Bellevue Group AG Has $33.36 Million Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Bellevue Group AG raised its holdings in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 11.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 160,003 shares of the medical equipment provider's stock after acquiring an additional 16,007 shares during the quarter. Bellevue Group AG owned about 0.21% of Align Technology worth $33,362,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Covestor Ltd boosted its holdings in Align Technology by 14.6% in the fourth quarter. Covestor Ltd now owns 415 shares of the medical equipment provider's stock valued at $87,000 after acquiring an additional 53 shares during the last quarter. Picton Mahoney Asset Management boosted its stake in shares of Align Technology by 69.9% in the 4th quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider's stock valued at $30,000 after purchasing an additional 58 shares during the last quarter. Smartleaf Asset Management LLC grew its position in shares of Align Technology by 9.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 766 shares of the medical equipment provider's stock worth $158,000 after buying an additional 64 shares during the period. Beech Hill Advisors Inc. raised its stake in shares of Align Technology by 0.6% during the fourth quarter. Beech Hill Advisors Inc. now owns 11,632 shares of the medical equipment provider's stock worth $2,425,000 after buying an additional 65 shares during the last quarter. Finally, New York Life Investment Management LLC raised its stake in shares of Align Technology by 0.7% during the fourth quarter. New York Life Investment Management LLC now owns 9,406 shares of the medical equipment provider's stock worth $1,961,000 after buying an additional 68 shares during the last quarter. 88.43% of the stock is owned by institutional investors.

Align Technology Trading Down 2.5 %

Shares of ALGN stock traded down $4.37 on Tuesday, hitting $173.24. 1,447,657 shares of the stock were exchanged, compared to its average volume of 910,688. The firm has a market capitalization of $12.68 billion, a P/E ratio of 30.88, a price-to-earnings-growth 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 $291.80. The business has a 50-day moving average of $167.90 and a 200 day moving average of $200.42.

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

Align Technology declared that its Board of Directors has authorized a stock buyback plan on Tuesday, May 6th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the medical equipment provider to buy up to 7.9% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of analysts have commented on ALGN shares. UBS Group lowered their target price on shares of Align Technology from $240.00 to $215.00 and set a "neutral" rating for the company in a report on Thursday, April 24th. Jefferies Financial Group dropped their price objective on Align Technology from $285.00 to $260.00 and set a "buy" rating for the company in a report on Thursday, January 23rd. Needham & Company LLC restated a "hold" rating on shares of Align Technology in a report on Thursday, May 1st. Leerink Partnrs raised Align Technology from a "hold" rating to a "strong-buy" rating in a research note on Monday, January 6th. Finally, Leerink Partners upgraded shares of Align Technology from a "market perform" rating to an "outperform" rating and increased their price target for the company from $235.00 to $280.00 in a research report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $241.25.

Align Technology Profile

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.