Align Technology Inc. (NASDAQ: ALGN): The Best-Of-Breed For Investing?

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    Edgewood Management LLC recently announced the acquisition of new stake in Align Technology Inc. (NASDAQ:ALGN). The institutional investor has increased its shareholding in the Healthcare company by 1.71% to 4.78 million shares with purchase of 80107.0 shares. This fresh investment now brings its stake to 6.07% valued currently at $1.17 billion. In addition, BlackRock Fund Advisors raised its holdings by 0.17 million to 4.13 million shares. And SSgA Funds Management, Inc. has lifted its position by 0.03% or 860.0 shares – to 3.1 million shares.

    With over 0.65 million Align Technology Inc. (ALGN) shares trading Monday and a closing price of $270.24 on the day, the dollar volume was approximately $175.08 million. The shares have shown a negative weekly performance of -4.32% and its price on 07/13/20 lost nearly -1.12%. Currently, there are 78.59M common shares owned by the public and among those 72.30M shares have been available to trade.

    Incidentally, analysts’ outlook for the Align Technology Inc. stock is 1.90 for the next 12 months.

    Insiders at the company have transacted a total of 93 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 34 of these insider trades were purchases, accounting for 265,379 shares. Insider sales of the common stock occurred on 59 occasions, with total insider shares sold totaling 280,998 shares.

    The top 3 mutual fund holders in Align Technology Inc. are Advisors Inner Circle – Edgewood, Vanguard Total Stock Market Index, and Vanguard Mid Cap Index Fund. Advisors Inner Circle – Edgewood owns 2.56 million shares of the company’s stock, all valued at over $628.01 million. The company bought an additional 0.12 million shares recently to bring their total holdings to about 3.25% of the shares outstanding. Vanguard Total Stock Market Index sold 10595.0 shares to see its total holdings shrink to 2.04 million shares valued at over $502.18 million and representing 2.60% of the shares outstanding. Vanguard Mid Cap Index Fund bought 10703.0 shares to bring its total holdings to over 1.85 million shares at a value of $454.66 million. Vanguard Mid Cap Index Fund now owns shares totaling to 2.35% of the shares outstanding.

    Shares of Align Technology Inc. (NASDAQ: ALGN) opened at $274.93, up $1.64 from a prior closing price of $273.29. However, the script later closed the day at $270.24, down -1.12%. The company’s stock has a 5-day price change of -4.32% and 45.51% over the past three months. ALGN shares are trading -3.15% year to date (YTD), with the 12-month market performance down to -4.81% lower. It has a 12-month low price of $127.88 and touched a high of $301.65 over the same period. Currently, 0.65 million shares have been traded, compared to an average intraday trading volume of 1.07 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 1.09%, 8.76%, and 13.43% respectively.

    Institutional ownership of Align Technology Inc. (NASDAQ: ALGN) shares accounts for 88.90% of the company’s 78.59M shares outstanding. Mutual fund holders own 44.31%, while other institutional holders and individual stakeholders account for 44.66% and 28.52% respectively.

    It has a market capitalization of $21.35B and a beta (3y monthly) value of 2.01. The stock’s trailing 12-month PE ratio is 11.33, while the earnings-per-share (ttm) stands at $23.85. The company has a PEG of 0.69 and a Quick Ratio of 1.60 with the debt-to-equity ratio at 0.00. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.12% over the week and 3.81% over the month.

    Analysts forecast that Align Technology Inc. (ALGN) will achieve an EPS of -$0.04 for the current quarter, $0.62 for the next quarter and $6.84 for 2021. The lowest estimate earnings-per-share for the quarter is -$1.02 while analysts give the company a high EPS estimate of $0.44. Comparatively, EPS for the current quarter was $1.83 a year ago. Earnings per share for the fiscal year are expected to increase by 12.40%, and 128.17% over the next financial year. EPS should shrink at an annualized rate of 16.37% over the next five years, compared to 25.50% over the past 5-year period.

    Looking at the support for the ALGN, a number of firms have released research notes about the stock. Wolfe Research stated their Outperform rating for the stock in a research note on January 09, 2020, with the firm’s price target at. BofA/Merrill coverage for the Align Technology Inc. (ALGN) stock in a research note released on October 24, 2019 offered a Neutral rating with a price target of $240. Guggenheim was of a view on October 07, 2019 that the stock is Neutral, while Evercore ISI gave the stock In-line rating on July 25, 2019, issuing a price target of $340- $220. Wolfe Research on their part issued Peer Perform rating on May 30, 2019.

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