Ruane Cunniff & Goldfarb L.P. Has $206.84 Million Position in Align Technology, Inc. $ALGN

Ruane Cunniff & Goldfarb L.P. lessened its stake in Align Technology, Inc. (NASDAQ:ALGN) by 1.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,206,535 shares of the medical equipment provider’s stock after selling 15,999 shares during the period. Align Technology comprises about 3.4% of Ruane Cunniff & Goldfarb L.P.’s portfolio, making the stock its 13th biggest position. Ruane Cunniff & Goldfarb L.P. owned 1.68% of Align Technology worth $206,836,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in ALGN. Sunbelt Securities Inc. boosted its holdings in Align Technology by 222.4% in the fourth quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider’s stock valued at $25,000 after acquiring an additional 109 shares during the last quarter. Blue Trust Inc. lifted its position in shares of Align Technology by 77.5% in the 1st quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider’s stock worth $27,000 after purchasing an additional 69 shares during the period. Independence Bank of Kentucky boosted its stake in shares of Align Technology by 77.7% in the 4th 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. Tobam bought a new stake in shares of Align Technology in the 4th quarter valued at $30,000. Finally, Hollencrest Capital Management acquired a new stake in shares of Align Technology during the first quarter worth $34,000. Institutional investors and hedge funds own 88.43% of the company’s stock.

Align Technology Stock Up 0.6%

NASDAQ:ALGN opened at $168.05 on Tuesday. Align Technology, Inc. has a twelve month low of $122.00 and a twelve month high of $208.30. The company has a fifty day moving average of $173.49 and a 200-day moving average of $175.12. The firm has a market capitalization of $12.04 billion, a P/E ratio of 28.20, a P/E/G ratio of 1.71 and a beta of 1.67.

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

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

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on ALGN shares. Evercore boosted their target price on shares of Align Technology from $200.00 to $220.00 in a report on Thursday, April 30th. Wall Street Zen upgraded Align Technology from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 4th. UBS Group reissued a “neutral” rating and issued a $189.00 price objective on shares of Align Technology in a research report on Thursday. Morgan Stanley boosted their price objective on Align Technology from $169.00 to $188.00 and gave the company an “equal weight” rating in a research note on Friday, April 24th. Finally, BMO Capital Markets assumed coverage on Align Technology in a research report on Wednesday, July 8th. They set an “outperform” rating and a $209.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, Align Technology currently has an average rating of “Moderate Buy” and a consensus target price of $206.36.

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.