Systematic Financial Management LP Takes $749,000 Position in Align Technology, Inc. $ALGN

Systematic Financial Management LP purchased a new stake in Align Technology, Inc. (NASDAQ:ALGN) during the fourth quarter, HoldingsChannel.com reports. The firm purchased 4,795 shares of the medical equipment provider’s stock, valued at approximately $749,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Comerica Bank boosted its position in Align Technology by 0.6% in the fourth quarter. Comerica Bank now owns 13,656 shares of the medical equipment provider’s stock valued at $2,132,000 after buying an additional 76 shares in the last quarter. Arizona State Retirement System boosted its position in Align Technology by 0.4% in the third quarter. Arizona State Retirement System now owns 20,387 shares of the medical equipment provider’s stock valued at $2,553,000 after buying an additional 79 shares in the last quarter. Sentry Investment Management LLC boosted its position in Align Technology by 73.1% in the third quarter. Sentry Investment Management LLC now owns 187 shares of the medical equipment provider’s stock valued at $25,000 after buying an additional 79 shares in the last quarter. Independence Bank of Kentucky boosted its position in Align Technology by 77.7% in the fourth quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider’s stock valued at $29,000 after buying an additional 80 shares in the last quarter. Finally, Allworth Financial LP boosted its position in Align Technology by 3.3% in the third quarter. Allworth Financial LP now owns 2,874 shares of the medical equipment provider’s stock valued at $360,000 after buying an additional 92 shares in the last quarter. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Align Technology Stock Performance

Shares of NASDAQ ALGN opened at $163.61 on Monday. Align Technology, Inc. has a 1-year low of $122.00 and a 1-year high of $208.30. The company has a market cap of $11.72 billion, a PE ratio of 27.45, a P/E/G ratio of 1.68 and a beta of 1.70. The company has a 50-day moving average of $173.96 and a two-hundred day moving average of $167.38.

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, topping analysts’ consensus estimates of $2.26 by $0.32. Align Technology had a net margin of 10.50% and a return on equity of 15.82%. The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.02 billion. During the same period in the previous year, the firm posted $2.13 earnings per share. The company’s revenue was up 6.2% on a year-over-year basis. As a group, equities research analysts forecast that Align Technology, Inc. will post 9.48 earnings per share for the current year.

Align Technology announced that its board has authorized a share buyback 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 usually an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

ALGN has been the topic of a number of recent analyst reports. Stifel Nicolaus boosted their price target on shares of Align Technology from $200.00 to $210.00 and gave the company a “buy” rating in a research report on Thursday, February 5th. Morgan Stanley boosted their price target on shares of Align Technology from $169.00 to $188.00 and gave the company an “equal weight” rating in a research report on Friday, April 24th. Evercore boosted their price target on shares of Align Technology from $200.00 to $220.00 in a research report on Thursday, April 30th. Leerink Partners boosted their price target on shares of Align Technology from $225.00 to $230.00 in a research report on Thursday, April 30th. Finally, Piper Sandler boosted their target price on shares of Align Technology from $220.00 to $235.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 21st. Eight research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average 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.