Capricorn Fund Managers Ltd Takes $8.13 Million Position in Align Technology, Inc. $ALGN

Capricorn Fund Managers Ltd purchased a new position in Align Technology, Inc. (NASDAQ:ALGN) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 47,400 shares of the medical equipment provider’s stock, valued at approximately $8,126,000. Capricorn Fund Managers Ltd owned about 0.07% of Align Technology as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of ALGN. Sunbelt Securities Inc. boosted its position in shares of Align Technology by 222.4% during the fourth quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider’s stock valued at $25,000 after buying an additional 109 shares during the period. Blue Trust Inc. grew its stake in Align Technology by 77.5% in the first quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider’s stock worth $27,000 after purchasing an additional 69 shares in the last quarter. Independence Bank of Kentucky increased its holdings in Align Technology by 77.7% during the 4th quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider’s stock worth $29,000 after purchasing an additional 80 shares during the period. Tobam purchased a new position in Align Technology during the 4th quarter worth $30,000. Finally, Miller Global Investments LLC bought a new stake in Align Technology during the 4th quarter valued at $31,000. 88.43% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on ALGN shares. Morgan Stanley upped their target price on Align Technology from $169.00 to $188.00 and gave the stock an “equal weight” rating in a report on Friday, April 24th. Evercore raised their price target on Align Technology from $200.00 to $220.00 in a research note on Thursday, April 30th. Barclays upgraded 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. Zacks Research raised shares of Align Technology from a “hold” rating to a “strong-buy” rating in a research note on Monday, June 1st. Finally, Piper Sandler increased their target price 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. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $205.85.

Align Technology Stock Down 2.8%

Align Technology stock opened at $168.66 on Wednesday. The business has a fifty day moving average of $172.45 and a two-hundred day moving average of $172.68. The firm has a market cap of $12.08 billion, a P/E ratio of 28.30, a P/E/G ratio of 1.78 and a beta of 1.67. Align Technology, Inc. has a twelve month low of $122.00 and a twelve month high of $208.30.

Align Technology (NASDAQ:ALGN) last announced its earnings results 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. Align Technology had a return on equity of 15.82% and a net margin of 10.50%.The business 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 EPS. The business’s revenue for the quarter was up 6.2% on a year-over-year basis. Equities analysts expect that Align Technology, Inc. will post 9.48 earnings per share for the current year.

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

Align Technology 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.