Taikang Asset Management Hong Kong Co Ltd Acquires Shares of 36,473 Align Technology, Inc. $ALGN

Taikang Asset Management Hong Kong Co Ltd acquired a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN) during the 4th quarter, HoldingsChannel.com reports. The fund acquired 36,473 shares of the medical equipment provider’s stock, valued at approximately $5,695,000.

Several other large investors have also bought and sold shares of ALGN. Capital International Investors boosted its position in Align Technology by 52.2% during the 4th quarter. Capital International Investors now owns 4,643,221 shares of the medical equipment provider’s stock valued at $725,039,000 after acquiring an additional 1,592,848 shares in the last quarter. Holocene Advisors LP bought a new stake in Align Technology during the 3rd quarter valued at approximately $179,035,000. Ruane Cunniff & Goldfarb L.P. bought a new stake in Align Technology during the 4th quarter valued at approximately $190,899,000. Norges Bank bought a new stake in Align Technology during the 4th quarter valued at approximately $155,556,000. Finally, Arrowstreet Capital Limited Partnership boosted its position in Align Technology by 247.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,005,413 shares of the medical equipment provider’s stock valued at $156,995,000 after acquiring an additional 715,919 shares in the last quarter. 88.43% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ALGN. Piper Sandler lifted their price objective on Align Technology from $220.00 to $235.00 and gave the company an “overweight” rating in a research report on Tuesday, April 21st. Barclays upgraded shares of Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 target price for the company in a report on Tuesday, March 17th. Citigroup began coverage on shares of Align Technology in a report on Wednesday, April 15th. They set a “buy” rating and a $240.00 target price for the company. Morgan Stanley lifted their target price on shares of Align Technology from $169.00 to $188.00 and gave the company an “equal weight” rating in a report on Friday, April 24th. Finally, Weiss Ratings lowered shares of Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $205.85.

Align Technology Stock Performance

ALGN stock opened at $179.52 on Wednesday. The firm has a 50 day moving average price of $173.31 and a 200-day moving average price of $171.24. Align Technology, Inc. has a 52-week low of $122.00 and a 52-week high of $208.30. The firm has a market capitalization of $12.86 billion, a price-to-earnings ratio of 30.12, a PEG ratio of 1.83 and a beta of 1.67.

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

Align Technology declared that its Board of Directors has authorized a share repurchase program on Wednesday, April 29th that permits the company to repurchase $200.00 million in 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 often an indication that the company’s leadership believes its shares are undervalued.

Align Technology 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.