Evolve Private Wealth LLC Makes New Investment in Align Technology, Inc. $ALGN

Evolve Private Wealth LLC bought a new position in shares of Align Technology, Inc. (NASDAQ:ALGN) in the second quarter, Holdings Channel reports. The fund bought 3,902 shares of the medical equipment provider’s stock, valued at approximately $658,000.

Other institutional investors also recently modified their holdings of the company. Bessemer Group Inc. increased its position in Align Technology by 37.2% during the first quarter. Bessemer Group Inc. now owns 247 shares of the medical equipment provider’s stock worth $43,000 after acquiring an additional 67 shares during the period. Banco Bilbao Vizcaya Argentaria S.A. boosted its holdings in Align Technology by 3.7% in the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 1,896 shares of the medical equipment provider’s stock valued at $296,000 after purchasing an additional 68 shares during the period. Blue Trust Inc. boosted its holdings in Align Technology by 77.5% in the 1st quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider’s stock valued at $27,000 after purchasing an additional 69 shares during the period. Comerica Bank boosted its holdings in Align Technology by 0.6% in the 4th quarter. Comerica Bank now owns 13,656 shares of the medical equipment provider’s stock valued at $2,132,000 after purchasing an additional 76 shares during the period. Finally, First Bank & Trust grew its position in shares of Align Technology by 5.0% during the 2nd quarter. First Bank & Trust now owns 1,599 shares of the medical equipment provider’s stock worth $270,000 after purchasing an additional 76 shares in the last quarter. Institutional investors own 88.43% of the company’s stock.

Align Technology Stock Down 1.8%

Shares of Align Technology stock opened at $159.64 on Tuesday. Align Technology, Inc. has a 12-month low of $122.00 and a 12-month high of $200.43. The company has a market capitalization of $11.43 billion, a price-to-earnings ratio of 27.76, a PEG ratio of 1.73 and a beta of 1.65. The firm’s 50-day moving average price is $174.65 and its two-hundred day moving average price is $175.60.

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

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

Analyst Upgrades and Downgrades

Several research analysts have recently commented on ALGN shares. 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. Leerink Partners boosted their price target on Align Technology from $225.00 to $230.00 in a research note on Thursday, April 30th. Evercore increased their price target on Align Technology from $200.00 to $220.00 in a research report on Thursday, April 30th. BMO Capital Markets began coverage on Align Technology in a research note on Wednesday, July 8th. They set an “outperform” rating and a $209.00 price objective on the stock. Finally, Zacks Research cut Align Technology from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, Align Technology has a consensus rating of “Moderate Buy” and an average price target 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.