Bank of America Corp DE Raises Stock Position in Align Technology, Inc. (NASDAQ:ALGN)

Bank of America Corp DE increased its stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 77.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 460,028 shares of the medical equipment provider's stock after buying an additional 200,492 shares during the period. Bank of America Corp DE owned 0.62% of Align Technology worth $95,920,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Geode Capital Management LLC increased its holdings in shares of Align Technology by 2.2% in the fourth quarter. Geode Capital Management LLC now owns 1,790,014 shares of the medical equipment provider's stock valued at $372,299,000 after purchasing an additional 39,209 shares during the last quarter. Ninety One UK Ltd boosted its stake in shares of Align Technology by 3.7% in the 4th quarter. Ninety One UK Ltd now owns 1,220,601 shares of the medical equipment provider's stock valued at $254,508,000 after purchasing an additional 43,524 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of Align Technology by 17.1% during the 4th quarter. Invesco Ltd. now owns 1,082,162 shares of the medical equipment provider's stock worth $225,642,000 after buying an additional 158,312 shares in the last quarter. Norges Bank acquired a new stake in Align Technology in the fourth quarter valued at approximately $190,792,000. Finally, Meridiem Investment Management Ltd. raised its holdings in shares of Align Technology by 63.7% in the 4th quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider's stock worth $159,470,000 after acquiring an additional 297,472 shares during the last quarter. 88.43% of the stock is currently owned by institutional investors.

Align Technology Stock Down 0.5%

ALGN stock traded down $0.93 during trading on Thursday, reaching $186.72. The company's stock had a trading volume of 681,173 shares, compared to its average volume of 917,235. Align Technology, Inc. has a 1 year low of $141.74 and a 1 year high of $283.00. The company has a market capitalization of $13.53 billion, a P/E ratio of 33.28, a price-to-earnings-growth ratio of 2.24 and a beta of 1.68. The company's fifty day moving average is $168.90 and its 200-day moving average is $199.26.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings data 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. Align Technology had a net margin of 10.54% and a return on equity of 13.84%. The business had revenue of $979.26 million during the quarter, compared to the consensus estimate of $977.90 million. During the same quarter in the prior year, the firm earned $2.14 EPS. The business's revenue was down 1.8% on a year-over-year basis. 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 initiated a stock buyback program on Tuesday, May 6th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the medical equipment provider to reacquire up to 7.9% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on ALGN shares. Jefferies Financial Group lowered their target price on shares of Align Technology from $285.00 to $260.00 and set a "buy" rating on the stock in a report on Thursday, January 23rd. Hsbc Global Res downgraded Align Technology from a "strong-buy" rating to a "hold" rating in a report on Friday, April 25th. Morgan Stanley decreased their price objective on Align Technology from $280.00 to $272.00 and set an "overweight" rating for the company in a report on Thursday, February 6th. Piper Sandler reissued an "overweight" rating and set a $250.00 price objective (up from $235.00) on shares of Align Technology in a research report on Thursday, May 1st. Finally, Mizuho lowered their price objective on Align Technology from $250.00 to $245.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 29th. One analyst has rated the stock with a sell rating, four have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Align Technology currently has an average rating of "Moderate Buy" and an average 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.