Align Technology, Inc. $ALGN Shares Purchased by Hsbc Holdings PLC

Hsbc Holdings PLC increased its position in Align Technology, Inc. (NASDAQ:ALGN) by 6.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 145,875 shares of the medical equipment provider’s stock after buying an additional 9,467 shares during the period. Hsbc Holdings PLC’s holdings in Align Technology were worth $24,801,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of ALGN. Sequoia Financial Advisors LLC lifted its stake in shares of Align Technology by 320.1% during the 4th quarter. Sequoia Financial Advisors LLC now owns 7,986 shares of the medical equipment provider’s stock worth $1,247,000 after purchasing an additional 6,085 shares during the period. Northwestern Mutual Wealth Management Co. grew its position in shares of Align Technology by 35,513.8% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 545,604 shares of the medical equipment provider’s stock valued at $85,196,000 after purchasing an additional 544,072 shares during the period. Polianta Ltd purchased a new stake in shares of Align Technology in the fourth quarter valued at $1,623,000. Wealth Enhancement Advisory Services LLC increased its stake in Align Technology by 63.0% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 25,343 shares of the medical equipment provider’s stock valued at $4,282,000 after purchasing an additional 9,792 shares during the last quarter. Finally, Hunter Perkins Capital Management LLC increased its stake in Align Technology by 383.1% in the fourth quarter. Hunter Perkins Capital Management LLC now owns 43,842 shares of the medical equipment provider’s stock valued at $6,846,000 after purchasing an additional 34,767 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on ALGN. Wall Street Zen raised Align Technology from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 4th. Evercore upped their price objective on shares of Align Technology from $200.00 to $220.00 in a research note on Thursday, April 30th. Zacks Research downgraded shares of Align Technology from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 16th. Leerink Partners increased their price objective on shares of Align Technology from $225.00 to $230.00 in a report on Thursday, April 30th. Finally, Weiss Ratings raised shares of Align Technology from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $206.07.

Align Technology Stock Up 1.4%

ALGN stock opened at $177.50 on Wednesday. The company has a market cap of $12.71 billion, a price-to-earnings ratio of 29.78, a PEG ratio of 1.79 and a beta of 1.67. The business has a fifty day simple moving average of $172.74 and a 200-day simple moving average of $174.86. Align Technology, Inc. has a 52 week low of $122.00 and a 52 week high of $208.30.

Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share for the quarter, topping 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 business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.02 billion. During the same period last year, the company posted $2.13 EPS. The business’s quarterly revenue was up 6.2% on a year-over-year basis. As a group, analysts expect that Align Technology, Inc. will post 9.48 earnings per share for the current fiscal year.

Align Technology declared that its board has approved a share repurchase program on Wednesday, April 29th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the medical equipment provider to repurchase up to 1.6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

About Align Technology

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.