Jacobs Levy Equity Management Inc. Grows Stock Position in Align Technology, Inc. (NASDAQ:ALGN)

Jacobs Levy Equity Management Inc. increased its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 35.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 731,846 shares of the medical equipment provider's stock after purchasing an additional 190,711 shares during the period. Jacobs Levy Equity Management Inc. owned approximately 0.98% of Align Technology worth $152,597,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Principal Financial Group Inc. boosted its holdings in Align Technology by 2.7% in the third quarter. Principal Financial Group Inc. now owns 82,020 shares of the medical equipment provider's stock worth $20,859,000 after acquiring an additional 2,168 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in Align Technology by 1.2% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 7,799 shares of the medical equipment provider's stock worth $1,626,000 after acquiring an additional 91 shares in the last quarter. Czech National Bank boosted its holdings 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 worth $3,173,000 after acquiring an additional 913 shares in the last quarter. Fulcrum Capital LLC boosted its holdings in Align Technology by 5.6% in the fourth quarter. Fulcrum Capital LLC now owns 9,212 shares of the medical equipment provider's stock worth $1,921,000 after acquiring an additional 489 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in Align Technology by 54.6% in 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 acquiring an additional 66,756 shares in the last quarter. Institutional investors and hedge funds own 88.43% of the company's stock.

Analysts Set New Price Targets

ALGN has been the topic of several recent research reports. Jefferies Financial Group cut their price target on Align Technology from $285.00 to $260.00 and set a "buy" rating on the stock in a report on Thursday, January 23rd. Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a report on Thursday, May 1st. Mizuho cut their price target on Align Technology from $250.00 to $245.00 and set an "outperform" rating on the stock in a report on Tuesday, April 29th. Hsbc Global Res lowered Align Technology from a "strong-buy" rating to a "hold" rating in a report on Friday, April 25th. Finally, Evercore ISI raised their target price on Align Technology from $165.00 to $200.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. One analyst has rated the stock with a sell rating, four have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Align Technology currently has a consensus rating of "Moderate Buy" and a consensus target price of $241.25.

Align Technology Price Performance

Shares of ALGN stock traded down $2.77 during trading hours on Wednesday, reaching $187.65. The company had a trading volume of 854,851 shares, compared to its average volume of 918,180. The business has a fifty day simple moving average of $168.90 and a 200-day simple moving average of $199.26. The company has a market cap of $13.74 billion, a price-to-earnings ratio of 33.45, a price-to-earnings-growth ratio of 2.24 and a beta of 1.68. Align Technology, Inc. has a 12 month low of $141.74 and a 12 month high of $283.00.

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

Align Technology announced that its Board of Directors has approved a share buyback program on Tuesday, May 6th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the medical equipment provider to repurchase up to 7.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's management believes its stock is 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.