Ieq Capital LLC Acquires New Shares in Align Technology, Inc. $ALGN

Ieq Capital LLC acquired a new position in Align Technology, Inc. (NASDAQ:ALGN) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 52,134 shares of the medical equipment provider’s stock, valued at approximately $8,793,000.

Other hedge funds have also bought and sold shares of the company. Capital International Investors boosted its holdings in shares of Align Technology by 52.2% during the 4th quarter. Capital International Investors now owns 4,643,221 shares of the medical equipment provider’s stock valued at $725,039,000 after acquiring an additional 1,592,848 shares during the last quarter. BlackRock Inc. bought a new stake in shares of Align Technology in the second quarter worth approximately $745,370,000. Invesco Ltd. raised its holdings in shares of Align Technology by 37.4% during the third quarter. Invesco Ltd. now owns 1,497,535 shares of the medical equipment provider’s stock valued at $187,521,000 after purchasing an additional 407,559 shares during the last quarter. Capital World Investors raised its holdings in shares of Align Technology by 13.2% during the fourth quarter. Capital World Investors now owns 1,490,503 shares of the medical equipment provider’s stock valued at $232,742,000 after purchasing an additional 173,641 shares during the last quarter. Finally, Bank of America Corp DE raised its holdings in shares of Align Technology by 72.0% during the third quarter. Bank of America Corp DE now owns 1,353,125 shares of the medical equipment provider’s stock valued at $169,438,000 after purchasing an additional 566,488 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Price Performance

NASDAQ ALGN opened at $162.55 on Monday. The company has a 50-day moving average price of $175.02 and a 200-day moving average price of $175.58. Align Technology, Inc. has a 52 week low of $122.00 and a 52 week high of $200.43. The firm has a market capitalization of $11.64 billion, a P/E ratio of 28.27, a PEG ratio of 1.73 and a beta of 1.65.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings data on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.62 by $0.02. Align Technology had a net margin of 9.99% and a return on equity of 15.86%. The company had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.05 billion. During the same quarter last year, the firm posted $2.49 earnings per share. The firm’s revenue was up 4.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Align Technology, Inc. will post 9.38 EPS for the current year.

Align Technology announced that its Board of Directors has initiated a share repurchase plan on Wednesday, April 29th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the medical equipment provider to reacquire up to 1.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on ALGN shares. UBS Group restated a “neutral” rating and issued a $189.00 target price on shares of Align Technology in a report on Thursday, July 23rd. Leerink Partners boosted their target price on shares of Align Technology from $225.00 to $230.00 in a research note on Thursday, April 30th. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a research note on Thursday, July 30th. Zacks Research cut Align Technology from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 16th. Finally, BMO Capital Markets started coverage on Align Technology in a research note on Wednesday, July 8th. They issued an “outperform” rating and a $209.00 price target on the stock. One investment 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. According to data from MarketBeat, the company presently has a consensus 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.