Align Technology, Inc. (NASDAQ:ALGN) Shares Bought by Bares Capital Management Inc.

Bares Capital Management Inc. boosted its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 1.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 513,125 shares of the medical equipment provider's stock after acquiring an additional 7,237 shares during the period. Align Technology accounts for 9.6% of Bares Capital Management Inc.'s investment portfolio, making the stock its 5th biggest holding. Bares Capital Management Inc. owned approximately 0.69% of Align Technology worth $106,992,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of ALGN. Picton Mahoney Asset Management lifted its holdings in shares of Align Technology by 69.9% during the fourth 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 last quarter. GKV Capital Management Co. Inc. bought a new position in Align Technology during the fourth quarter worth $31,000. Aster Capital Management DIFC Ltd bought a new position in Align Technology during the fourth quarter worth $35,000. Private Trust Co. NA boosted its holdings in Align Technology by 113.4% in the 4th 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, Versant Capital Management Inc boosted its holdings in Align Technology by 212.2% in the 4th quarter. Versant Capital Management Inc now owns 231 shares of the medical equipment provider's stock valued at $48,000 after purchasing an additional 157 shares during the period. 88.43% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on ALGN shares. Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a research report on Thursday, May 1st. Morgan Stanley decreased their price objective on Align Technology from $280.00 to $272.00 and set an "overweight" rating on the stock in a report on Thursday, February 6th. Leerink Partnrs upgraded Align Technology from a "hold" rating to a "strong-buy" rating in a research note on Monday, January 6th. UBS Group decreased their price target on shares of Align Technology from $240.00 to $215.00 and set a "neutral" rating on the stock in a research note on Thursday, April 24th. Finally, Mizuho dropped their price objective on shares of Align Technology from $250.00 to $245.00 and set an "outperform" rating for the company in a research note on Tuesday, April 29th. One analyst has rated the stock with a sell rating, four have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $241.25.

Align Technology Price Performance

ALGN traded down $4.37 during trading on Tuesday, reaching $173.24. The company had a trading volume of 1,447,657 shares, compared to its average volume of 910,689. The business's fifty day moving average price is $167.90 and its 200 day moving average price is $200.42. Align Technology, Inc. has a 12 month low of $141.74 and a 12 month high of $291.80. The company has a market cap of $12.68 billion, a P/E ratio of 30.88, a PEG ratio of 2.24 and a beta of 1.68.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share 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 analysts' expectations of $977.90 million. During the same period last year, the business earned $2.14 EPS. The business's quarterly revenue was down 1.8% on a year-over-year basis. As a group, sell-side analysts predict that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, May 6th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the medical equipment provider to buy up to 7.9% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's board of directors believes its stock is undervalued.

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.