Capital Group Investment Management PTE. LTD. Boosts Stock Position in Align Technology, Inc. $ALGN

Capital Group Investment Management PTE. LTD. raised its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 91.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,909 shares of the medical equipment provider’s stock after buying an additional 4,731 shares during the quarter. Capital Group Investment Management PTE. LTD.’s holdings in Align Technology were worth $1,241,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC boosted its stake in Align Technology by 38.9% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 15,551 shares of the medical equipment provider’s stock worth $2,029,000 after purchasing an additional 4,359 shares in the last quarter. AE Wealth Management LLC purchased a new stake in Align Technology during the 3rd quarter valued at about $650,000. Dana Investment Advisors Inc. bought a new stake in Align Technology during the 3rd quarter valued at about $9,991,000. Hussman Strategic Advisors Inc. purchased a new position in Align Technology in the third quarter worth about $3,156,000. Finally, M&G PLC purchased a new position in Align Technology in the third quarter worth about $10,904,000. 88.43% of the stock is owned by institutional investors.

Align Technology Stock Performance

Align Technology stock opened at $175.09 on Tuesday. Align Technology, Inc. has a one year low of $122.00 and a one year high of $208.30. The stock has a fifty day moving average of $174.98 and a 200 day moving average of $152.65. The stock has a market cap of $12.48 billion, a PE ratio of 30.93, a price-to-earnings-growth ratio of 1.90 and a beta of 1.79.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, February 4th. The medical equipment provider reported $3.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.99 by $0.30. The business had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.03 billion. Align Technology had a return on equity of 15.16% and a net margin of 10.17%.The business’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same period last year, the firm posted $2.44 earnings per share. As a group, sell-side analysts predict that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Insider Buying and Selling at Align Technology

In related news, EVP John Morici sold 7,969 shares of the firm’s stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $189.31, for a total value of $1,508,611.39. Following the transaction, the executive vice president owned 8,237 shares of the company’s stock, valued at approximately $1,559,346.47. This trade represents a 49.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.66% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

ALGN has been the topic of several analyst reports. Wall Street Zen upgraded shares of Align Technology from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Mizuho boosted their price objective on shares of Align Technology from $200.00 to $215.00 and gave the stock an “outperform” rating in a report on Thursday, February 5th. Barclays upped their price objective on Align Technology from $170.00 to $200.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 25th. Weiss Ratings upgraded Align Technology from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, January 16th. Finally, Jefferies Financial Group lifted their target price on Align Technology from $155.00 to $185.00 and gave the stock a “hold” rating in a report on Thursday, February 5th. Six research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, Align Technology currently has an average rating of “Hold” and a consensus target price of $198.08.

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.