State of Wyoming Has $276,000 Stock Holdings in Align Technology, Inc. $ALGN

State of Wyoming decreased its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 68.7% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 1,609 shares of the medical equipment provider’s stock after selling 3,537 shares during the period. State of Wyoming’s holdings in Align Technology were worth $276,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Bessemer Group Inc. raised its holdings in Align Technology by 37.2% in the 1st quarter. Bessemer Group Inc. now owns 247 shares of the medical equipment provider’s stock valued at $43,000 after acquiring an additional 67 shares during the period. Banco Bilbao Vizcaya Argentaria S.A. lifted its position in Align Technology by 3.7% during the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 1,896 shares of the medical equipment provider’s stock worth $296,000 after acquiring an additional 68 shares during the last quarter. Blue Trust Inc. boosted its holdings in shares of Align Technology by 77.5% during the first quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider’s stock worth $27,000 after acquiring an additional 69 shares during the period. Comerica Bank boosted its holdings in shares of Align Technology by 0.6% during the fourth quarter. Comerica Bank now owns 13,656 shares of the medical equipment provider’s stock worth $2,132,000 after acquiring an additional 76 shares during the period. Finally, Independence Bank of Kentucky grew its position in shares of 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 during the last quarter. Institutional investors and hedge funds own 88.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on ALGN shares. UBS Group reiterated a “neutral” rating and set a $189.00 target price on shares of Align Technology in a research note on Thursday, July 23rd. Evercore boosted their price target on Align Technology from $200.00 to $220.00 in a research note on Thursday, April 30th. Morgan Stanley upped their price objective on Align Technology from $169.00 to $188.00 and gave the company an “equal weight” rating in a report on Friday, April 24th. Citigroup began coverage on Align Technology in a report on Wednesday, April 15th. They set a “buy” rating and a $240.00 target price for the company. Finally, BMO Capital Markets initiated coverage on shares of Align Technology in a research report on Wednesday, July 8th. They issued an “outperform” rating and a $209.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $206.36.

Align Technology Trading Up 4.5%

NASDAQ ALGN opened at $175.60 on Wednesday. The company has a market cap of $12.58 billion, a price-to-earnings ratio of 29.46, a PEG ratio of 1.72 and a beta of 1.67. The company has a 50 day moving average of $173.90 and a 200-day moving average of $175.18. Align Technology, Inc. has a 1-year low of $122.00 and a 1-year high of $208.30.

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

Align Technology announced that its board has authorized a share repurchase plan on Wednesday, April 29th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the medical equipment provider to repurchase up to 1.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its stock is undervalued.

Align Technology 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.