Rockefeller Capital Management L.P. Grows Stock Position in Align Technology, Inc. $ALGN

Rockefeller Capital Management L.P. raised its position in Align Technology, Inc. (NASDAQ:ALGN) by 108.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,884 shares of the medical equipment provider’s stock after acquiring an additional 3,579 shares during the quarter. Rockefeller Capital Management L.P.’s holdings in Align Technology were worth $1,075,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in ALGN. Sunbelt Securities Inc. boosted its stake in shares of Align Technology by 222.4% in the fourth quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider’s stock valued at $25,000 after purchasing an additional 109 shares during the period. Independence Bank of Kentucky increased its stake in Align Technology by 77.7% during the 4th quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider’s stock worth $29,000 after buying an additional 80 shares during the period. CYBER HORNET ETFs LLC acquired a new position in Align Technology in the 2nd quarter worth $36,000. Tobam acquired a new position in Align Technology in the 4th quarter worth $30,000. Finally, Miller Global Investments LLC purchased a new position in Align Technology in the 4th quarter valued at about $31,000. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Stock Performance

Shares of ALGN stock opened at $184.52 on Friday. The stock has a market capitalization of $13.21 billion, a price-to-earnings ratio of 30.96, a PEG ratio of 1.86 and a beta of 1.67. Align Technology, Inc. has a one year low of $122.00 and a one year high of $208.30. The company’s 50-day simple moving average is $172.03 and its 200-day simple moving average is $172.94.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share 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 during the quarter, compared to analyst estimates of $1.02 billion. During the same period in the previous year, the company earned $2.13 earnings per share. Align Technology’s quarterly revenue was up 6.2% on a year-over-year basis. As a group, research analysts forecast that Align Technology, Inc. will post 9.48 EPS for the current year.

Align Technology declared that its Board of Directors has approved a share 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 stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Zacks Research upgraded Align Technology from a “hold” rating to a “strong-buy” rating in a research note on Monday, June 1st. Morgan Stanley boosted their price target on Align Technology from $169.00 to $188.00 and gave the stock an “equal weight” rating in a research note on Friday, April 24th. Evercore raised their price objective on Align Technology from $200.00 to $220.00 in a research note on Thursday, April 30th. Weiss Ratings downgraded Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, June 4th. Finally, 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 research report on Tuesday, March 17th. 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 stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $205.85.

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.