Heritage Investors Management Corp Lowers Stock Position in Align Technology, Inc. $ALGN

Heritage Investors Management Corp lowered its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 62.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,782 shares of the medical equipment provider’s stock after selling 6,197 shares during the quarter. Heritage Investors Management Corp’s holdings in Align Technology were worth $591,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in ALGN. Independence Bank of Kentucky raised its position in shares of Align Technology by 77.7% in the 4th quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider’s stock worth $29,000 after purchasing an additional 80 shares during the last quarter. Sentry Investment Management LLC raised its position in shares of Align Technology by 73.1% in the 3rd quarter. Sentry Investment Management LLC now owns 187 shares of the medical equipment provider’s stock worth $25,000 after purchasing an additional 79 shares during the last quarter. CYBER HORNET ETFs LLC purchased a new position in shares of Align Technology in the 2nd quarter worth about $36,000. Miller Global Investments LLC purchased a new position in shares of Align Technology in the 4th quarter worth about $31,000. Finally, MUFG Securities EMEA plc purchased a new position in shares of Align Technology in the 2nd quarter worth about $38,000. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Stock Up 0.3%

Align Technology stock opened at $163.61 on Friday. The business has a 50-day simple moving average of $173.96 and a two-hundred day simple moving average of $167.18. The company has a market cap of $11.72 billion, a P/E ratio of 27.45, a P/E/G ratio of 1.67 and a beta of 1.70. Align Technology, Inc. has a 52-week low of $122.00 and a 52-week high of $208.30.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.26 by $0.32. The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.02 billion. Align Technology had a return on equity of 15.82% and a net margin of 10.50%.The business’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same period in the previous year, the company posted $2.13 EPS. Research analysts anticipate 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 plan on Wednesday, April 29th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the medical equipment provider to purchase up to 1.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

Several equities analysts have recently issued reports on ALGN shares. Citigroup started coverage on Align Technology in a research report on Wednesday, April 15th. They issued a “buy” rating and a $240.00 price target for the company. Morgan Stanley lifted their price target 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. Wall Street Zen raised Align Technology from a “buy” rating to a “strong-buy” rating in a research report on Saturday, March 7th. Mizuho lifted their price target on Align Technology from $200.00 to $215.00 and gave the stock an “outperform” rating in a research report on Thursday, February 5th. Finally, Wells Fargo & Company lifted their price target on Align Technology from $181.00 to $200.00 and gave the stock an “overweight” rating in a research report on Thursday, February 5th. Eight investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, Align Technology currently has a consensus rating of “Moderate Buy” and an average target price of $205.85.

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.