Align Technology, Inc. $ALGN Position Increased by Capital International Ltd. CA

Capital International Ltd. CA raised its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 26.5% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 57,194 shares of the medical equipment provider’s stock after buying an additional 11,977 shares during the period. Capital International Ltd. CA owned about 0.08% of Align Technology worth $8,931,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. Capital International Inc. CA boosted its holdings in Align Technology by 36.9% during the fourth quarter. Capital International Inc. CA now owns 61,793 shares of the medical equipment provider’s stock worth $9,649,000 after buying an additional 16,658 shares in the last quarter. Capital International Investors boosted its holdings in Align Technology by 52.2% during the fourth quarter. Capital International Investors now owns 4,643,221 shares of the medical equipment provider’s stock worth $725,039,000 after buying an additional 1,592,848 shares in the last quarter. Capital Group Investment Management PTE. LTD. boosted its holdings in Align Technology by 30.8% during the fourth quarter. Capital Group Investment Management PTE. LTD. now owns 12,961 shares of the medical equipment provider’s stock worth $2,024,000 after buying an additional 3,052 shares in the last quarter. Los Angeles Capital Management LLC bought a new stake in Align Technology during the fourth quarter worth approximately $45,000. Finally, Pinebridge Investments LLC bought a new stake in Align Technology during the fourth quarter worth approximately $4,264,000. 88.43% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Citigroup assumed coverage on shares of Align Technology in a report on Wednesday, April 15th. They set a “buy” rating and a $240.00 target price for the company. Morgan Stanley raised their target price on shares of Align Technology from $169.00 to $188.00 and gave the stock an “equal weight” rating in a report on Friday, April 24th. Leerink Partners upped their price target on shares of Align Technology from $225.00 to $230.00 in a research report on Thursday, April 30th. Wall Street Zen upgraded shares of Align Technology from a “buy” rating to a “strong-buy” rating in a research report on Saturday, March 7th. Finally, Zacks Research upgraded shares of Align Technology from a “hold” rating to a “strong-buy” rating in a research report on Monday, June 1st. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $205.85.

Align Technology Stock Down 0.3%

ALGN stock opened at $167.74 on Friday. Align Technology, Inc. has a 12-month low of $122.00 and a 12-month high of $208.30. The company has a market cap of $12.01 billion, a price-to-earnings ratio of 28.14, a PEG ratio of 1.72 and a beta of 1.67. The company has a 50 day moving average of $172.63 and a two-hundred day moving average of $169.22.

Align Technology (NASDAQ:ALGN) last released its earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.26 by $0.32. Align Technology had a net margin of 10.50% and a return on equity of 15.82%. The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.02 billion. During the same quarter in the prior year, the firm earned $2.13 EPS. The company’s revenue was up 6.2% compared to the same quarter last year. On average, research analysts anticipate that Align Technology, Inc. will post 9.48 EPS for the current year.

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

Align Technology Company 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.