Align Technology, Inc. $ALGN Shares Acquired by Fifth Third Bancorp

Fifth Third Bancorp increased its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 292.2% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,039 shares of the medical equipment provider’s stock after buying an additional 16,420 shares during the period. Fifth Third Bancorp’s holdings in Align Technology were worth $3,778,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Align Technology by 4.8% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,222 shares of the medical equipment provider’s stock valued at $1,624,000 after acquiring an additional 469 shares in the last quarter. Focus Partners Wealth increased its position in Align Technology by 5.2% during the 1st quarter. Focus Partners Wealth now owns 3,062 shares of the medical equipment provider’s stock worth $486,000 after purchasing an additional 151 shares in the last quarter. Sivia Capital Partners LLC acquired a new position in Align Technology in the 2nd quarter valued at about $204,000. EverSource Wealth Advisors LLC lifted its holdings in Align Technology by 55.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 531 shares of the medical equipment provider’s stock valued at $101,000 after purchasing an additional 190 shares in the last quarter. Finally, First Trust Advisors LP lifted its holdings in Align Technology by 201.7% in the 2nd quarter. First Trust Advisors LP now owns 88,270 shares of the medical equipment provider’s stock valued at $16,712,000 after purchasing an additional 59,010 shares in the last quarter. 88.43% of the stock is owned by institutional investors and hedge funds.

Align Technology Price Performance

ALGN stock opened at $176.76 on Monday. The company has a market cap of $12.66 billion, a price-to-earnings ratio of 29.66, a PEG ratio of 1.81 and a beta of 1.67. The business has a fifty day simple moving average of $172.30 and a 200-day simple moving average of $174.60. Align Technology, Inc. has a 52 week low of $122.00 and a 52 week high of $208.30.

Align Technology (NASDAQ:ALGN) last issued its 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. 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 last year, the firm earned $2.13 earnings per share. The firm’s revenue for the quarter was up 6.2% compared to the same quarter last year. As a group, analysts expect that Align Technology, Inc. will post 9.48 earnings per share for the current fiscal year.

Align Technology announced that its Board of Directors has initiated a share buyback program on Wednesday, April 29th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the medical equipment provider to buy up to 1.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. 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 report on Tuesday, April 21st. Leerink Partners upped their price objective on shares of Align Technology from $225.00 to $230.00 in a research note on Thursday, April 30th. Evercore raised their target price on shares of Align Technology from $200.00 to $220.00 in a research report on Thursday, April 30th. Weiss Ratings raised shares of Align Technology from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday. Finally, Zacks Research downgraded Align Technology from a “strong-buy” rating to a “hold” rating in a report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, Align Technology currently has an average rating of “Moderate Buy” and an average price target of $206.07.

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.