Impact Partnership Wealth LLC Takes $949,000 Position in Align Technology, Inc. $ALGN

Impact Partnership Wealth LLC bought a new stake in Align Technology, Inc. (NASDAQ:ALGN) in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 5,534 shares of the medical equipment provider’s stock, valued at approximately $949,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Apollon Wealth Management LLC boosted its holdings in shares of Align Technology by 43.2% in the first quarter. Apollon Wealth Management LLC now owns 1,935 shares of the medical equipment provider’s stock valued at $332,000 after acquiring an additional 584 shares during the period. Patton Fund Management Inc. acquired a new position in shares of Align Technology in the 1st quarter valued at $340,000. Janney Montgomery Scott LLC increased its holdings in shares of Align Technology by 332.9% in the 1st quarter. Janney Montgomery Scott LLC now owns 22,479 shares of the medical equipment provider’s stock valued at $3,854,000 after acquiring an additional 17,286 shares during the period. Maridea Wealth Management LLC raised its position in Align Technology by 52.3% in the 1st quarter. Maridea Wealth Management LLC now owns 9,433 shares of the medical equipment provider’s stock valued at $1,617,000 after purchasing an additional 3,240 shares during the last quarter. Finally, Pinnacle Wealth Management Advisory Group LLC raised its position in Align Technology by 6.7% in the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,501 shares of the medical equipment provider’s stock valued at $257,000 after purchasing an additional 94 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on ALGN. Wall Street Zen downgraded shares of Align Technology from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 13th. Barclays raised shares of Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 target price for the company in a report on Tuesday, March 17th. Weiss Ratings downgraded shares of Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, June 4th. Evercore raised their price target on Align Technology from $200.00 to $220.00 in a report on Thursday, April 30th. Finally, Leerink Partners boosted their price target on Align Technology from $225.00 to $230.00 in a research report on Thursday, April 30th. 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’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $205.85.

Align Technology Price Performance

NASDAQ:ALGN opened at $168.66 on Wednesday. The firm has a market cap of $12.08 billion, a price-to-earnings ratio of 28.30, a price-to-earnings-growth ratio of 1.78 and a beta of 1.67. The firm’s fifty day moving average price is $172.45 and its 200 day moving average price is $172.68. Align Technology, Inc. has a 1-year low of $122.00 and a 1-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 EPS 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 quarter in the prior year, the firm earned $2.13 EPS. Align Technology’s quarterly revenue was up 6.2% on a year-over-year basis. As a group, analysts expect that Align Technology, Inc. will post 9.48 earnings per share for the current fiscal year.

Align Technology announced that its Board of Directors has authorized a share buyback plan on Wednesday, April 29th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the medical equipment provider to reacquire up to 1.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management 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.