Focus Partners Advisor Solutions LLC Buys New Position in Align Technology, Inc. $ALGN

Focus Partners Advisor Solutions LLC bought a new position in shares of Align Technology, Inc. (NASDAQ:ALGN) in the 2nd quarter, Holdings Channel reports. The fund bought 3,184 shares of the medical equipment provider’s stock, valued at approximately $537,000.

Several other institutional investors have also recently added to or reduced their stakes in ALGN. Capital International Investors grew its holdings in Align Technology by 52.2% in the fourth quarter. Capital International Investors now owns 4,643,221 shares of the medical equipment provider’s stock worth $725,039,000 after purchasing an additional 1,592,848 shares during the period. Invesco Ltd. raised its holdings in shares of Align Technology by 37.4% during the third quarter. Invesco Ltd. now owns 1,497,535 shares of the medical equipment provider’s stock valued at $187,521,000 after purchasing an additional 407,559 shares during the period. Capital World Investors raised its holdings in shares of Align Technology by 13.2% during the fourth quarter. Capital World Investors now owns 1,490,503 shares of the medical equipment provider’s stock valued at $232,742,000 after purchasing an additional 173,641 shares during the period. Bank of America Corp DE boosted its position in shares of Align Technology by 72.0% during the 3rd quarter. Bank of America Corp DE now owns 1,353,125 shares of the medical equipment provider’s stock worth $169,438,000 after purchasing an additional 566,488 shares in the last quarter. Finally, Ruane Cunniff & Goldfarb L.P. bought a new position in shares of Align Technology during the 4th quarter worth about $190,899,000. 88.43% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts recently commented on ALGN shares. Piper Sandler boosted their target price on Align Technology from $220.00 to $235.00 and gave the company an “overweight” rating in a research report on Tuesday, April 21st. Wall Street Zen cut Align Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 1st. UBS Group restated a “neutral” rating and set a $189.00 price objective on shares of Align Technology in a report on Thursday, July 23rd. BMO Capital Markets assumed coverage on Align Technology in a research report on Wednesday, July 8th. They set an “outperform” rating and a $209.00 target price on the stock. Finally, Weiss Ratings cut Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a report on Monday, August 3rd. One 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 company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $206.36.

Align Technology Stock Down 5.6%

Shares of NASDAQ:ALGN opened at $171.16 on Tuesday. The stock has a market cap of $12.26 billion, a price-to-earnings ratio of 29.77, a PEG ratio of 1.93 and a beta of 1.65. Align Technology, Inc. has a 12-month low of $122.00 and a 12-month high of $200.43. The business’s 50 day moving average is $175.97 and its 200 day moving average is $175.61.

Align Technology (NASDAQ:ALGN) last released 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. Align Technology had a return on equity of 15.86% and a net margin of 9.99%.The business had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.05 billion. During the same period in the prior year, the firm posted $2.49 EPS. Align Technology’s quarterly revenue was up 4.3% compared to the same quarter last year. As a group, equities research analysts expect that Align Technology, Inc. will post 9.38 earnings per share for the current year.

Align Technology announced that its board has approved a stock buyback plan on Wednesday, April 29th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the medical equipment provider to reacquire up to 1.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board 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.