Investment Management Corp of Ontario Grows Stake in Align Technology, Inc. (NASDAQ:ALGN)

Investment Management Corp of Ontario increased its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 67.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,925 shares of the medical equipment provider's stock after buying an additional 1,583 shares during the quarter. Investment Management Corp of Ontario's holdings in Align Technology were worth $818,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of ALGN. Principal Financial Group Inc. boosted its stake in shares of Align Technology by 2.7% in the 3rd quarter. Principal Financial Group Inc. now owns 82,020 shares of the medical equipment provider's stock valued at $20,859,000 after purchasing an additional 2,168 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in 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 during the last quarter. Czech National Bank boosted its position in Align Technology by 6.4% in the fourth quarter. Czech National Bank now owns 15,216 shares of the medical equipment provider's stock valued at $3,173,000 after buying an additional 913 shares in the last quarter. Fulcrum Capital LLC grew its stake in shares of Align Technology by 5.6% during the fourth quarter. Fulcrum Capital LLC now owns 9,212 shares of the medical equipment provider's stock worth $1,921,000 after buying an additional 489 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its holdings in shares of Align Technology by 54.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 189,022 shares of the medical equipment provider's stock worth $39,413,000 after buying an additional 66,756 shares in the last quarter. 88.43% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on ALGN. HSBC lowered Align Technology from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $290.00 to $170.00 in a research report on Friday, April 25th. Evercore ISI boosted their price target on Align Technology from $165.00 to $200.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. 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 note on Thursday, January 23rd. Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a research report on Thursday, May 1st. Finally, Mizuho reduced their target price on shares of Align Technology from $250.00 to $245.00 and set an "outperform" rating on the stock in a report on Tuesday, April 29th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $241.25.

Align Technology Stock Up 0.8%

ALGN traded up $1.57 during trading on Friday, hitting $188.29. 751,856 shares of the company's stock were exchanged, compared to its average volume of 918,142. The stock has a market cap of $13.65 billion, a P/E ratio of 33.56, a PEG 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 business's 50 day moving average is $169.37 and its two-hundred day moving average is $199.06.

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

Align Technology declared that its board has initiated a share repurchase program on Tuesday, May 6th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the medical equipment provider to repurchase up to 7.9% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's management believes its shares are undervalued.

Align Technology Company 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.