Thompson Siegel & Walmsley LLC Takes $24.30 Million Position in Align Technology, Inc. $ALGN

Thompson Siegel & Walmsley LLC acquired a new stake in Align Technology, Inc. (NASDAQ:ALGN) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 155,640 shares of the medical equipment provider’s stock, valued at approximately $24,303,000. Thompson Siegel & Walmsley LLC owned about 0.22% of Align Technology at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of ALGN. Capital International Investors lifted its position in shares of Align Technology by 88.6% in the third quarter. Capital International Investors now owns 3,050,373 shares of the medical equipment provider’s stock worth $381,968,000 after buying an additional 1,433,393 shares during the last quarter. Holocene Advisors LP bought a new position in shares of Align Technology in the 3rd quarter valued at approximately $179,035,000. Norges Bank acquired a new stake in Align Technology in the 4th quarter worth approximately $155,556,000. Bank of America Corp DE lifted 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 purchasing an additional 566,488 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its position in Align Technology by 35,513.8% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 545,604 shares of the medical equipment provider’s stock worth $85,196,000 after purchasing an additional 544,072 shares during the period. 88.43% of the stock is owned by institutional investors and hedge funds.

Align Technology Stock Performance

Shares of ALGN stock opened at $174.95 on Monday. Align Technology, Inc. has a 52-week low of $122.00 and a 52-week high of $208.30. The stock has a market cap of $12.53 billion, a price-to-earnings ratio of 29.35, a P/E/G ratio of 1.79 and a beta of 1.68. The firm has a fifty day moving average of $173.74 and a 200-day moving average of $168.50.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data 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 company 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%.During the same period in the prior year, the company posted $2.13 EPS. The company’s revenue was up 6.2% compared to the same quarter last year. On average, sell-side analysts predict that Align Technology, Inc. will post 9.48 earnings per share for the current year.

Align Technology declared that its board has approved a share repurchase program 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 buy up to 1.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

A number of research firms have recently commented on ALGN. Evercore lifted their price target on shares of Align Technology from $200.00 to $220.00 in a research report on Thursday, April 30th. Weiss Ratings upgraded shares of Align Technology from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, May 20th. Piper Sandler lifted their target price 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. UBS Group boosted their target price on shares of Align Technology from $175.00 to $185.00 and gave the stock a “neutral” rating in a research report on Thursday, February 5th. Finally, Barclays upgraded shares of Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 price target for the company in a report on Tuesday, March 17th. Eight analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the stock 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.