Marathon Asset Management Ltd Reduces Position in Align Technology, Inc. $ALGN

Marathon Asset Management Ltd cut its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 7.7% during the 4th quarter, Holdings Channel.com reports. The firm owned 176,586 shares of the medical equipment provider’s stock after selling 14,734 shares during the quarter. Marathon Asset Management Ltd’s holdings in Align Technology were worth $27,574,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of ALGN. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Align Technology by 4.8% in the 1st 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 period. Focus Partners Wealth boosted its holdings in Align Technology by 5.2% in the 1st quarter. Focus Partners Wealth now owns 3,062 shares of the medical equipment provider’s stock worth $486,000 after buying an additional 151 shares during the period. Sivia Capital Partners LLC bought a new position in Align Technology in the 2nd quarter worth approximately $204,000. EverSource Wealth Advisors LLC boosted its holdings in Align Technology by 55.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 531 shares of the medical equipment provider’s stock worth $101,000 after buying an additional 190 shares during the period. Finally, First Trust Advisors LP boosted its holdings in Align Technology by 201.7% in the 2nd quarter. First Trust Advisors LP now owns 88,270 shares of the medical equipment provider’s stock worth $16,712,000 after buying an additional 59,010 shares during the period. 88.43% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

ALGN has been the subject of several analyst reports. Citigroup initiated coverage on shares of Align Technology in a report on Wednesday, April 15th. They issued a “buy” rating and a $240.00 price objective for the company. Piper Sandler raised their price objective on shares of Align Technology from $220.00 to $235.00 and gave the stock an “overweight” rating in a report on Tuesday, April 21st. Wall Street Zen raised shares of Align Technology from a “buy” rating to a “strong-buy” rating in a report on Saturday, March 7th. UBS Group increased their price target on shares of Align Technology from $175.00 to $185.00 and gave the stock a “neutral” rating in a report on Thursday, February 5th. Finally, Stifel Nicolaus increased their price target on shares of Align Technology from $200.00 to $210.00 and gave the stock a “buy” rating in a report on Thursday, February 5th. Eight investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $205.85.

Align Technology Stock Down 2.3%

Align Technology stock opened at $155.16 on Wednesday. Align Technology, Inc. has a 52 week low of $122.00 and a 52 week high of $208.30. The business has a 50-day simple moving average of $174.54 and a 200 day simple moving average of $166.85. The stock has a market cap of $11.11 billion, a price-to-earnings ratio of 26.03, a PEG ratio of 1.63 and a beta of 1.70.

Align Technology (NASDAQ:ALGN) last announced its earnings results 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. The business had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.02 billion. Align Technology had a net margin of 10.50% and a return on equity of 15.82%. Align Technology’s quarterly revenue was up 6.2% on a year-over-year basis. During the same period last year, the firm posted $2.13 earnings per share. On average, research analysts anticipate that Align Technology, Inc. will post 9.48 earnings per share for the current year.

Align Technology declared that its board has approved a stock repurchase program on Wednesday, April 29th that allows the company to buyback $200.00 million in outstanding 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 usually a sign that the company’s board believes its stock is undervalued.

About Align Technology

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.