AQR Capital Management LLC Decreases Stock Holdings in Align Technology, Inc. (NASDAQ:ALGN)

AQR Capital Management LLC decreased its position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 33.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 198,002 shares of the medical equipment provider's stock after selling 98,740 shares during the quarter. AQR Capital Management LLC owned 0.27% of Align Technology worth $41,129,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Northern Trust Corp lifted its holdings in shares of Align Technology by 13.3% in the 4th quarter. Northern Trust Corp now owns 736,936 shares of the medical equipment provider's stock worth $153,659,000 after acquiring an additional 86,493 shares during the last quarter. Aquatic Capital Management LLC purchased a new stake in shares of Align Technology during the fourth quarter valued at approximately $8,198,000. Two Sigma Securities LLC grew its holdings in shares of Align Technology by 953.0% in the fourth quarter. Two Sigma Securities LLC now owns 1,706 shares of the medical equipment provider's stock worth $356,000 after purchasing an additional 1,906 shares during the last quarter. Nebula Research & Development LLC increased its stake in shares of Align Technology by 59.5% in the fourth quarter. Nebula Research & Development LLC now owns 8,709 shares of the medical equipment provider's stock worth $1,816,000 after buying an additional 3,250 shares during the period. Finally, Pinebridge Investments L.P. raised its holdings in Align Technology by 205.7% during the 4th quarter. Pinebridge Investments L.P. now owns 14,500 shares of the medical equipment provider's stock valued at $3,023,000 after buying an additional 9,757 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company's stock.

Align Technology Stock Down 0.9 %

Shares of NASDAQ:ALGN traded down $1.53 on Wednesday, hitting $171.54. 671,440 shares of the company traded hands, compared to its average volume of 909,929. The stock has a 50 day simple moving average of $167.90 and a 200-day simple moving average of $200.42. The company has a market cap of $12.56 billion, a PE ratio of 30.58, a PEG ratio of 2.24 and a beta of 1.68. Align Technology, Inc. has a 52 week low of $141.74 and a 52 week high of $291.80.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings data 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. The business had revenue of $979.26 million during the quarter, compared to analyst estimates of $977.90 million. Align Technology had a net margin of 10.54% and a return on equity of 13.84%. Align Technology's revenue was down 1.8% compared to the same quarter last year. During the same period last year, the business earned $2.14 EPS. As a group, sell-side analysts anticipate 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 stock repurchase plan 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 plans are often an indication that the company's management believes its stock is undervalued.

Wall Street Analyst Weigh In

ALGN has been the topic of a number of analyst reports. Jefferies Financial Group decreased their price objective on shares of Align Technology from $285.00 to $260.00 and set a "buy" rating on the stock in a research report on Thursday, January 23rd. Wells Fargo & Company lowered their price target on Align Technology from $255.00 to $246.00 and set an "overweight" rating for the company in a research report on Thursday, May 1st. UBS Group cut their price objective on Align Technology from $240.00 to $215.00 and set a "neutral" rating on the stock in a research report on Thursday, April 24th. Evercore ISI upped 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. Finally, Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a research report on Thursday, May 1st. One analyst has rated the stock with a sell rating, four have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company 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.