Capital International Investors Grows Stock Position in Align Technology, Inc. $ALGN

Capital International Investors lifted its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 52.2% in the 4th quarter, Holdings Channel.com reports. The firm owned 4,643,221 shares of the medical equipment provider’s stock after buying an additional 1,592,848 shares during the quarter. Capital International Investors owned about 0.06% of Align Technology worth $725,039,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of ALGN. Sentry Investment Management LLC raised its stake in shares of Align Technology by 73.1% during the third quarter. Sentry Investment Management LLC now owns 187 shares of the medical equipment provider’s stock worth $25,000 after purchasing an additional 79 shares during the last quarter. Independence Bank of Kentucky grew its holdings in Align Technology by 77.7% in the fourth quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider’s stock valued at $29,000 after purchasing an additional 80 shares during the last quarter. Miller Global Investments LLC acquired a new stake in Align Technology in the fourth quarter valued at $31,000. JFS Wealth Advisors LLC grew its holdings in Align Technology by 2,016.7% in the third quarter. JFS Wealth Advisors LLC now owns 254 shares of the medical equipment provider’s stock valued at $32,000 after purchasing an additional 242 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd grew its holdings in Align Technology by 1,773.3% in the third quarter. Caitong International Asset Management Co. Ltd now owns 281 shares of the medical equipment provider’s stock valued at $35,000 after purchasing an additional 266 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on ALGN shares. Evercore upped their target price on Align Technology from $200.00 to $220.00 in a report on Thursday, April 30th. Barclays raised Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 target price on the stock in a report on Tuesday, March 17th. Citigroup started coverage on Align Technology in a report on Wednesday, April 15th. They issued a “buy” rating and a $240.00 target price on the stock. Piper Sandler upped their target price on Align Technology from $220.00 to $235.00 and gave the company an “overweight” rating in a report on Tuesday, April 21st. Finally, Leerink Partners upped their price objective on Align Technology from $225.00 to $230.00 in a research report on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $205.85.

Align Technology Stock Performance

NASDAQ ALGN opened at $167.74 on Monday. The business’s 50-day moving average price is $172.63 and its 200 day moving average price is $169.48. Align Technology, Inc. has a twelve month low of $122.00 and a twelve month high of $208.30. The company has a market capitalization of $12.01 billion, a PE ratio of 28.14, a price-to-earnings-growth ratio of 1.72 and a beta of 1.68.

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

Align Technology declared that its board has authorized 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 purchase up to 1.6% of its stock through open market purchases. Stock buyback programs are usually a sign 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.