Bank of New York Mellon Corp Acquires 10,266 Shares of Align Technology, Inc. $ALGN

Bank of New York Mellon Corp grew its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 2.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 399,513 shares of the medical equipment provider’s stock after purchasing an additional 10,266 shares during the quarter. Bank of New York Mellon Corp owned about 0.56% of Align Technology worth $68,488,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in ALGN. Illinois Municipal Retirement Fund increased its holdings in Align Technology by 8.1% in the first quarter. Illinois Municipal Retirement Fund now owns 48,222 shares of the medical equipment provider’s stock worth $8,267,000 after purchasing an additional 3,621 shares in the last quarter. MASTERINVEST Kapitalanlage GmbH bought a new position in shares of Align Technology during the 1st quarter worth approximately $241,000. Sigma Planning Corp bought a new position in shares of Align Technology during the 1st quarter worth approximately $367,000. Principal Financial Group Inc. grew its position in shares of Align Technology by 0.9% during the 1st quarter. Principal Financial Group Inc. now owns 74,334 shares of the medical equipment provider’s stock worth $12,743,000 after buying an additional 658 shares during the period. Finally, Chicago Partners Investment Group LLC increased its stake in shares of Align Technology by 12.7% in the 1st quarter. Chicago Partners Investment Group LLC now owns 3,022 shares of the medical equipment provider’s stock valued at $518,000 after acquiring an additional 341 shares in the last quarter. Institutional investors own 88.43% of the company’s stock.

Align Technology Trading Down 2.8%

ALGN opened at $172.46 on Thursday. The company’s fifty day moving average price is $172.96 and its two-hundred day moving average price is $174.98. Align Technology, Inc. has a 1-year low of $122.00 and a 1-year high of $208.30. The company has a market cap of $12.35 billion, a price-to-earnings ratio of 28.94, a PEG ratio of 1.82 and a beta of 1.67.

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

Align Technology declared that its board has initiated a share repurchase plan on Wednesday, April 29th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the medical equipment provider to buy up to 1.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on ALGN shares. Leerink Partners boosted their target price on shares of Align Technology from $225.00 to $230.00 in a research report on Thursday, April 30th. Morgan Stanley lifted their price target on shares of Align Technology from $169.00 to $188.00 and gave the company an “equal weight” rating in a research note on Friday, April 24th. Wall Street Zen upgraded shares of Align Technology from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 4th. Weiss Ratings raised shares of Align Technology from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, July 17th. Finally, Zacks Research downgraded Align Technology from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $206.07.

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.