Sequoia Financial Advisors LLC Purchases 6,085 Shares of Align Technology, Inc. $ALGN

Sequoia Financial Advisors LLC raised its stake in Align Technology, Inc. (NASDAQ:ALGN) by 320.1% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 7,986 shares of the medical equipment provider’s stock after buying an additional 6,085 shares during the period. Sequoia Financial Advisors LLC’s holdings in Align Technology were worth $1,247,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. 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. Institutional investors and hedge funds own 88.43% of the company’s stock.

Align Technology Trading Up 0.7%

ALGN opened at $165.79 on Wednesday. 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 $11.87 billion, a P/E ratio of 27.82, a price-to-earnings-growth ratio of 1.69 and a beta of 1.70. The company has a fifty day moving average price of $176.74 and a two-hundred day moving average price of $166.00.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.26 by $0.32. The firm had revenue of $1.04 billion during 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%. The business’s revenue was up 6.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.13 earnings per share. On average, research analysts forecast that Align Technology, Inc. will post 9.47 EPS for the current fiscal year.

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

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Citigroup began coverage on shares of Align Technology in a research report on Wednesday, April 15th. They issued a “buy” rating and a $240.00 target price on the stock. Piper Sandler lifted their price target 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. Morgan Stanley lifted their price target on shares of Align Technology from $169.00 to $188.00 and gave the stock an “equal weight” rating in a report on Friday, April 24th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Align Technology in a report on Wednesday, April 15th. Finally, Evercore lifted their price target on shares of Align Technology from $200.00 to $220.00 in a report on Thursday, April 30th. Eight investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $205.85.

Insiders Place Their Bets

In related news, EVP John Morici sold 7,969 shares of the business’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $189.31, for a total transaction of $1,508,611.39. Following the transaction, the executive vice president directly owned 8,237 shares in the company, valued at approximately $1,559,346.47. The trade was a 49.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.75% of the company’s stock.

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.