Bank of New York Mellon Corp Invests $57.06 Million in Align Technology, Inc. $ALGN

Bank of New York Mellon Corp acquired a new position in Align Technology, Inc. (NASDAQ:ALGN) during the second quarter, HoldingsChannel.com reports. The fund acquired 338,327 shares of the medical equipment provider’s stock, valued at approximately $57,062,000.

Other hedge funds have also added to or reduced their stakes in the company. Sunbelt Securities Inc. lifted its position in Align Technology by 222.4% during the 4th quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider’s stock worth $25,000 after buying an additional 109 shares in the last quarter. Blue Trust Inc. increased its position in shares of Align Technology by 77.5% in the first quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider’s stock valued at $27,000 after acquiring an additional 69 shares during the last quarter. Tobam bought a new stake in Align Technology during the fourth quarter worth about $30,000. Hollencrest Capital Management bought a new stake in Align Technology during the first quarter worth about $34,000. Finally, Caitong International Asset Management Co. Ltd boosted its position in Align Technology by 1,773.3% during the third quarter. Caitong International Asset Management Co. Ltd now owns 281 shares of the medical equipment provider’s stock valued at $35,000 after purchasing an additional 266 shares during the last quarter. Institutional investors own 88.43% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Evercore boosted their price target on Align Technology from $200.00 to $220.00 in a research report on Thursday, April 30th. Zacks Research cut shares of Align Technology from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 16th. Leerink Partners boosted their target price on shares of Align Technology from $225.00 to $230.00 in a report on Thursday, April 30th. UBS Group reaffirmed a “neutral” rating and set a $189.00 price target on shares of Align Technology in a research report on Thursday, July 23rd. Finally, Weiss Ratings downgraded shares of Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a research report on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $206.36.

Align Technology Trading Down 0.3%

Shares of NASDAQ ALGN opened at $159.14 on Thursday. The company has a market capitalization of $11.40 billion, a P/E ratio of 27.68, a P/E/G ratio of 1.70 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 stock has a 50 day moving average of $173.97 and a 200-day moving average of $175.48.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share 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 for the quarter, compared to analysts’ expectations of $1.05 billion. During the same quarter in the prior year, the business earned $2.49 EPS. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. Analysts predict that Align Technology, Inc. will post 9.38 EPS for the current fiscal year.

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