Align Technology, Inc. $ALGN Shares Purchased by Invenomic Capital Management LP

Invenomic Capital Management LP raised its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 15.5% in the fourth quarter, HoldingsChannel reports. The firm owned 46,610 shares of the medical equipment provider’s stock after acquiring an additional 6,254 shares during the period. Invenomic Capital Management LP’s holdings in Align Technology were worth $7,278,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently made changes to their positions in ALGN. Independence Bank of Kentucky lifted its stake in shares of Align Technology by 77.7% in the 4th 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. Miller Global Investments LLC acquired a new stake in shares of Align Technology in the 4th quarter worth approximately $31,000. JFS Wealth Advisors LLC lifted its stake in shares of Align Technology by 2,016.7% in the 3rd quarter. JFS Wealth Advisors LLC now owns 254 shares of the medical equipment provider’s stock worth $32,000 after acquiring an additional 242 shares during the period. Caitong International Asset Management Co. Ltd lifted its stake in shares of Align Technology by 1,773.3% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 281 shares of the medical equipment provider’s stock worth $35,000 after acquiring an additional 266 shares during the period. Finally, CYBER HORNET ETFs LLC acquired a new stake in shares of Align Technology in the 2nd quarter worth approximately $36,000. 88.43% of the stock is owned by institutional investors and hedge funds.

Align Technology Price Performance

NASDAQ ALGN opened at $173.53 on Thursday. The company’s 50 day simple moving average is $173.35 and its 200 day simple moving average is $171.42. Align Technology, Inc. has a 12 month low of $122.00 and a 12 month high of $208.30. The company has a market capitalization of $12.43 billion, a P/E ratio of 29.12, a PEG ratio of 1.84 and a beta of 1.67.

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

Align Technology announced that its board has approved a share repurchase program 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 stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on ALGN shares. Zacks Research raised shares of Align Technology from a “hold” rating to a “strong-buy” rating in a research note on Monday, June 1st. Barclays raised shares of Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 price target for the company in a research note on Tuesday, March 17th. Citigroup started coverage on shares of Align Technology in a research note on Wednesday, April 15th. They issued a “buy” rating and a $240.00 price target for the company. Weiss Ratings lowered shares of Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, June 4th. Finally, Wall Street Zen lowered shares of Align Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 13th. One 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. Based on data from MarketBeat, Align Technology currently has an average rating of “Moderate Buy” and an average price target of $205.85.

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.