ING Groep NV Raises Holdings in Align Technology, Inc. $ALGN

ING Groep NV grew its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 292.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 34,224 shares of the medical equipment provider’s stock after buying an additional 25,509 shares during the period. ING Groep NV’s holdings in Align Technology were worth $5,344,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Dana Investment Advisors Inc. purchased a new position in shares of Align Technology during the 3rd quarter valued at $9,991,000. AIA Group Ltd purchased a new position in shares of Align Technology during the 3rd quarter valued at $2,507,000. Sequoia Financial Advisors LLC lifted its position in shares of Align Technology by 320.1% during the 4th quarter. Sequoia Financial Advisors LLC now owns 7,986 shares of the medical equipment provider’s stock valued at $1,247,000 after buying an additional 6,085 shares during the last quarter. Clarkston Capital Partners LLC lifted its holdings in Align Technology by 25.7% during the 3rd quarter. Clarkston Capital Partners LLC now owns 141,215 shares of the medical equipment provider’s stock worth $17,683,000 after purchasing an additional 28,850 shares in the last quarter. Finally, M&G PLC purchased a new stake in Align Technology during the 3rd quarter worth about $10,904,000. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Stock Up 2.6%

Shares of NASDAQ ALGN opened at $172.05 on Tuesday. The firm has a market capitalization of $12.32 billion, a P/E ratio of 28.87, a P/E/G ratio of 1.72 and a beta of 1.68. The stock’s 50-day simple moving average is $172.52 and its two-hundred day simple moving average is $169.76. Align Technology, Inc. has a twelve month low of $122.00 and a twelve month high of $208.30.

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. The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.02 billion. Align Technology had a return on equity of 15.82% and a net margin of 10.50%.The company’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same period in the prior year, the company earned $2.13 EPS. As a group, research analysts anticipate that Align Technology, Inc. will post 9.48 EPS for the current fiscal year.

Align Technology declared that its Board of Directors has approved a stock repurchase plan on Wednesday, April 29th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the medical equipment provider to repurchase up to 1.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

ALGN has been the topic of a number of recent research reports. Weiss Ratings cut Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday. Citigroup assumed coverage on Align Technology in a report on Wednesday, April 15th. They set a “buy” rating and a $240.00 price objective on the stock. Piper Sandler upped their target price on Align Technology from $220.00 to $235.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 21st. Zacks Research upgraded Align Technology from a “hold” rating to a “strong-buy” rating in a research note on Monday, June 1st. Finally, Barclays upgraded Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 target price on the stock in a research note on Tuesday, March 17th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, Align Technology presently has a consensus rating of “Moderate Buy” and a consensus price target 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.