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

Arrowstreet Capital Limited Partnership grew its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 4.9% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 1,054,633 shares of the medical equipment provider’s stock after buying an additional 49,220 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Align Technology were worth $180,796,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Bessemer Group Inc. grew its holdings in shares of Align Technology by 37.2% during the first quarter. Bessemer Group Inc. now owns 247 shares of the medical equipment provider’s stock worth $43,000 after buying an additional 67 shares during the last quarter. Banco Bilbao Vizcaya Argentaria S.A. raised its stake in Align Technology by 3.7% during the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 1,896 shares of the medical equipment provider’s stock valued at $296,000 after acquiring an additional 68 shares during the last quarter. Blue Trust Inc. raised its stake in Align Technology by 77.5% during the 1st quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider’s stock valued at $27,000 after acquiring an additional 69 shares during the last quarter. Comerica Bank lifted its position in Align Technology by 0.6% during the 4th quarter. Comerica Bank now owns 13,656 shares of the medical equipment provider’s stock worth $2,132,000 after acquiring an additional 76 shares during the period. Finally, Independence Bank of Kentucky lifted its position 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 acquiring an additional 80 shares during the period. Institutional investors and hedge funds own 88.43% of the company’s stock.

Align Technology Stock Down 0.7%

NASDAQ:ALGN opened at $167.01 on Friday. The company has a market capitalization of $11.96 billion, a PE ratio of 28.02, a price-to-earnings-growth ratio of 1.72 and a beta of 1.67. Align Technology, Inc. has a 52-week low of $122.00 and a 52-week high of $208.30. The stock has a fifty day simple moving average of $173.31 and a 200-day simple moving average of $175.01.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, April 29th. The medical equipment provider reported $2.58 EPS for the quarter, beating analysts’ consensus estimates of $2.26 by $0.32. Align Technology had a net margin of 10.50% and a return on equity of 15.82%. The firm had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.02 billion. During the same period in the prior year, the company earned $2.13 EPS. The firm’s revenue was up 6.2% on a year-over-year basis. As a group, equities analysts anticipate that Align Technology, Inc. will post 9.48 earnings per share for the current year.

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

Analyst Ratings Changes

ALGN has been the topic of a number of recent research reports. Zacks Research lowered Align Technology from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 16th. Wall Street Zen raised Align Technology from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 4th. Weiss Ratings upgraded shares of Align Technology from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, July 17th. Leerink Partners boosted their price objective on shares of Align Technology from $225.00 to $230.00 in a research note on Thursday, April 30th. Finally, Evercore upped their price objective on shares of Align Technology from $200.00 to $220.00 in a research report on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, Align Technology currently has an average rating of “Moderate Buy” and an average price target of $206.36.

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.