CIBC Asset Management Inc Has $2.35 Million Stock Position in Align Technology, Inc. $ALGN

CIBC Asset Management Inc grew its stake in Align Technology, Inc. (NASDAQ:ALGN) by 52.2% during the fourth quarter, HoldingsChannel.com reports. The firm owned 15,060 shares of the medical equipment provider’s stock after buying an additional 5,165 shares during the period. CIBC Asset Management Inc’s holdings in Align Technology were worth $2,352,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the stock. Dana Investment Advisors Inc. bought a new position in shares of Align Technology in the 3rd quarter valued at about $9,991,000. AIA Group Ltd bought a new position in shares of Align Technology in the 3rd quarter valued at about $2,507,000. Sequoia Financial Advisors LLC grew its holdings in shares of Align Technology by 320.1% in the 4th quarter. Sequoia Financial Advisors LLC now owns 7,986 shares of the medical equipment provider’s stock valued at $1,247,000 after acquiring an additional 6,085 shares in the last quarter. Clarkston Capital Partners LLC grew its holdings in shares of Align Technology by 25.7% in the 3rd quarter. Clarkston Capital Partners LLC now owns 141,215 shares of the medical equipment provider’s stock valued at $17,683,000 after acquiring an additional 28,850 shares in the last quarter. Finally, M&G PLC bought a new position in shares of Align Technology in the 3rd quarter valued at about $10,904,000. Institutional investors and hedge funds own 88.43% of the company’s stock.

Wall Street Analysts Forecast Growth

ALGN has been the subject of a number of research analyst reports. Barclays upgraded Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 price target for the company in a report on Tuesday, March 17th. Morgan Stanley lifted their price target on Align Technology from $169.00 to $188.00 and gave the stock an “equal weight” rating in a report on Friday, April 24th. Evercore raised their price objective on shares of Align Technology from $200.00 to $220.00 in a research report on Thursday, April 30th. Piper Sandler raised their price objective on shares of Align Technology from $220.00 to $235.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 21st. Finally, Weiss Ratings downgraded shares of Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the company currently 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. Align Technology, Inc. has a 1-year low of $122.00 and a 1-year high of $208.30. The company has a 50 day moving average of $172.63 and a 200-day moving average of $169.48. 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 1.68.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share for the quarter, beating 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 period in the previous year, the business earned $2.13 earnings per share. The firm’s quarterly revenue was up 6.2% on a year-over-year basis. On average, equities research analysts forecast that Align Technology, Inc. will post 9.48 earnings per share for the current year.

Align Technology declared that its Board of Directors has initiated a share repurchase plan on Wednesday, April 29th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the medical equipment provider to repurchase up to 1.6% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors 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.