-day moving average is $152.46 and its 200-day moving average is $168.07. The company has a market capitalization of $9.50 billion, a P/E ratio of 22.11, a P/E/G ratio of 1.48 and a beta of 1.65.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its earnings results on Wednesday, July 30th. The medical equipment provider reported $2.49 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.57 by ($0.08). Align Technology had a return on equity of 13.36% and a net margin of 11.04%.The company had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1.06 billion. During the same period in the previous year, the company posted $2.41 earnings per share. The company's quarterly revenue was down 1.6% on a year-over-year basis. Align Technology has set its Q3 2025 guidance at EPS. As a group, equities analysts expect that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology announced that its board has approved a stock buyback plan on Tuesday, August 5th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the medical equipment provider to purchase up to 2% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board believes its shares are undervalued.

Align Technology Company Profile

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.