Align Technology, Inc. (NASDAQ:ALGN) Stock Holdings Boosted by OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC

OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 33.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,250 shares of the medical equipment provider's stock after buying an additional 1,800 shares during the quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC's holdings in Align Technology were worth $1,512,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Picton Mahoney Asset Management boosted its holdings in Align Technology by 69.9% in the 4th quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider's stock worth $30,000 after buying an additional 58 shares during the period. GKV Capital Management Co. Inc. acquired a new stake in Align Technology in the fourth quarter valued at approximately $31,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Align Technology during the fourth quarter worth $35,000. Private Trust Co. NA lifted its position in Align Technology by 113.4% during the fourth quarter. Private Trust Co. NA now owns 175 shares of the medical equipment provider's stock valued at $36,000 after purchasing an additional 93 shares during the period. Finally, Newbridge Financial Services Group Inc. acquired a new position in shares of Align Technology in the fourth quarter worth about $52,000. Hedge funds and other institutional investors own 88.43% of the company's stock.

Align Technology Stock Down 1.6%

Shares of NASDAQ:ALGN traded down $3.10 during trading on Monday, hitting $185.20. 141,336 shares of the stock traded hands, compared to its average volume of 917,949. The company has a market cap of $13.42 billion, a price-to-earnings ratio of 32.99, a P/E/G ratio of 2.24 and a beta of 1.68. The company has a fifty day moving average price of $169.83 and a two-hundred day moving average price of $198.76. Align Technology, Inc. has a 52-week low of $141.74 and a 52-week high of $272.17.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.00 by $0.13. The firm 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 period last year, the company earned $2.14 EPS. On average, equities research analysts predict that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology declared that its Board of Directors has initiated a share 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 reacquire up to 7.9% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ALGN. Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a report on Thursday, May 1st. UBS Group decreased their target price on shares of Align Technology from $240.00 to $215.00 and set a "neutral" rating on the stock in a research report on Thursday, April 24th. Mizuho cut their price objective 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. Jefferies Financial Group lowered their price objective on shares of Align Technology from $285.00 to $260.00 and set a "buy" rating for the company in a research report on Thursday, January 23rd. Finally, HSBC lowered shares of Align Technology from a "buy" rating to a "hold" rating and cut their target price for the company from $290.00 to $170.00 in a research note on Friday, April 25th. 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 given 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.