Armistice Capital LLC Takes $11.88 Million Position in Align Technology, Inc. $ALGN

Armistice Capital LLC purchased a new position in Align Technology, Inc. (NASDAQ:ALGN) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 76,104 shares of the medical equipment provider’s stock, valued at approximately $11,884,000. Armistice Capital LLC owned about 0.11% of Align Technology as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of ALGN. Capital International Investors boosted its holdings in Align Technology by 52.2% in the fourth quarter. Capital International Investors now owns 4,643,221 shares of the medical equipment provider’s stock valued at $725,039,000 after purchasing an additional 1,592,848 shares in the last quarter. Holocene Advisors LP purchased a new stake in shares of Align Technology during the 3rd quarter worth approximately $179,035,000. Ruane Cunniff & Goldfarb L.P. purchased a new stake in shares of Align Technology during the 4th quarter worth approximately $190,899,000. Norges Bank acquired a new position in shares of Align Technology in the 4th quarter valued at $155,556,000. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in shares of Align Technology by 247.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,005,413 shares of the medical equipment provider’s stock valued at $156,995,000 after buying an additional 715,919 shares in the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Stock Performance

Shares of ALGN opened at $173.53 on Thursday. Align Technology, Inc. has a fifty-two week low of $122.00 and a fifty-two week high of $208.30. The company has a market capitalization of $12.43 billion, a price-to-earnings ratio of 29.12, a price-to-earnings-growth ratio of 1.84 and a beta of 1.67. The firm has a 50-day simple moving average of $173.35 and a 200-day simple moving average of $171.42.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share (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 firm had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.02 billion. During the same quarter in the previous year, the firm posted $2.13 EPS. The firm’s revenue for the quarter was up 6.2% on a year-over-year basis. Equities research analysts forecast that Align Technology, Inc. will post 9.48 EPS for the current year.

Align Technology announced that its Board of Directors has authorized a stock buyback program on Wednesday, April 29th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the medical equipment provider to repurchase up to 1.6% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on ALGN shares. Morgan Stanley raised their price objective on Align Technology from $169.00 to $188.00 and gave the stock an “equal weight” rating in a report on Friday, April 24th. Zacks Research raised Align Technology from a “hold” rating to a “strong-buy” rating in a research report on Monday, June 1st. Evercore raised their price target on Align Technology from $200.00 to $220.00 in a research note on Thursday, April 30th. Leerink Partners lifted their price target on Align Technology from $225.00 to $230.00 in a research report on Thursday, April 30th. Finally, Wall Street Zen cut Align Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 13th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, Align Technology presently has an average rating of “Moderate Buy” and an average price target of $205.85.

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.