Legal & General Group Plc Has $36.47 Million Stake in Align Technology, Inc. $ALGN

Legal & General Group Plc trimmed its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 33.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 233,576 shares of the medical equipment provider’s stock after selling 119,396 shares during the period. Legal & General Group Plc owned about 0.33% of Align Technology worth $36,473,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Hantz Financial Services Inc. grew its stake in Align Technology by 174.1% in the fourth quarter. Hantz Financial Services Inc. now owns 1,935 shares of the medical equipment provider’s stock valued at $302,000 after acquiring an additional 1,229 shares during the period. Simplify Asset Management Inc. acquired a new position in Align Technology in the fourth quarter valued at about $16,738,000. Systematic Financial Management LP acquired a new position in Align Technology in the fourth quarter valued at about $749,000. Swedbank AB grew its stake in Align Technology by 56.5% in the fourth quarter. Swedbank AB now owns 636,162 shares of the medical equipment provider’s stock valued at $99,337,000 after acquiring an additional 229,703 shares during the period. Finally, Catalyst Funds Management Pty Ltd acquired a new position in Align Technology in the fourth quarter valued at about $1,296,000. 88.43% of the stock is owned by institutional investors and hedge funds.

Align Technology Stock Performance

ALGN opened at $174.95 on Friday. Align Technology, Inc. has a 52-week low of $122.00 and a 52-week high of $208.30. The firm has a market capitalization of $12.53 billion, a PE ratio of 29.35, a PEG ratio of 1.79 and a beta of 1.70. The business’s 50-day simple moving average is $173.74 and its 200 day simple moving average is $168.29.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data 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. The firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.02 billion. Align Technology had a return on equity of 15.82% and a net margin of 10.50%.The business’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.13 earnings per share. On average, research analysts forecast that Align Technology, Inc. will post 9.48 earnings per share for the current year.

Align Technology announced that its board has initiated a stock repurchase plan on Wednesday, April 29th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the medical equipment provider to reacquire up to 1.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of research firms have issued reports on ALGN. Stifel Nicolaus boosted their target price on Align Technology from $200.00 to $210.00 and gave the company a “buy” rating in a research note on Thursday, February 5th. Wells Fargo & Company boosted their target price on Align Technology from $181.00 to $200.00 and gave the company an “overweight” rating in a research note on Thursday, February 5th. Mizuho boosted their target price on Align Technology from $200.00 to $215.00 and gave the company an “outperform” rating in a research note on Thursday, February 5th. Barclays raised Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 target price for the company in a research note on Tuesday, March 17th. Finally, Leerink Partners boosted their price target on Align Technology from $225.00 to $230.00 in a report on Thursday, April 30th. Eight research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price 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.