Capital World Investors Raises Holdings in Align Technology, Inc. $ALGN

Capital World Investors increased its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 13.2% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,490,503 shares of the medical equipment provider’s stock after purchasing an additional 173,641 shares during the quarter. Capital World Investors owned approximately 2.08% of Align Technology worth $232,742,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in ALGN. Sentry Investment Management LLC increased its position 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 in the last quarter. Independence Bank of Kentucky increased its position in shares of Align Technology by 77.7% during the fourth quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider’s stock worth $29,000 after purchasing an additional 80 shares in the last quarter. Miller Global Investments LLC purchased a new stake in shares of Align Technology during the fourth quarter worth approximately $31,000. JFS Wealth Advisors LLC increased its position in shares of Align Technology by 2,016.7% during the third quarter. JFS Wealth Advisors LLC now owns 254 shares of the medical equipment provider’s stock worth $32,000 after purchasing an additional 242 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd increased its position in shares of Align Technology by 1,773.3% during the third quarter. Caitong International Asset Management Co. Ltd now owns 281 shares of the medical equipment provider’s stock worth $35,000 after purchasing an additional 266 shares in the last quarter. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently commented on ALGN shares. Citigroup initiated coverage on Align Technology in a research report on Wednesday, April 15th. They set a “buy” rating and a $240.00 price target for the company. Morgan Stanley upped their target price on Align Technology from $169.00 to $188.00 and gave the company an “equal weight” rating in a report on Friday, April 24th. Wall Street Zen upgraded Align Technology from a “buy” rating to a “strong-buy” rating in a report on Saturday, March 7th. 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, Evercore upped their target price on Align Technology from $200.00 to $220.00 in a report on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $205.85.

Align Technology Stock Up 2.6%

Shares of NASDAQ:ALGN opened at $172.05 on Tuesday. The business has a fifty day moving average of $172.52 and a two-hundred day moving average of $169.76. The stock has a market cap of $12.32 billion, a P/E ratio of 28.87, a PEG ratio of 1.72 and a beta of 1.68. Align Technology, Inc. has a 52-week low of $122.00 and a 52-week high of $208.30.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 EPS for the quarter, beating 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 business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.02 billion. During the same quarter in the prior year, the company posted $2.13 EPS. The company’s quarterly revenue was up 6.2% on a year-over-year basis. On average, equities analysts anticipate that Align Technology, Inc. will post 9.48 earnings per share for the current year.

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

About Align Technology

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.