36,963 Shares in Align Technology, Inc. $ALGN Bought by Parkman Healthcare Partners LLC

Parkman Healthcare Partners LLC bought a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN) in the second quarter, Holdings Channel reports. The fund bought 36,963 shares of the medical equipment provider’s stock, valued at approximately $6,234,000.

Several other hedge funds also recently added to or reduced their stakes in the business. Bessemer Group Inc. grew its position in Align Technology by 37.2% during the 1st quarter. Bessemer Group Inc. now owns 247 shares of the medical equipment provider’s stock worth $43,000 after purchasing an additional 67 shares during the period. Banco Bilbao Vizcaya Argentaria S.A. boosted its stake in shares of Align Technology by 3.7% in the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 1,896 shares of the medical equipment provider’s stock worth $296,000 after buying an additional 68 shares during the last quarter. Blue Trust Inc. boosted its stake in shares of 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 buying an additional 69 shares during the last quarter. Comerica Bank grew its holdings in Align Technology by 0.6% during the fourth 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, First Bank & Trust grew its holdings in Align Technology by 5.0% during the second quarter. First Bank & Trust now owns 1,599 shares of the medical equipment provider’s stock worth $270,000 after acquiring an additional 76 shares during the period. 88.43% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on ALGN. Wall Street Zen downgraded Align Technology from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 1st. BMO Capital Markets initiated coverage on shares of Align Technology in a research note on Wednesday, July 8th. They set an “outperform” rating and a $209.00 price objective on the stock. UBS Group reaffirmed a “neutral” rating and set a $189.00 target price on shares of Align Technology in a report on Thursday, July 23rd. Evercore boosted their target price on shares of Align Technology from $200.00 to $220.00 in a research note on Thursday, April 30th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Align Technology currently has a consensus rating of “Moderate Buy” and an average price target of $206.36.

Align Technology Stock Down 1.8%

Shares of Align Technology stock opened at $159.64 on Tuesday. Align Technology, Inc. has a twelve month low of $122.00 and a twelve month high of $200.43. The business has a 50-day moving average price of $174.65 and a 200 day moving average price of $175.60. The firm has a market cap of $11.43 billion, a PE ratio of 27.76, a P/E/G ratio of 1.73 and a beta of 1.65.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share for the quarter, topping analysts’ consensus estimates of $2.62 by $0.02. The company had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.05 billion. Align Technology had a return on equity of 15.86% and a net margin of 9.99%.Align Technology’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.49 EPS. On average, sell-side analysts expect that Align Technology, Inc. will post 9.38 EPS for the current year.

Align Technology declared that its Board of Directors has authorized a stock buyback program on Wednesday, April 29th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the medical equipment provider to repurchase up to 1.6% of its shares through open market purchases. Shares buyback 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.