Cetera Investment Advisers has increased its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 4.1%, acquiring an additional 374 shares during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission, the institutional investor now owns a total of 9,451 shares, valued at approximately $1,789,000 at the close of the quarter.
Other institutional investors have also adjusted their positions in Align Technology. Notably, True Wealth Design LLC significantly boosted its stake by 7,650% during the same period, acquiring 155 shares valued at $29,000. Similarly, Cromwell Holdings LLC increased its holdings by 2,900%, now owning 180 shares worth $34,000 after purchasing an additional 174 shares.
SVB Wealth LLC entered the market with a new stake during the first quarter, valued at $36,000. Farther Finance Advisors LLC enhanced its position by 42.2%, holding 310 shares now valued at $59,000. Additionally, Assetmark Inc. increased its stake by 327.6%, now owning 449 shares worth $85,000. Overall, institutional investors and hedge funds control approximately 88.43% of Align Technology’s stock.
Analysts Weigh In on Align Technology
Several analysts have recently provided insights into Align Technology’s stock performance. On October 30, 2023, Needham & Company LLC reaffirmed a “hold” rating, while Leerink Partners raised their target price from $172.00 to $189.00. Wells Fargo & Company adjusted its price target downward from $199.00 to $181.00 but maintained an “overweight” rating.
Weiss Ratings downgraded Align Technology from a “hold (c-)” to a “sell (d+)” rating on October 8, 2023. Conversely, Piper Sandler reiterated an “overweight” rating with a new price objective of $200.00, up from a previous target of $190.00. Currently, one analyst has assigned a Strong Buy rating, six have given a Buy rating, seven maintain a Hold rating, and two have issued a Sell rating. According to data from MarketBeat.com, Align Technology holds an average rating of “Hold” with a consensus price target of $175.45.
Align Technology’s Market Performance
Align Technology’s stock opened at $147.14 on October 30, 2023. The company has seen a 52-week range with a low of $122.00 and a high of $246.19. Align Technology currently enjoys a market capitalization of $10.56 billion, alongside a price-to-earnings (P/E) ratio of 28.51 and a P/E/G ratio of 1.49.
The company recently reported quarterly earnings, revealing an earnings per share (EPS) of $2.61, surpassing the consensus estimate of $2.38 by $0.23. Align’s revenue for the quarter reached $995.69 million, exceeding expectations of $980.75 million. Compared to the same quarter last year, revenue increased by 1.8%, with the previous year’s EPS recorded at $2.35.
Align Technology has also announced guidance for Q4 2023, projecting an EPS of $7.98 for the current fiscal year. Additionally, on August 5, 2023, the company’s board approved a share repurchase plan authorizing the repurchase of up to $200 million in outstanding shares, indicating management’s belief that the stock is undervalued.
Align Technology, Inc. specializes in designing, manufacturing, and marketing Invisalign clear aligners and iTero intraoral scanners for orthodontists and general practitioners globally, including markets in the United States and Switzerland. The company’s innovative offerings address a range of orthodontic needs, appealing to both younger patients and adults.
