Ruane Cunniff & Goldfarb L.P. Invests $190.90 Million in Align Technology, Inc. $ALGN

Ruane Cunniff & Goldfarb L.P. acquired a new position in Align Technology, Inc. (NASDAQ:ALGN) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 1,222,534 shares of the medical equipment provider’s stock, valued at approximately $190,899,000. Align Technology accounts for approximately 3.0% of Ruane Cunniff & Goldfarb L.P.’s portfolio, making the stock its 15th largest holding.

Other hedge funds have also recently made changes to their positions in the company. Independence Bank of Kentucky boosted its stake in shares of Align Technology by 77.7% in the fourth quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider’s stock worth $29,000 after acquiring an additional 80 shares during the period. CYBER HORNET ETFs LLC bought a new position in shares of Align Technology in the second quarter worth about $36,000. Miller Global Investments LLC bought a new position in shares of Align Technology in the fourth quarter worth about $31,000. MUFG Securities EMEA plc bought a new position in shares of Align Technology in the second quarter worth about $38,000. Finally, Global Retirement Partners LLC boosted its stake in shares of Align Technology by 101.8% in the fourth quarter. Global Retirement Partners LLC now owns 230 shares of the medical equipment provider’s stock worth $36,000 after acquiring an additional 116 shares during the period. Institutional investors own 88.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Barclays raised Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 price objective for the company in a research note on Tuesday, March 17th. Citigroup assumed coverage on Align Technology in a research note on Wednesday, April 15th. They issued a “buy” rating and a $240.00 price objective for the company. Zacks Research raised Align Technology from a “hold” rating to a “strong-buy” rating in a research note on Monday, June 1st. Wall Street Zen lowered Align Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Finally, Piper Sandler upped their price objective on Align Technology from $220.00 to $235.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 21st. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Align Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $205.85.

Align Technology Trading Down 0.9%

Shares of Align Technology stock opened at $174.84 on Friday. The stock has a 50 day moving average of $172.98 and a 200 day moving average of $170.60. Align Technology, Inc. has a 12 month low of $122.00 and a 12 month high of $208.30. The firm has a market cap of $12.52 billion, a PE ratio of 29.34, a PEG ratio of 1.81 and a beta of 1.67.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 EPS for the quarter, beating analysts’ consensus estimates of $2.26 by $0.32. Align Technology had a return on equity of 15.82% and a net margin of 10.50%.The company had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.02 billion. During the same period in the prior year, the company earned $2.13 earnings per share. The firm’s revenue was up 6.2% on a year-over-year basis. As a group, equities research analysts forecast 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 approved a share repurchase plan on Wednesday, April 29th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the medical equipment provider to repurchase up to 1.6% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are 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.