Frontier Capital Management Co. LLC Has $53.35 Million Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Frontier Capital Management Co. LLC lifted its stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 97.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 255,864 shares of the medical equipment provider's stock after acquiring an additional 126,603 shares during the quarter. Frontier Capital Management Co. LLC owned approximately 0.34% of Align Technology worth $53,350,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Nordea Investment Management AB raised its stake in shares of Align Technology by 3.5% during the 4th quarter. Nordea Investment Management AB now owns 273,664 shares of the medical equipment provider's stock worth $56,870,000 after purchasing an additional 9,139 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings 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 worth $35,368,000 after buying an additional 92,407 shares during the last quarter. Swedbank AB raised its position in Align Technology by 25.0% during the fourth quarter. Swedbank AB now owns 486,267 shares of the medical equipment provider's stock valued at $101,392,000 after acquiring an additional 97,152 shares in the last quarter. Principal Securities Inc. lifted its stake in Align Technology by 34.5% in the fourth quarter. Principal Securities Inc. now owns 1,881 shares of the medical equipment provider's stock valued at $392,000 after acquiring an additional 483 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its position 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. 88.43% of the stock is owned by institutional investors and hedge funds.

Align Technology Stock Performance

Shares of ALGN traded up $0.88 during trading hours on Friday, reaching $181.81. 805,030 shares of the company traded hands, compared to its average volume of 914,502. The stock's fifty day moving average is $167.96 and its 200 day moving average is $199.73. Align Technology, Inc. has a 1-year low of $141.74 and a 1-year high of $283.00. The stock has a market cap of $13.31 billion, a P/E ratio of 32.41, a price-to-earnings-growth ratio of 2.24 and a beta of 1.68.

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

Align Technology announced that its board has authorized a share buyback plan on Tuesday, May 6th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the medical equipment provider to buy up to 7.9% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on ALGN. Morgan Stanley reduced their price objective on shares of Align Technology from $280.00 to $272.00 and set an "overweight" rating for the company in a research note on Thursday, February 6th. Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a research note 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 on the stock in a report on Thursday, January 23rd. Evercore ISI boosted their target price on Align Technology from $165.00 to $200.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. Finally, Piper Sandler reiterated an "overweight" rating and set a $250.00 price target (up previously from $235.00) on shares of Align Technology in a report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $241.25.

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.