Align Technology, Inc. $ALGN Stock Position Raised by Capital International Inc. CA

Capital International Inc. CA raised its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 36.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 61,793 shares of the medical equipment provider’s stock after purchasing an additional 16,658 shares during the period. Capital International Inc. CA’s holdings in Align Technology were worth $9,649,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Capital International Investors increased its holdings in shares of Align Technology by 52.2% during the 4th quarter. Capital International Investors now owns 4,643,221 shares of the medical equipment provider’s stock valued at $725,039,000 after acquiring an additional 1,592,848 shares during the last quarter. Capital Group Investment Management PTE. LTD. raised its stake in shares of Align Technology by 30.8% in the 4th quarter. Capital Group Investment Management PTE. LTD. now owns 12,961 shares of the medical equipment provider’s stock valued at $2,024,000 after acquiring an additional 3,052 shares in the last quarter. Los Angeles Capital Management LLC bought a new position in shares of Align Technology in the 4th quarter valued at approximately $45,000. Pinebridge Investments LLC bought a new position in shares of Align Technology in the 4th quarter valued at approximately $4,264,000. Finally, WINTON GROUP Ltd raised its stake in shares of Align Technology by 574.4% in the 4th quarter. WINTON GROUP Ltd now owns 47,117 shares of the medical equipment provider’s stock valued at $7,357,000 after acquiring an additional 40,131 shares in the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Evercore raised their price objective on Align Technology from $200.00 to $220.00 in a research note on Thursday, April 30th. Citigroup assumed coverage on Align Technology in a research note on Wednesday, April 15th. They issued a “buy” rating and a $240.00 price objective on the stock. Leerink Partners raised their price objective on Align Technology from $225.00 to $230.00 in a research note on Thursday, April 30th. Barclays raised Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 price objective on the stock in a research note on Tuesday, March 17th. Finally, Weiss Ratings downgraded Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday. One 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 stock. According to data from MarketBeat, Align Technology presently has an average rating of “Moderate Buy” and a consensus target price of $205.85.

Align Technology Stock Performance

ALGN opened at $167.74 on Monday. The stock has a market cap of $12.01 billion, a PE ratio of 28.14, a P/E/G ratio of 1.72 and a beta of 1.68. Align Technology, Inc. has a 1 year low of $122.00 and a 1 year high of $208.30. The stock’s 50 day simple moving average is $172.63 and its 200-day simple moving average is $169.48.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.26 by $0.32. The business had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.02 billion. Align Technology had a return on equity of 15.82% and a net margin of 10.50%.Align Technology’s quarterly revenue was up 6.2% on a year-over-year basis. During the same period in the previous year, the business posted $2.13 earnings per share. Equities analysts forecast that Align Technology, Inc. will post 9.48 earnings per share for the current fiscal year.

Align Technology announced that its board has initiated a share repurchase plan on Wednesday, April 29th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the medical equipment provider to purchase up to 1.6% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.

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.