Align Technology, Inc. $ALGN Shares Acquired by Rockefeller Capital Management L.P.

Rockefeller Capital Management L.P. increased its position in Align Technology, Inc. (NASDAQ:ALGN) by 108.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,884 shares of the medical equipment provider’s stock after acquiring an additional 3,579 shares during the period. Rockefeller Capital Management L.P.’s holdings in Align Technology were worth $1,075,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Capital International Investors grew its position in Align Technology by 52.2% in the 4th quarter. Capital International Investors now owns 4,643,221 shares of the medical equipment provider’s stock worth $725,039,000 after purchasing an additional 1,592,848 shares during the last quarter. Invesco Ltd. grew 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 buying an additional 407,559 shares in the last quarter. Capital World Investors increased its position in Align Technology by 13.2% in the 4th quarter. Capital World Investors now owns 1,490,503 shares of the medical equipment provider’s stock valued at $232,742,000 after acquiring an additional 173,641 shares during the period. Holocene Advisors LP bought a new stake in Align Technology during the 3rd quarter valued at $179,035,000. Finally, Bank of America Corp DE boosted its position in Align Technology by 72.0% during 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. 88.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ALGN. Zacks Research raised Align Technology from a “hold” rating to a “strong-buy” rating in a report on Monday, June 1st. Wall Street Zen cut shares of Align Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 13th. Barclays raised 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 research note on Tuesday, March 17th. Leerink Partners raised their price objective on shares of Align Technology from $225.00 to $230.00 in a research note on Thursday, April 30th. Finally, Evercore upped their target price on Align Technology from $200.00 to $220.00 in a research report on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $205.85.

Align Technology Trading Up 1.7%

NASDAQ:ALGN opened at $184.52 on Friday. The company has a 50-day moving average of $172.03 and a 200-day moving average of $172.94. The firm has a market cap of $13.21 billion, a price-to-earnings ratio of 30.96, a price-to-earnings-growth ratio of 1.86 and a beta of 1.67. Align Technology, Inc. has a twelve month low of $122.00 and a twelve month high of $208.30.

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

Align Technology announced that its Board of Directors has initiated a share repurchase program on Wednesday, April 29th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the medical equipment provider to repurchase up to 1.6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

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.