Align Technology, Inc. $ALGN Shares Acquired by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership lifted its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 247.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,005,413 shares of the medical equipment provider’s stock after purchasing an additional 715,919 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Align Technology were worth $156,995,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Comerica Bank lifted its position in Align Technology by 0.6% in the fourth quarter. Comerica Bank now owns 13,656 shares of the medical equipment provider’s stock valued at $2,132,000 after acquiring an additional 76 shares during the last quarter. Independence Bank of Kentucky lifted its holdings in shares of Align Technology by 77.7% in the fourth quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider’s stock valued at $29,000 after purchasing an additional 80 shares in the last quarter. Allworth Financial LP lifted its holdings in shares of Align Technology by 3.3% in the third quarter. Allworth Financial LP now owns 2,874 shares of the medical equipment provider’s stock valued at $360,000 after purchasing an additional 92 shares in the last quarter. Royal London Asset Management Ltd. lifted its holdings in shares of Align Technology by 0.3% in the second quarter. Royal London Asset Management Ltd. now owns 31,629 shares of the medical equipment provider’s stock valued at $5,988,000 after purchasing an additional 93 shares in the last quarter. Finally, New Mexico Educational Retirement Board lifted its holdings in shares of Align Technology by 3.3% in the fourth quarter. New Mexico Educational Retirement Board now owns 3,150 shares of the medical equipment provider’s stock valued at $492,000 after purchasing an additional 100 shares in the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ALGN. Zacks Research raised shares of Align Technology from a “hold” rating to a “strong-buy” rating in a research note on Monday, June 1st. Citigroup began coverage on shares of Align Technology in a research report on Wednesday, April 15th. They issued a “buy” rating and a $240.00 price objective for the company. Morgan Stanley raised their price target on shares of Align Technology from $169.00 to $188.00 and gave the company an “equal weight” rating in a report on Friday, April 24th. Barclays raised shares of Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 price objective for the company in a report on Tuesday, March 17th. Finally, Weiss Ratings downgraded shares of Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, June 4th. One research 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. Based on data from MarketBeat.com, Align Technology presently has an average rating of “Moderate Buy” and a consensus price target of $205.85.

Align Technology Trading Up 2.0%

Align Technology stock opened at $178.26 on Tuesday. The stock has a market cap of $12.77 billion, a price-to-earnings ratio of 29.91, a PEG ratio of 1.79 and a beta of 1.68. The company’s 50-day moving average price is $173.14 and its two-hundred day moving average price is $171.01. Align Technology, Inc. has a 52 week low of $122.00 and a 52 week high of $208.30.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data 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. The company had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.02 billion. Align Technology had a net margin of 10.50% and a return on equity of 15.82%. The business’s revenue was up 6.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.13 EPS. Research 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 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 purchase up to 1.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.

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.