47,400 Shares in Align Technology, Inc. $ALGN Acquired by Capricorn Fund Managers Ltd

Capricorn Fund Managers Ltd bought a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 47,400 shares of the medical equipment provider’s stock, valued at approximately $8,126,000.

Other institutional investors also recently bought and sold shares of the company. Sunbelt Securities Inc. lifted its holdings in shares of Align Technology by 222.4% during the 4th quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider’s stock valued at $25,000 after purchasing an additional 109 shares during the last quarter. Blue Trust Inc. grew its stake in Align Technology by 77.5% during the 1st quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider’s stock worth $27,000 after buying an additional 69 shares during the last quarter. Independence Bank of Kentucky grew its stake in Align Technology by 77.7% during the 4th quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider’s stock worth $29,000 after buying an additional 80 shares during the last quarter. CYBER HORNET ETFs LLC acquired a new position in Align Technology during the 2nd quarter valued at about $36,000. Finally, Tobam acquired a new position in Align Technology during the 4th quarter valued at about $30,000. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Align Technology Stock Performance

Shares of ALGN opened at $168.66 on Wednesday. The stock has a 50-day moving average of $172.45 and a two-hundred day moving average of $172.68. The stock has a market cap of $12.08 billion, a P/E ratio of 28.30, a P/E/G ratio of 1.78 and a beta of 1.67. Align Technology, Inc. has a one year low of $122.00 and a one year high of $208.30.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share for the quarter, beating analysts’ consensus estimates of $2.26 by $0.32. Align Technology had a return on equity of 15.82% and a net margin of 10.50%.The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.02 billion. During the same period in the prior year, the company earned $2.13 earnings per share. The company’s revenue was up 6.2% on a year-over-year basis. Analysts predict that Align Technology, Inc. will post 9.48 EPS for the current fiscal year.

Align Technology declared that its board has initiated a share repurchase program on Wednesday, April 29th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the medical equipment provider to purchase up to 1.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Zacks Research raised Align Technology from a “hold” rating to a “strong-buy” rating in a report on Monday, June 1st. Barclays raised shares of Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 price objective for the company in a research report on Tuesday, March 17th. Morgan Stanley lifted their target price on shares of Align Technology from $169.00 to $188.00 and gave the stock an “equal weight” rating in a research note on Friday, April 24th. Leerink Partners boosted their target price on shares of Align Technology from $225.00 to $230.00 in a research report on Thursday, April 30th. Finally, Wall Street Zen lowered shares of Align Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 13th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, Align Technology has a consensus rating of “Moderate Buy” and a consensus target price 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.