Fox Run Management L.L.C. Purchases 12,406 Shares of Align Technology, Inc. $ALGN

Fox Run Management L.L.C. grew its position in Align Technology, Inc. (NASDAQ:ALGN) by 484.6% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 14,966 shares of the medical equipment provider’s stock after buying an additional 12,406 shares during the period. Align Technology accounts for about 0.4% of Fox Run Management L.L.C.’s portfolio, making the stock its 16th largest position. Fox Run Management L.L.C.’s holdings in Align Technology were worth $2,337,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Dana Investment Advisors Inc. bought a new stake in shares of Align Technology in the 3rd quarter valued at about $9,991,000. AIA Group Ltd bought a new stake in shares of Align Technology in the 3rd quarter valued at about $2,507,000. Sequoia Financial Advisors LLC boosted its holdings in shares of Align Technology by 320.1% in the 4th quarter. Sequoia Financial Advisors LLC now owns 7,986 shares of the medical equipment provider’s stock valued at $1,247,000 after buying an additional 6,085 shares in the last quarter. Clarkston Capital Partners LLC boosted its holdings in shares of Align Technology by 25.7% in the 3rd quarter. Clarkston Capital Partners LLC now owns 141,215 shares of the medical equipment provider’s stock valued at $17,683,000 after buying an additional 28,850 shares in the last quarter. Finally, M&G PLC bought a new stake in shares of Align Technology in the 3rd quarter valued at about $10,904,000. 88.43% of the stock is currently owned by institutional investors.

Align Technology Trading Up 2.6%

Shares of ALGN stock opened at $172.05 on Tuesday. The stock has a 50 day moving average of $172.52 and a 200 day moving average of $169.76. The stock has a market cap of $12.32 billion, a P/E ratio of 28.87, a P/E/G ratio of 1.72 and a beta of 1.68. 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 quarterly earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.26 by $0.32. The company had revenue of $1.04 billion during 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%.Align Technology’s quarterly revenue was up 6.2% on a year-over-year basis. During the same period last year, the business earned $2.13 earnings per share. On average, research analysts predict that Align Technology, Inc. will post 9.48 earnings per share for the current fiscal year.

Align Technology declared that its Board of Directors has authorized a stock repurchase plan 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 plans are typically an indication that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

Several equities research analysts have weighed in on ALGN shares. Piper Sandler raised their price target on Align Technology from $220.00 to $235.00 and gave the stock an “overweight” rating in a report on Tuesday, April 21st. Evercore raised their price target on Align Technology from $200.00 to $220.00 in a report on Thursday, April 30th. Weiss Ratings downgraded Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday. Wall Street Zen raised Align Technology from a “buy” rating to a “strong-buy” rating in a report on Saturday, March 7th. Finally, Morgan Stanley raised their price target on Align Technology from $169.00 to $188.00 and gave the stock an “equal weight” rating in a report on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $205.85.

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.