Janney Montgomery Scott LLC Has $3.85 Million Stake in Align Technology, Inc. $ALGN

Janney Montgomery Scott LLC lifted its stake in Align Technology, Inc. (NASDAQ:ALGN) by 332.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 22,479 shares of the medical equipment provider’s stock after buying an additional 17,286 shares during the period. Janney Montgomery Scott LLC’s holdings in Align Technology were worth $3,854,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in ALGN. Banco Bilbao Vizcaya Argentaria S.A. raised its holdings in Align Technology by 3.7% in the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 1,896 shares of the medical equipment provider’s stock valued at $296,000 after acquiring an additional 68 shares in the last quarter. Blue Trust Inc. grew its holdings in shares of Align Technology by 77.5% during the 1st quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider’s stock worth $27,000 after purchasing an additional 69 shares in the last quarter. Comerica Bank increased its position in shares of Align Technology by 0.6% in the fourth quarter. Comerica Bank now owns 13,656 shares of the medical equipment provider’s stock worth $2,132,000 after purchasing an additional 76 shares during the period. Independence Bank of Kentucky raised its stake 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 purchasing an additional 80 shares in the last quarter. Finally, Allworth Financial LP lifted its position in Align Technology by 3.3% during the third quarter. Allworth Financial LP now owns 2,874 shares of the medical equipment provider’s stock worth $360,000 after purchasing an additional 92 shares during the period. Institutional investors and hedge funds own 88.43% of the company’s stock.

Analyst Upgrades and Downgrades

ALGN has been the subject of several analyst reports. Morgan Stanley boosted their target price 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. Weiss Ratings downgraded shares of Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, June 4th. Wall Street Zen upgraded Align Technology from a “buy” rating to a “strong-buy” rating in a research note on Saturday. 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 on the stock. Finally, Piper Sandler upped their price objective on Align Technology from $220.00 to $235.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $205.85.

Align Technology Stock Down 2.0%

Align Technology stock traded down $3.67 during trading hours on Tuesday, reaching $184.72. 60,189 shares of the company’s stock were exchanged, compared to its average volume of 1,143,442. The firm’s 50 day simple moving average is $171.80 and its 200 day simple moving average is $173.09. Align Technology, Inc. has a twelve month low of $122.00 and a twelve month high of $208.30. The firm has a market capitalization of $13.23 billion, a PE ratio of 31.03, a PEG ratio of 1.89 and a beta of 1.67.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings data on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share for the quarter, topping the consensus estimate of $2.26 by $0.32. Align Technology had a return on equity of 15.82% and a net margin of 10.50%.The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.02 billion. During the same period last year, the company posted $2.13 EPS. The business’s quarterly revenue was up 6.2% on a year-over-year basis. Analysts anticipate that Align Technology, Inc. will post 9.48 EPS for the current year.

Align Technology declared that its board has initiated a share 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 repurchase up to 1.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

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.