Algert Global LLC Boosts Stock Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Algert Global LLC raised its holdings in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 259.1% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,262 shares of the medical equipment provider's stock after buying an additional 5,240 shares during the period. Algert Global LLC's holdings in Align Technology were worth $1,514,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC raised its stake in Align Technology by 119.6% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 169,641 shares of the medical equipment provider's stock valued at $35,368,000 after buying an additional 92,407 shares during the period. Swedbank AB boosted its holdings in shares of Align Technology by 25.0% in the 4th quarter. Swedbank AB now owns 486,267 shares of the medical equipment provider's stock valued at $101,392,000 after purchasing an additional 97,152 shares in the last quarter. Principal Securities Inc. boosted its holdings in shares of Align Technology by 34.5% in the 4th quarter. Principal Securities Inc. now owns 1,881 shares of the medical equipment provider's stock valued at $392,000 after purchasing an additional 483 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Align Technology by 1.2% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 7,799 shares of the medical equipment provider's stock valued at $1,626,000 after purchasing an additional 91 shares in the last quarter. Finally, Allworth Financial LP boosted its holdings in shares of Align Technology by 1,479.1% in the 4th quarter. Allworth Financial LP now owns 2,416 shares of the medical equipment provider's stock valued at $504,000 after purchasing an additional 2,263 shares in the last quarter. Institutional investors own 88.43% of the company's stock.

Align Technology Stock Up 0.8%

ALGN stock traded up $1.42 during mid-day trading on Tuesday, reaching $190.42. 760,316 shares of the company traded hands, compared to its average volume of 916,575. The stock has a market cap of $13.94 billion, a price-to-earnings ratio of 33.94, a P/E/G ratio of 2.24 and a beta of 1.68. Align Technology, Inc. has a fifty-two week low of $141.74 and a fifty-two week high of $283.00. The firm's 50 day moving average price is $168.26 and its 200 day moving average price is $199.40.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.00 by $0.13. The business had revenue of $979.26 million during the quarter, compared to the consensus estimate of $977.90 million. Align Technology had a return on equity of 13.84% and a net margin of 10.54%. The company's quarterly revenue was down 1.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.14 EPS. On average, analysts anticipate that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology declared that its board has approved a stock repurchase plan on Tuesday, May 6th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the medical equipment provider to buy up to 7.9% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ALGN. HSBC downgraded Align Technology from a "buy" rating to a "hold" rating and reduced their target price for the company from $290.00 to $170.00 in a report on Friday, April 25th. UBS Group lowered their target price on Align Technology from $240.00 to $215.00 and set a "neutral" rating for the company in a research report on Thursday, April 24th. Jefferies Financial Group lowered their price objective on Align Technology from $285.00 to $260.00 and set a "buy" rating for the company in a research report on Thursday, January 23rd. Wells Fargo & Company lowered their price objective on Align Technology from $255.00 to $246.00 and set an "overweight" rating for the company in a research report on Thursday, May 1st. Finally, Hsbc Global Res lowered Align Technology from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 25th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $241.25.

About Align Technology

Align Technology, Inc designs, manufactures, and markets Invisalign clear aligners, and iTero intraoral scanners and services for orthodontists and general practitioner dentists in the United States, Switzerland, and internationally. The company's Clear Aligner segment offers comprehensive products, including Invisalign comprehensive package that addresses the orthodontic needs of younger patients, such as mandibular advancement, compliance indicators, and compensation for tooth eruption; and Invisalign First Phase I and Invisalign First Comprehensive Phase 2 package for younger patients generally between the ages of six and ten years, which is a mixture of primary/baby and permanent teeth.