Fideuram Intesa Sanpaolo Private Banking S.P.A. Acquires New Position in Align Technology, Inc. $ALGN

Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 6,701 shares of the medical equipment provider’s stock, valued at approximately $1,149,000.

Several other large investors have also recently added to or reduced their stakes in ALGN. Capricorn Fund Managers Ltd acquired a new stake in shares of Align Technology during the 1st quarter valued at $8,126,000. Impact Partnership Wealth LLC acquired a new position in shares of Align Technology in the first quarter worth $949,000. Apollon Wealth Management LLC increased its stake in shares of Align Technology by 43.2% in the first quarter. Apollon Wealth Management LLC now owns 1,935 shares of the medical equipment provider’s stock worth $332,000 after acquiring an additional 584 shares during the last quarter. Patton Fund Management Inc. purchased a new stake in shares of Align Technology during the first quarter worth $340,000. Finally, Janney Montgomery Scott LLC raised its holdings in shares of Align Technology by 332.9% during the first quarter. Janney Montgomery Scott LLC now owns 22,479 shares of the medical equipment provider’s stock worth $3,854,000 after acquiring an additional 17,286 shares in the last quarter. Institutional investors and hedge funds own 88.43% of the company’s stock.

Align Technology Price Performance

Shares of ALGN stock opened at $184.52 on Friday. Align Technology, Inc. has a 12 month low of $122.00 and a 12 month high of $208.30. The company has a market cap of $13.22 billion, a PE ratio of 30.96, a price-to-earnings-growth ratio of 1.89 and a beta of 1.67. The business’s 50 day moving average is $171.80 and its two-hundred day moving average is $173.02.

Align Technology (NASDAQ:ALGN) last issued 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. The business had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.02 billion. Align Technology had a net margin of 10.50% and a return on equity of 15.82%. Align Technology’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same period in the previous year, the company earned $2.13 earnings per share. As a group, equities analysts expect that Align Technology, Inc. will post 9.48 EPS for the current fiscal year.

Align Technology declared that its board has authorized a share buyback program on Wednesday, April 29th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the medical equipment provider to buy up to 1.6% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Weiss Ratings cut Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, June 4th. Morgan Stanley upped their target price on Align Technology from $169.00 to $188.00 and gave the stock an “equal weight” rating in a research report on Friday, April 24th. Citigroup initiated coverage on Align Technology in a research note on Wednesday, April 15th. They set a “buy” rating and a $240.00 price target for the company. Zacks Research upgraded Align Technology from a “hold” rating to a “strong-buy” rating in a report on Monday, June 1st. Finally, Barclays raised Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 price target for the company in a research note on Tuesday, March 17th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, Align Technology presently has a consensus rating of “Moderate Buy” and an average price target of $205.85.

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.