Align Technology, Inc. $ALGN Shares Bought by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. lifted its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 413.0% during the 1st quarter, HoldingsChannel.com reports. The fund owned 989,388 shares of the medical equipment provider’s stock after buying an additional 796,529 shares during the period. Assenagon Asset Management S.A.’s holdings in Align Technology were worth $169,611,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in ALGN. Capital International Investors lifted its stake in shares of Align Technology by 52.2% during the fourth quarter. Capital International Investors now owns 4,643,221 shares of the medical equipment provider’s stock worth $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 valued at about $179,035,000. Ruane Cunniff & Goldfarb L.P. purchased a new stake in shares of Align Technology during the 4th quarter valued at about $190,899,000. Norges Bank acquired a new position in Align Technology during the 4th quarter worth approximately $155,556,000. Finally, Arrowstreet Capital Limited Partnership lifted its position in Align Technology by 247.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,005,413 shares of the medical equipment provider’s stock worth $156,995,000 after acquiring an additional 715,919 shares in the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have issued reports on ALGN shares. Weiss Ratings downgraded shares of Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, June 4th. Zacks Research raised shares of Align Technology from a “hold” rating to a “strong-buy” rating in a research report on Monday, June 1st. Citigroup assumed coverage on shares of Align Technology in a research note on Wednesday, April 15th. They issued a “buy” rating and a $240.00 target price for the company. Morgan Stanley raised their price target on shares of Align Technology from $169.00 to $188.00 and gave the company an “equal weight” rating in a report on Friday, April 24th. Finally, Piper Sandler lifted their price target on shares of Align Technology from $220.00 to $235.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, Align Technology has a consensus rating of “Moderate Buy” and an average target price of $205.85.

Align Technology Stock Up 1.4%

Shares of ALGN opened at $170.90 on Thursday. The firm has a market cap of $12.24 billion, a price-to-earnings ratio of 28.67, a PEG ratio of 1.73 and a beta of 1.67. The business’s 50 day moving average is $173.45 and its two-hundred day moving average is $172.27. Align Technology, Inc. has a 52-week low of $122.00 and a 52-week high of $208.30.

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, topping analysts’ consensus estimates of $2.26 by $0.32. The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.02 billion. Align Technology had a net margin of 10.50% and a return on equity of 15.82%. The business’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same quarter last year, the company earned $2.13 earnings per share. On average, equities analysts expect that Align Technology, Inc. will post 9.48 earnings per share for the current fiscal year.

Align Technology declared 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 purchase up to 1.6% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Align Technology Company 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.