Oppenheimer Asset Management Inc. Invests $1.20 Million in Align Technology, Inc. $ALGN

Oppenheimer Asset Management Inc. bought a new stake in Align Technology, Inc. (NASDAQ:ALGN) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 7,140 shares of the medical equipment provider’s stock, valued at approximately $1,204,000.

Several other institutional investors and hedge funds have also bought and sold shares of ALGN. Bessemer Group Inc. grew its stake in Align Technology by 37.2% in the first quarter. Bessemer Group Inc. now owns 247 shares of the medical equipment provider’s stock valued at $43,000 after purchasing an additional 67 shares in the last quarter. Banco Bilbao Vizcaya Argentaria S.A. raised its stake in shares of Align Technology by 3.7% during the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 1,896 shares of the medical equipment provider’s stock worth $296,000 after purchasing an additional 68 shares in the last quarter. Blue Trust Inc. boosted its holdings in shares of 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 last quarter. Comerica Bank boosted its holdings in shares of Align Technology by 0.6% in the 4th quarter. Comerica Bank now owns 13,656 shares of the medical equipment provider’s stock valued at $2,132,000 after buying an additional 76 shares during the last quarter. Finally, First Bank & Trust grew its stake in shares of Align Technology by 5.0% in the second quarter. First Bank & Trust now owns 1,599 shares of the medical equipment provider’s stock valued at $270,000 after buying an additional 76 shares in the last quarter. Institutional investors own 88.43% of the company’s stock.

Wall Street Analyst Weigh In

ALGN has been the topic of a number of recent analyst reports. Needham & Company LLC restated a “hold” rating on shares of Align Technology in a report on Thursday, July 30th. Morgan Stanley lifted their price objective on shares of Align Technology from $169.00 to $188.00 and gave the company an “equal weight” rating in a research report on Friday, April 24th. Piper Sandler boosted their price objective on shares of Align Technology from $220.00 to $235.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 21st. Leerink Partners upped their target price on shares of Align Technology from $225.00 to $230.00 in a report on Thursday, April 30th. Finally, Zacks Research downgraded shares of Align Technology from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 16th. One research 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 stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $206.36.

Align Technology Price Performance

NASDAQ:ALGN opened at $181.31 on Monday. The firm’s fifty day moving average price is $175.99 and its two-hundred day moving average price is $175.58. The company has a market cap of $12.99 billion, a P/E ratio of 31.53, a P/E/G ratio of 1.93 and a beta of 1.65. Align Technology, Inc. has a one year low of $122.00 and a one year high of $200.43.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 EPS for the quarter, beating analysts’ consensus estimates of $2.62 by $0.02. The business had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.05 billion. Align Technology had a net margin of 9.99% and a return on equity of 15.86%. Align Technology’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.49 EPS. As a group, equities research analysts expect that Align Technology, Inc. will post 9.38 earnings per share for the current year.

Align Technology declared that its Board of Directors has initiated a share buyback program on Wednesday, April 29th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the medical equipment provider to buy up to 1.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership 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.