K.J. Harrison & Partners Inc Purchases Shares of 11,100 Align Technology, Inc. $ALGN

K.J. Harrison & Partners Inc acquired a new stake in Align Technology, Inc. (NASDAQ:ALGN) during the second quarter, Holdings Channel reports. The institutional investor acquired 11,100 shares of the medical equipment provider’s stock, valued at approximately $1,872,000.

Several other institutional investors have also recently modified their holdings of ALGN. Sequoia Financial Advisors LLC boosted its holdings in shares of Align Technology by 320.1% in the 4th quarter. Sequoia Financial Advisors LLC now owns 7,986 shares of the medical equipment provider’s stock valued at $1,247,000 after acquiring an additional 6,085 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Align Technology by 35,513.8% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 545,604 shares of the medical equipment provider’s stock worth $85,196,000 after purchasing an additional 544,072 shares during the last quarter. Maridea Wealth Management LLC purchased a new position in shares of Align Technology during the second quarter worth $1,659,000. California State Teachers Retirement System lifted its position in Align Technology by 21.2% during the first quarter. California State Teachers Retirement System now owns 79,293 shares of the medical equipment provider’s stock valued at $13,593,000 after purchasing an additional 13,867 shares during the period. Finally, Capital International Ltd. CA lifted its position in Align Technology by 26.5% during the fourth quarter. Capital International Ltd. CA now owns 57,194 shares of the medical equipment provider’s stock valued at $8,931,000 after purchasing an additional 11,977 shares during the period. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ALGN has been the topic of several analyst reports. UBS Group reaffirmed a “neutral” rating and set a $189.00 price target on shares of Align Technology in a research report on Thursday, July 23rd. Weiss Ratings cut Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a report on Monday, August 3rd. Piper Sandler upped their target price on Align Technology from $220.00 to $235.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 21st. Zacks Research lowered Align Technology from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 16th. Finally, Morgan Stanley lifted 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. One research 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, Align Technology presently has an average rating of “Moderate Buy” and a consensus price target of $206.36.

Align Technology Stock Performance

ALGN stock opened at $171.16 on Tuesday. The firm has a market cap of $12.26 billion, a PE ratio of 29.77, a P/E/G ratio of 1.93 and a beta of 1.65. The firm’s fifty day moving average is $175.97 and its 200 day moving average is $175.61. Align Technology, Inc. has a one year low of $122.00 and a one year high of $200.43.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share for the quarter, beating analysts’ consensus estimates of $2.62 by $0.02. The company had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.05 billion. Align Technology had a net margin of 9.99% and a return on equity of 15.86%. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.49 earnings per share. Research analysts predict that Align Technology, Inc. will post 9.38 earnings per share for the current fiscal year.

Align Technology declared that its board has authorized a share repurchase program on Wednesday, April 29th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the medical equipment provider to reacquire up to 1.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management 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.