Align Technology, Inc. $ALGN Shares Bought by Brown Advisory Inc.

Brown Advisory Inc. boosted its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 7.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 432,184 shares of the medical equipment provider’s stock after acquiring an additional 30,142 shares during the quarter. Brown Advisory Inc.’s holdings in Align Technology were worth $67,486,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ALGN. Dana Investment Advisors Inc. acquired a new stake in shares of Align Technology in the third quarter valued at $9,991,000. AIA Group Ltd acquired a new position in Align Technology during the 3rd quarter worth $2,507,000. Sequoia Financial Advisors LLC grew its stake in Align Technology by 320.1% during the 4th quarter. Sequoia Financial Advisors LLC now owns 7,986 shares of the medical equipment provider’s stock worth $1,247,000 after purchasing an additional 6,085 shares in the last quarter. Clarkston Capital Partners LLC lifted its holdings in Align Technology by 25.7% during the 3rd quarter. Clarkston Capital Partners LLC now owns 141,215 shares of the medical equipment provider’s stock worth $17,683,000 after buying an additional 28,850 shares during the last quarter. Finally, M&G PLC purchased a new position in Align Technology in the third quarter valued at approximately $10,904,000. Institutional investors and hedge funds own 88.43% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on ALGN shares. Weiss Ratings lowered shares of Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, June 4th. Evercore increased their price target on shares of Align Technology from $200.00 to $220.00 in a research note on Thursday, April 30th. Barclays upgraded shares of Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 price target on the stock in a research note on Tuesday, March 17th. Zacks Research raised Align Technology from a “hold” rating to a “strong-buy” rating in a report on Monday, June 1st. Finally, Citigroup started coverage on Align Technology in a report on Wednesday, April 15th. They issued a “buy” rating and a $240.00 target price for the company. 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. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $205.85.

Align Technology Stock Performance

NASDAQ ALGN opened at $174.84 on Monday. The business’s 50 day moving average is $172.98 and its two-hundred day moving average is $170.79. Align Technology, Inc. has a 12-month low of $122.00 and a 12-month high of $208.30. The stock has a market capitalization of $12.52 billion, a price-to-earnings ratio of 29.34, a PEG ratio of 1.79 and a beta of 1.68.

Align Technology (NASDAQ:ALGN) last released its earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share (EPS) for the quarter, topping 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 company had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.02 billion. During the same quarter in the previous year, the firm posted $2.13 EPS. The firm’s quarterly revenue was up 6.2% on a year-over-year basis. Equities analysts forecast that Align Technology, Inc. will post 9.48 earnings per share for the current fiscal year.

Align Technology announced that its board has authorized a share repurchase program on Wednesday, April 29th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the medical equipment provider to buy up to 1.6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is 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.