Align Technology, Inc. (NASDAQ:ALGN) Shares Purchased by Bayesian Capital Management LP

Bayesian Capital Management LP lifted its position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 40.8% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 7,596 shares of the medical equipment provider's stock after buying an additional 2,200 shares during the quarter. Bayesian Capital Management LP's holdings in Align Technology were worth $1,584,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Bellevue Group AG increased its position in Align Technology by 11.1% during the fourth quarter. Bellevue Group AG now owns 160,003 shares of the medical equipment provider's stock worth $33,362,000 after acquiring an additional 16,007 shares during the period. Bank of America Corp DE raised its stake in Align Technology by 77.3% in the 4th quarter. Bank of America Corp DE now owns 460,028 shares of the medical equipment provider's stock valued at $95,920,000 after acquiring an additional 200,492 shares during the period. Algert Global LLC boosted its holdings in shares of Align Technology by 259.1% during the fourth quarter. Algert Global LLC now owns 7,262 shares of the medical equipment provider's stock worth $1,514,000 after acquiring an additional 5,240 shares during the period. Alyeska Investment Group L.P. grew its stake in shares of Align Technology by 12.5% in the fourth quarter. Alyeska Investment Group L.P. now owns 606,042 shares of the medical equipment provider's stock valued at $126,366,000 after acquiring an additional 67,124 shares in the last quarter. Finally, ArrowMark Colorado Holdings LLC grew its stake in Align Technology by 5.0% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 115,104 shares of the medical equipment provider's stock worth $24,000,000 after buying an additional 5,518 shares in the last quarter. Institutional investors and hedge funds own 88.43% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on ALGN shares. Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a report on Thursday, May 1st. Mizuho reduced their price objective on shares of Align Technology from $250.00 to $245.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 29th. Hsbc Global Res lowered Align Technology from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 25th. HSBC cut Align Technology from a "buy" rating to a "hold" rating and decreased their price target for the company from $290.00 to $170.00 in a research note on Friday, April 25th. Finally, Evercore ISI lifted their price objective on Align Technology from $165.00 to $200.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. One equities 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 company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $241.25.

Align Technology Trading Down 0.5 %

Shares of ALGN traded down $0.85 during mid-day trading on Wednesday, hitting $172.22. The company's stock had a trading volume of 1,171,170 shares, compared to its average volume of 913,682. The firm has a market capitalization of $12.61 billion, a price-to-earnings ratio of 30.70, a PEG ratio of 2.24 and a beta of 1.68. The company's 50-day moving average is $167.60 and its 200-day moving average is $200.23. Align Technology, Inc. has a 52-week low of $141.74 and a 52-week high of $283.00.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its quarterly earnings results 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. 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 analysts' expectations of $977.90 million. During the same quarter last year, the company posted $2.14 earnings per share. 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 earnings per share for the current fiscal year.

Align Technology declared that its board has authorized a share repurchase program on Tuesday, May 6th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the medical equipment provider to reacquire up to 7.9% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's management believes its stock is undervalued.

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.