Maridea Wealth Management LLC Raises Stock Position in Align Technology, Inc. $ALGN

Maridea Wealth Management LLC lifted its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 52.3% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 9,433 shares of the medical equipment provider’s stock after purchasing an additional 3,240 shares during the quarter. Maridea Wealth Management LLC’s holdings in Align Technology were worth $1,617,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently made changes to their positions in the business. Sunbelt Securities Inc. increased its stake in Align Technology by 222.4% during the 4th quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider’s stock worth $25,000 after buying an additional 109 shares during the period. Blue Trust Inc. boosted its position 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 buying an additional 69 shares during the period. Independence Bank of Kentucky grew 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 in the last quarter. Tobam purchased a new stake in shares of Align Technology during the fourth quarter worth $30,000. Finally, Miller Global Investments LLC purchased a new stake in shares of Align Technology during the fourth quarter worth $31,000. Institutional investors and hedge funds own 88.43% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Weiss Ratings lowered Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, June 4th. Morgan Stanley increased their price target on Align Technology from $169.00 to $188.00 and gave the company an “equal weight” rating in a research report on Friday, April 24th. Zacks Research upgraded Align Technology from a “hold” rating to a “strong-buy” rating in a research note on Monday, June 1st. Barclays upgraded 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. Finally, Leerink Partners upped their target price on shares of Align Technology from $225.00 to $230.00 in a research note on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Align Technology has a consensus rating of “Moderate Buy” and an average price target of $205.85.

Align Technology Trading Up 1.5%

Align Technology stock opened at $178.43 on Friday. The stock has a market cap of $12.78 billion, a P/E ratio of 29.94, a price-to-earnings-growth ratio of 1.80 and a beta of 1.67. The company has a fifty day simple moving average of $173.11 and a 200-day simple moving average of $172.44. Align Technology, Inc. has a 12-month low of $122.00 and a 12-month high of $208.30.

Align Technology (NASDAQ:ALGN) last posted its earnings results 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. Align Technology had a return on equity of 15.82% and a net margin of 10.50%.The firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.02 billion. During the same quarter in the prior year, the company posted $2.13 earnings per share. Align Technology’s revenue for the quarter was up 6.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Align Technology, Inc. will post 9.48 earnings per share for the current fiscal year.

Align Technology announced that its board has authorized a stock repurchase program on Wednesday, April 29th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the medical equipment provider to reacquire up to 1.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Align Technology 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.