Maridea Wealth Management LLC Makes New Investment in Align Technology, Inc. $ALGN

Maridea Wealth Management LLC acquired a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 9,838 shares of the medical equipment provider’s stock, valued at approximately $1,659,000.

A number of other institutional investors have also recently made changes to their positions in the company. Bessemer Group Inc. lifted its position in shares of Align Technology by 37.2% in the first quarter. Bessemer Group Inc. now owns 247 shares of the medical equipment provider’s stock worth $43,000 after buying an additional 67 shares in the last quarter. Banco Bilbao Vizcaya Argentaria S.A. boosted its stake in Align Technology by 3.7% during the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 1,896 shares of the medical equipment provider’s stock valued at $296,000 after buying an additional 68 shares during the last quarter. Blue Trust Inc. grew its holdings in Align Technology by 77.5% during the 1st quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider’s stock valued at $27,000 after buying an additional 69 shares in the last quarter. Comerica Bank grew its holdings in Align Technology by 0.6% during the 4th quarter. Comerica Bank now owns 13,656 shares of the medical equipment provider’s stock valued at $2,132,000 after buying an additional 76 shares in the last quarter. Finally, First Bank & Trust increased its stake in Align Technology by 5.0% in the 2nd 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 last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on ALGN shares. Morgan Stanley upped their price objective on Align Technology from $169.00 to $188.00 and gave the stock an “equal weight” rating in a report on Friday, April 24th. UBS Group reissued a “neutral” rating and issued a $189.00 target price on shares of Align Technology in a report on Thursday, July 23rd. Wall Street Zen cut shares of Align Technology from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 1st. Evercore boosted their price target on shares of Align Technology from $200.00 to $220.00 in a research report on Thursday, April 30th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a research note on Thursday, July 30th. One equities research 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, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $206.36.

Align Technology Price Performance

Shares of NASDAQ ALGN opened at $181.31 on Friday. The business’s 50 day moving average is $175.99 and its two-hundred day moving average is $175.52. Align Technology, Inc. has a 1-year low of $122.00 and a 1-year high of $200.43. The stock has a market capitalization of $12.99 billion, a P/E ratio of 31.53, a PEG ratio of 1.93 and a beta of 1.65.

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

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