Ruane Cunniff & Goldfarb L.P. Sells 15,999 Shares of Align Technology, Inc. $ALGN

Ruane Cunniff & Goldfarb L.P. trimmed its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 1.3% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,206,535 shares of the medical equipment provider’s stock after selling 15,999 shares during the quarter. Align Technology accounts for 3.4% of Ruane Cunniff & Goldfarb L.P.’s investment portfolio, making the stock its 13th largest holding. Ruane Cunniff & Goldfarb L.P.’s holdings in Align Technology were worth $206,836,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Align Technology by 4.8% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,222 shares of the medical equipment provider’s stock worth $1,624,000 after buying an additional 469 shares during the last quarter. Focus Partners Wealth grew its holdings in shares of Align Technology by 5.2% during the first quarter. Focus Partners Wealth now owns 3,062 shares of the medical equipment provider’s stock valued at $486,000 after buying an additional 151 shares during the last quarter. Sivia Capital Partners LLC acquired a new position in shares of Align Technology during the second quarter valued at about $204,000. EverSource Wealth Advisors LLC grew its holdings in shares of Align Technology by 55.7% during the second quarter. EverSource Wealth Advisors LLC now owns 531 shares of the medical equipment provider’s stock valued at $101,000 after buying an additional 190 shares during the last quarter. Finally, First Trust Advisors LP increased its position in shares of Align Technology by 201.7% during the second quarter. First Trust Advisors LP now owns 88,270 shares of the medical equipment provider’s stock worth $16,712,000 after acquiring an additional 59,010 shares in the last quarter. 88.43% of the stock is currently owned by institutional investors.

Align Technology Price Performance

NASDAQ ALGN opened at $168.05 on Tuesday. Align Technology, Inc. has a 1 year low of $122.00 and a 1 year high of $208.30. The firm has a market cap of $12.04 billion, a price-to-earnings ratio of 28.20, a PEG ratio of 1.71 and a beta of 1.67. The company has a fifty day moving average price of $173.49 and a 200-day moving average price of $175.12.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 EPS for the quarter, beating the consensus estimate 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 the consensus estimate of $1.02 billion. During the same quarter in the prior year, the company posted $2.13 earnings per share. The firm’s revenue for the quarter was up 6.2% on a year-over-year basis. On average, research analysts anticipate that Align Technology, Inc. will post 9.48 EPS for the current fiscal 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.

Wall Street Analysts Forecast Growth

ALGN has been the topic of a number of analyst reports. Evercore upped their target price on shares of Align Technology from $200.00 to $220.00 in a report on Thursday, April 30th. BMO Capital Markets started coverage on Align Technology in a research note on Wednesday, July 8th. They set an “outperform” rating and a $209.00 price target for the company. Zacks Research lowered Align Technology from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 16th. Leerink Partners increased their price objective on Align Technology from $225.00 to $230.00 in a research note on Thursday, April 30th. Finally, Morgan Stanley increased their price objective on Align Technology from $169.00 to $188.00 and gave the stock an “equal weight” rating in a research note on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Align Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $206.36.

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.