Fideuram Intesa Sanpaolo Private Banking S.P.A. Buys Shares of 6,701 Align Technology, Inc. $ALGN

Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new position in Align Technology, Inc. (NASDAQ:ALGN) in the first quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 6,701 shares of the medical equipment provider’s stock, valued at approximately $1,149,000.

Several other institutional investors and hedge funds have also made changes to their positions in ALGN. Capital International Investors increased 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 valued at $725,039,000 after acquiring an additional 1,592,848 shares during the period. Holocene Advisors LP acquired a new stake in Align Technology in the third quarter worth approximately $179,035,000. Ruane Cunniff & Goldfarb L.P. bought a new position in Align Technology during the 4th quarter valued at $190,899,000. Norges Bank bought a new position in Align Technology during the 4th quarter valued at $155,556,000. Finally, Assenagon Asset Management S.A. increased its position in shares of Align Technology by 413.0% during the 1st quarter. Assenagon Asset Management S.A. now owns 989,388 shares of the medical equipment provider’s stock valued at $169,611,000 after purchasing an additional 796,529 shares during the period. 88.43% of the stock is currently owned by institutional investors.

Align Technology Price Performance

ALGN opened at $184.52 on Friday. The stock has a fifty day moving average of $171.80 and a 200-day moving average of $173.02. The firm has a market capitalization of $13.22 billion, a P/E ratio of 30.96, a PEG ratio of 1.89 and a beta of 1.67. Align Technology, Inc. has a 12-month low of $122.00 and a 12-month high of $208.30.

Align Technology (NASDAQ:ALGN) last issued 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. The business had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.02 billion. Align Technology had a return on equity of 15.82% and a net margin of 10.50%.Align Technology’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.13 earnings per share. On average, analysts expect that Align Technology, Inc. will post 9.48 earnings per share for the current fiscal year.

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

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Evercore upped their price objective on Align Technology from $200.00 to $220.00 in a report on Thursday, April 30th. Weiss Ratings lowered Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, June 4th. Wall Street Zen upgraded shares of Align Technology from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Citigroup initiated coverage on shares of Align Technology in a report on Wednesday, April 15th. They issued a “buy” rating and a $240.00 price target for the company. Finally, Zacks Research upgraded shares of Align Technology from a “hold” rating to a “strong-buy” rating in a research report on Monday, June 1st. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus 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.