Baker Avenue Asset Management LP Boosts Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Baker Avenue Asset Management LP grew its stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 15.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,282 shares of the medical equipment provider's stock after purchasing an additional 2,572 shares during the quarter. Baker Avenue Asset Management LP's holdings in Align Technology were worth $4,020,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Covestor Ltd boosted its position in Align Technology by 14.6% during the fourth quarter. Covestor Ltd now owns 415 shares of the medical equipment provider's stock worth $87,000 after purchasing an additional 53 shares during the period. Picton Mahoney Asset Management raised its holdings in shares of Align Technology by 69.9% during the 4th quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider's stock valued at $30,000 after buying an additional 58 shares in the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of Align Technology by 9.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 766 shares of the medical equipment provider's stock valued at $158,000 after purchasing an additional 64 shares in the last quarter. Beech Hill Advisors Inc. increased its holdings in shares of Align Technology by 0.6% in the fourth quarter. Beech Hill Advisors Inc. now owns 11,632 shares of the medical equipment provider's stock worth $2,425,000 after buying an additional 65 shares during the period. Finally, New York Life Investment Management LLC boosted its stake in shares of Align Technology by 0.7% during the fourth quarter. New York Life Investment Management LLC now owns 9,406 shares of the medical equipment provider's stock valued at $1,961,000 after purchasing an additional 68 shares during the period. Hedge funds and other institutional investors own 88.43% of the company's stock.

Align Technology Stock Down 0.5 %

NASDAQ:ALGN traded down $0.85 during mid-day trading on Wednesday, hitting $172.22. 1,171,170 shares of the company traded hands, compared to its average volume of 913,682. The stock's fifty day moving average price is $167.60 and its 200-day moving average price is $200.23. The firm has a market cap of $12.61 billion, a price-to-earnings ratio of 30.70, a price-to-earnings-growth ratio of 2.24 and a beta of 1.68. Align Technology, Inc. has a one year low of $141.74 and a one year high of $283.00.

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 (EPS) for the quarter, topping the consensus estimate of $2.00 by $0.13. Align Technology had a net margin of 10.54% and a return on equity of 13.84%. The company had revenue of $979.26 million during the quarter, compared to analyst estimates of $977.90 million. During the same period in the prior year, the firm posted $2.14 EPS. The firm's quarterly revenue was down 1.8% compared to the same quarter last year. Equities analysts predict that Align Technology, Inc. will post 7.98 EPS for the current year.

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

Wall Street Analyst Weigh In

ALGN has been the subject of a number of recent analyst reports. HSBC lowered Align Technology from a "buy" rating to a "hold" rating and lowered their price target for the company from $290.00 to $170.00 in a research report on Friday, April 25th. UBS Group lowered their price target on Align Technology from $240.00 to $215.00 and set a "neutral" rating for the company in a research report on Thursday, April 24th. Wells Fargo & Company cut their price objective on shares of Align Technology from $255.00 to $246.00 and set an "overweight" rating on the stock in a research report on Thursday, May 1st. Jefferies Financial Group dropped their target price on shares of Align Technology from $285.00 to $260.00 and set a "buy" rating on the stock in a research note on Thursday, January 23rd. Finally, Piper Sandler reissued an "overweight" rating and set a $250.00 price target (up previously from $235.00) on shares of Align Technology in a research report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target 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.