Cerity Partners LLC Boosts Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Cerity Partners LLC raised its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 122.1% during the 1st quarter, Holdings Channel reports. The firm owned 18,923 shares of the medical equipment provider’s stock after purchasing an additional 10,402 shares during the quarter. Cerity Partners LLC’s holdings in Align Technology were worth $3,006,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of ALGN. Norges Bank acquired a new stake in shares of Align Technology during the fourth quarter valued at $190,792,000. Ninety One UK Ltd lifted its holdings in Align Technology by 58.7% in the 1st quarter. Ninety One UK Ltd now owns 1,937,555 shares of the medical equipment provider’s stock valued at $307,800,000 after purchasing an additional 716,954 shares in the last quarter. Senvest Management LLC boosted its stake in shares of Align Technology by 58.1% during the 4th quarter. Senvest Management LLC now owns 726,243 shares of the medical equipment provider’s stock worth $151,429,000 after purchasing an additional 267,000 shares during the last quarter. Resona Asset Management Co. Ltd. purchased a new stake in Align Technology in the 4th quarter worth approximately $47,853,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of Align Technology in the fourth quarter valued at $42,243,000. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Align Technology Trading Down 0.8%

NASDAQ:ALGN opened at $190.77 on Friday. The firm’s fifty day simple moving average is $186.00 and its 200 day simple moving average is $187.34. Align Technology, Inc. has a twelve month low of $141.74 and a twelve month high of $262.87. The firm has a market capitalization of $13.83 billion, a price-to-earnings ratio of 34.75, a PEG ratio of 2.03 and a beta of 1.63.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, April 30th. The medical equipment provider reported $2.13 EPS for the quarter, topping analysts’ consensus estimates of $2.00 by $0.13. Align Technology had a return on equity of 13.52% and a net margin of 10.29%. The company had revenue of $979.26 million for the quarter, compared to analysts’ expectations of $977.90 million. During the same quarter in the previous year, the firm posted $2.14 earnings per share. The firm’s quarterly revenue was down 1.8% on a year-over-year basis. On average, analysts predict that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Align Technology announced that its Board of Directors has initiated a stock buyback plan on Tuesday, May 6th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the medical equipment provider to reacquire up to 7.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

ALGN has been the subject of a number of research analyst reports. Piper Sandler reaffirmed an “overweight” rating and set a $250.00 price objective (up previously from $235.00) on shares of Align Technology in a research note on Thursday, May 1st. Hsbc Global Res downgraded shares of Align Technology from a “strong-buy” rating to a “hold” rating in a report on Friday, April 25th. Wells Fargo & Company cut their price target on shares of Align Technology from $255.00 to $246.00 and set an “overweight” rating on the stock in a research note on Thursday, May 1st. Evercore ISI lifted their price target on shares of Align Technology from $200.00 to $220.00 and gave the company an “outperform” rating in a report on Wednesday, July 9th. Finally, UBS Group dropped their price objective on Align Technology from $240.00 to $215.00 and set a “neutral” rating for the company in a report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Align Technology presently has an average rating of “Moderate Buy” and an average price target of $242.92.

Align Technology Company Profile

Align Technology, Inc designs, manufactures, and markets Invisalign clear aligners, and iTero intraoral scanners and services for orthodontists and general practitioner dentists in the United States, Switzerland, and internationally. The company's Clear Aligner segment offers comprehensive products, including Invisalign comprehensive package that addresses the orthodontic needs of younger patients, such as mandibular advancement, compliance indicators, and compensation for tooth eruption; and Invisalign First Phase I and Invisalign First Comprehensive Phase 2 package for younger patients generally between the ages of six and ten years, which is a mixture of primary/baby and permanent teeth.