Cynosure Group LLC Buys Shares of 3,502 Align Technology, Inc. $ALGN

Cynosure Group LLC acquired a new position in Align Technology, Inc. (NASDAQ:ALGN) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 3,502 shares of the medical equipment provider’s stock, valued at approximately $547,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of ALGN. Capital International Investors grew its position in shares of Align Technology by 52.2% in the 4th quarter. Capital International Investors now owns 4,643,221 shares of the medical equipment provider’s stock worth $725,039,000 after buying an additional 1,592,848 shares during the last quarter. Holocene Advisors LP purchased a new position in shares of Align Technology in the 3rd quarter worth approximately $179,035,000. Ruane Cunniff & Goldfarb L.P. purchased a new position in shares of Align Technology in the 4th quarter worth approximately $190,899,000. Norges Bank purchased a new position in shares of Align Technology in the 4th quarter worth approximately $155,556,000. Finally, Arrowstreet Capital Limited Partnership grew its position in shares of Align Technology by 247.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,005,413 shares of the medical equipment provider’s stock worth $156,995,000 after buying an additional 715,919 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Analyst Ratings Changes

ALGN has been the topic of a number of analyst reports. Wall Street Zen downgraded shares of Align Technology from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Barclays raised shares of Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 price objective on the stock in a research report on Tuesday, March 17th. Zacks Research raised shares of Align Technology from a “hold” rating to a “strong-buy” rating in a research report on Monday, June 1st. Morgan Stanley lifted their price objective on shares of Align Technology from $169.00 to $188.00 and gave the stock an “equal weight” rating in a research report on Friday, April 24th. Finally, Weiss Ratings downgraded shares of Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, June 4th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $205.85.

Align Technology Stock Up 2.0%

Shares of NASDAQ ALGN opened at $178.26 on Tuesday. The business’s 50 day moving average price is $173.14 and its 200 day moving average price is $171.01. The firm has a market cap of $12.77 billion, a P/E ratio of 29.91, a P/E/G ratio of 1.79 and a beta of 1.68. Align Technology, Inc. has a 52 week low of $122.00 and a 52 week high of $208.30.

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

Align Technology announced that its board has approved a stock repurchase 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 purchase up to 1.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors 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.