Keybank National Association OH Grows Holdings in Align Technology, Inc. $ALGN

Keybank National Association OH grew its stake in Align Technology, Inc. (NASDAQ:ALGN) by 0.1% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 320,037 shares of the medical equipment provider’s stock after acquiring an additional 200 shares during the period. Keybank National Association OH owned about 0.44% of Align Technology worth $60,593,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in ALGN. Redmond Asset Management LLC grew its holdings in shares of Align Technology by 2.0% in the first quarter. Redmond Asset Management LLC now owns 2,769 shares of the medical equipment provider’s stock valued at $440,000 after purchasing an additional 54 shares in the last quarter. Horizon Investments LLC grew its holdings in shares of Align Technology by 6.2% in the first quarter. Horizon Investments LLC now owns 1,018 shares of the medical equipment provider’s stock valued at $162,000 after purchasing an additional 59 shares in the last quarter. IFP Advisors Inc grew its holdings in shares of Align Technology by 5.7% in the second quarter. IFP Advisors Inc now owns 1,427 shares of the medical equipment provider’s stock valued at $270,000 after purchasing an additional 77 shares in the last quarter. Covestor Ltd grew its holdings in shares of Align Technology by 18.8% in the first quarter. Covestor Ltd now owns 493 shares of the medical equipment provider’s stock valued at $78,000 after purchasing an additional 78 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its holdings in shares of Align Technology by 42.2% in the second quarter. Farther Finance Advisors LLC now owns 310 shares of the medical equipment provider’s stock valued at $59,000 after purchasing an additional 92 shares in the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ALGN has been the subject of a number of research reports. Morgan Stanley dropped their price objective on shares of Align Technology from $154.00 to $142.00 and set an “equal weight” rating for the company in a report on Tuesday, October 21st. Piper Sandler restated an “overweight” rating and issued a $190.00 price objective on shares of Align Technology in a report on Thursday, October 23rd. Mizuho dropped their price objective on shares of Align Technology from $210.00 to $170.00 and set an “outperform” rating for the company in a report on Monday, October 13th. Leerink Partners lowered their price target on shares of Align Technology from $188.00 to $172.00 and set an “outperform” rating for the company in a report on Tuesday, October 14th. Finally, Jefferies Financial Group reiterated a “hold” rating and set a $140.00 price target (down previously from $215.00) on shares of Align Technology in a report on Friday, October 10th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $173.09.

Align Technology Stock Down 0.9%

NASDAQ ALGN opened at $131.91 on Thursday. Align Technology, Inc. has a 52 week low of $122.00 and a 52 week high of $246.19. The stock has a market capitalization of $9.56 billion, a PE ratio of 22.24, a price-to-earnings-growth ratio of 1.51 and a beta of 1.70. The firm has a 50 day moving average of $133.51 and a two-hundred day moving average of $162.16.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, July 30th. The medical equipment provider reported $2.49 EPS for the quarter, missing the consensus estimate of $2.57 by ($0.08). Align Technology had a return on equity of 13.36% and a net margin of 11.04%.The firm had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1.06 billion. During the same quarter last year, the firm earned $2.41 EPS. The company’s revenue was down 1.6% on a year-over-year basis. On average, equities research analysts expect that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Align Technology announced that its Board of Directors has authorized a stock repurchase program on Tuesday, August 5th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the medical equipment provider to buy up to 2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Align Technology

In related news, CEO Joseph M. Hogan acquired 7,576 shares of Align Technology stock in a transaction dated Friday, August 1st. The stock was acquired at an average price of $131.49 per share, for a total transaction of $996,168.24. Following the transaction, the chief executive officer owned 184,945 shares of the company’s stock, valued at $24,318,418.05. This represents a 4.27% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.66% of the company’s stock.

Align Technology 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.