Franklin Resources Inc. Increases Stake in Align Technology, Inc. $ALGN

Franklin Resources Inc. grew its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 115.6% during the 2nd quarter, HoldingsChannel reports. The firm owned 17,432 shares of the medical equipment provider’s stock after buying an additional 9,345 shares during the period. Franklin Resources Inc.’s holdings in Align Technology were worth $3,300,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Rothschild Investment LLC lifted its stake in shares of Align Technology by 140.3% in the second quarter. Rothschild Investment LLC now owns 149 shares of the medical equipment provider’s stock worth $28,000 after buying an additional 87 shares in the last quarter. True Wealth Design LLC raised its holdings in Align Technology by 7,650.0% in the 2nd quarter. True Wealth Design LLC now owns 155 shares of the medical equipment provider’s stock valued at $29,000 after acquiring an additional 153 shares during the last quarter. Cromwell Holdings LLC lifted its stake in Align Technology by 2,900.0% in the 2nd quarter. Cromwell Holdings LLC now owns 180 shares of the medical equipment provider’s stock worth $34,000 after purchasing an additional 174 shares in the last quarter. SVB Wealth LLC purchased a new position in Align Technology in the 1st quarter worth approximately $36,000. Finally, MAI Capital Management boosted its holdings in shares of Align Technology by 84.8% during the 2nd quarter. MAI Capital Management now owns 255 shares of the medical equipment provider’s stock worth $48,000 after purchasing an additional 117 shares during the last quarter. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

ALGN has been the subject of several recent research reports. Mizuho cut their price target on Align Technology from $210.00 to $170.00 and set an “outperform” rating for the company in a report on Monday, October 13th. Zacks Research raised Align Technology from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 30th. Wells Fargo & Company dropped their price objective on shares of Align Technology from $199.00 to $181.00 and set an “overweight” rating for the company in a report on Thursday, October 30th. UBS Group decreased their price target on Align Technology from $160.00 to $155.00 and set a “neutral” rating on the stock in a research note on Thursday, October 16th. Finally, Needham & Company LLC restated a “hold” rating on shares of Align Technology in a report on Thursday, October 30th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Align Technology currently has a consensus rating of “Hold” and a consensus price target of $175.45.

Align Technology Trading Up 2.9%

NASDAQ:ALGN opened at $150.93 on Wednesday. The firm has a market cap of $10.83 billion, a PE ratio of 29.25, a price-to-earnings-growth ratio of 1.79 and a beta of 1.86. The stock has a fifty day moving average price of $135.20 and a 200 day moving average price of $155.66. Align Technology, Inc. has a 12-month low of $122.00 and a 12-month high of $246.19.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Wednesday, October 29th. The medical equipment provider reported $2.61 earnings per share for the quarter, topping the consensus estimate of $2.38 by $0.23. The company had revenue of $995.69 million for the quarter, compared to the consensus estimate of $980.75 million. Align Technology had a return on equity of 13.96% and a net margin of 9.50%.Align Technology’s revenue was up 1.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.35 EPS. Equities analysts forecast that Align Technology, Inc. will post 7.98 EPS for the current year.

Align Technology announced that its board has authorized a share buyback plan on Tuesday, August 5th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the medical equipment provider to purchase up to 2% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.

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.