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

Systematic Financial Management LP purchased a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 4,795 shares of the medical equipment provider’s stock, valued at approximately $749,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Vanguard Group Inc. raised its holdings in shares of Align Technology by 0.7% during the 3rd quarter. Vanguard Group Inc. now owns 8,301,611 shares of the medical equipment provider’s stock valued at $1,039,528,000 after purchasing an additional 58,546 shares in the last quarter. Capital International Investors raised its holdings in Align Technology by 88.6% in the 3rd quarter. Capital International Investors now owns 3,050,373 shares of the medical equipment provider’s stock worth $381,968,000 after acquiring an additional 1,433,393 shares during the period. Invesco Ltd. raised its holdings in Align Technology by 37.4% in the 3rd quarter. Invesco Ltd. now owns 1,497,535 shares of the medical equipment provider’s stock worth $187,521,000 after acquiring an additional 407,559 shares during the period. Holocene Advisors LP bought a new position in Align Technology in the 3rd quarter worth $179,035,000. Finally, Bank of America Corp DE raised its holdings in Align Technology by 72.0% in the 3rd quarter. Bank of America Corp DE now owns 1,353,125 shares of the medical equipment provider’s stock worth $169,438,000 after acquiring an additional 566,488 shares during the period. Institutional investors own 88.43% of the company’s stock.

Align Technology Stock Performance

Shares of Align Technology stock opened at $163.61 on Monday. The firm’s 50-day simple moving average is $173.96 and its 200-day simple moving average is $167.38. Align Technology, Inc. has a twelve month low of $122.00 and a twelve month high of $208.30. The firm has a market cap of $11.72 billion, a P/E ratio of 27.45, a price-to-earnings-growth ratio of 1.68 and a beta of 1.70.

Align Technology (NASDAQ:ALGN) last issued its 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. Align Technology had a net margin of 10.50% and a return on equity of 15.82%. The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.02 billion. During the same period in the previous year, the business earned $2.13 EPS. The firm’s revenue was up 6.2% on a year-over-year basis. On average, equities analysts forecast 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 stock repurchase plan 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 plans are generally an indication that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Wells Fargo & Company lifted their target price on shares of Align Technology from $181.00 to $200.00 and gave the stock an “overweight” rating in a report on Thursday, February 5th. Stifel Nicolaus raised their price target on shares of Align Technology from $200.00 to $210.00 and gave the stock a “buy” rating in a research report on Thursday, February 5th. Evercore raised their price target on shares of Align Technology from $200.00 to $220.00 in a research report on Thursday, April 30th. Citigroup started coverage on shares of Align Technology in a research report on Wednesday, April 15th. They issued a “buy” rating and a $240.00 price target on the stock. Finally, Robert W. Baird set a $218.00 price target on shares of Align Technology in a research report on Thursday, February 5th. Eight investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, Align Technology currently has an average rating of “Moderate Buy” and an average target price of $205.85.

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.