Align Technology, Inc. $ALGN Stake Boosted by Capital Group Investment Management PTE. LTD.

Capital Group Investment Management PTE. LTD. grew its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 30.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,961 shares of the medical equipment provider’s stock after purchasing an additional 3,052 shares during the quarter. Capital Group Investment Management PTE. LTD.’s holdings in Align Technology were worth $2,024,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Independence Bank of Kentucky grew its holdings in shares of Align Technology by 77.7% during 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 during the last quarter. Sentry Investment Management LLC grew its holdings in shares of Align Technology by 73.1% during the third quarter. Sentry Investment Management LLC now owns 187 shares of the medical equipment provider’s stock valued at $25,000 after purchasing an additional 79 shares during the last quarter. CYBER HORNET ETFs LLC bought a new position in shares of Align Technology during the second quarter valued at approximately $36,000. Miller Global Investments LLC bought a new position in shares of Align Technology during the fourth quarter valued at approximately $31,000. Finally, MUFG Securities EMEA plc bought a new position in shares of Align Technology during the second quarter valued at approximately $38,000. 88.43% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Citigroup began coverage on Align Technology in a report on Wednesday, April 15th. They set a “buy” rating and a $240.00 target price for the company. 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 research report on Tuesday, March 17th. Morgan Stanley boosted their price objective on Align Technology from $169.00 to $188.00 and gave the stock an “equal weight” rating in a research report on Friday, April 24th. Wall Street Zen upgraded Align Technology from a “buy” rating to a “strong-buy” rating in a research report on Saturday, March 7th. Finally, Evercore boosted their price objective on Align Technology from $200.00 to $220.00 in a research report on Thursday, April 30th. One equities 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, the company has an average rating of “Moderate Buy” and a consensus price target of $205.85.

Align Technology Price Performance

ALGN opened at $167.74 on Friday. The company has a market capitalization of $12.01 billion, a price-to-earnings ratio of 28.14, a price-to-earnings-growth ratio of 1.72 and a beta of 1.67. Align Technology, Inc. has a 1-year low of $122.00 and a 1-year high of $208.30. The business has a 50 day moving average price of $172.63 and a two-hundred day moving average price of $169.22.

Align Technology (NASDAQ:ALGN) last posted its quarterly 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. The company had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.02 billion. Align Technology had a return on equity of 15.82% and a net margin of 10.50%.The firm’s revenue was up 6.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.13 earnings per share. Equities analysts expect that Align Technology, Inc. will post 9.48 EPS for the current fiscal year.

Align Technology declared that its board has initiated a stock buyback plan on Wednesday, April 29th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the medical equipment provider to reacquire up to 1.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are 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.