Simplify Asset Management Inc. Makes New $16.74 Million Investment in Align Technology, Inc. $ALGN

Simplify Asset Management Inc. purchased a new position in Align Technology, Inc. (NASDAQ:ALGN) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 107,194 shares of the medical equipment provider’s stock, valued at approximately $16,738,000. Align Technology comprises 0.3% of Simplify Asset Management Inc.’s investment portfolio, making the stock its 15th biggest position. Simplify Asset Management Inc. owned 0.15% of Align Technology as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Independence Bank of Kentucky raised its stake in shares of Align Technology by 77.7% in the fourth 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 stake in shares of Align Technology by 73.1% in the third 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 second quarter worth $36,000. Miller Global Investments LLC purchased a new position in shares of Align Technology in the fourth quarter worth $31,000. Finally, MUFG Securities EMEA plc purchased a new position in shares of Align Technology in the second quarter worth $38,000. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Analysts Set New Price Targets

ALGN has been the subject of several recent analyst reports. Robert W. Baird set a $218.00 price target on Align Technology in a research note on Thursday, February 5th. Wells Fargo & Company boosted their price target on Align Technology from $181.00 to $200.00 and gave the stock an “overweight” rating in a research note on Thursday, February 5th. Barclays upgraded Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 price target for the company in a research note on Tuesday, March 17th. Citigroup initiated coverage on Align Technology in a research note on Wednesday, April 15th. They issued a “buy” rating and a $240.00 price target for the company. Finally, Evercore boosted their price target on Align Technology from $200.00 to $220.00 in a research note on Thursday, April 30th. Eight investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $205.85.

Align Technology Stock Performance

Align Technology stock opened at $163.61 on Monday. The stock has a market cap of $11.72 billion, a PE ratio of 27.45, a price-to-earnings-growth ratio of 1.68 and a beta of 1.70. Align Technology, Inc. has a one year low of $122.00 and a one year high of $208.30. The stock has a fifty day moving average of $173.96 and a 200 day moving average of $167.38.

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

Align Technology announced that its board has approved a share repurchase plan on Wednesday, April 29th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the medical equipment provider to reacquire up to 1.6% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board believes its shares are 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.