Braidwell LP Acquires 63,500 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Braidwell LP raised its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 20.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 375,179 shares of the medical equipment provider's stock after purchasing an additional 63,500 shares during the period. Align Technology accounts for approximately 2.3% of Braidwell LP's holdings, making the stock its 14th biggest holding. Braidwell LP owned about 0.50% of Align Technology worth $78,229,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Covestor Ltd boosted its stake in Align Technology by 14.6% in the fourth quarter. Covestor Ltd now owns 415 shares of the medical equipment provider's stock valued at $87,000 after acquiring an additional 53 shares during the last quarter. Picton Mahoney Asset Management grew its stake 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 purchasing an additional 58 shares during the period. Smartleaf Asset Management LLC increased its holdings in Align Technology by 9.1% in the fourth 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 during the last quarter. Beech Hill Advisors Inc. lifted its stake in 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 valued at $2,425,000 after buying an additional 65 shares during the period. Finally, New York Life Investment Management LLC lifted its stake in Align Technology by 0.7% in 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 buying an additional 68 shares during the period. Institutional investors own 88.43% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on ALGN shares. 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 note on Thursday, May 1st. Mizuho decreased their price objective on Align Technology from $250.00 to $245.00 and set an "outperform" rating for the company in a research report on Tuesday, April 29th. HSBC cut Align Technology from a "buy" rating to a "hold" rating and lowered their target price for the stock from $290.00 to $170.00 in a research note on Friday, April 25th. Needham & Company LLC reaffirmed a "hold" rating on shares of Align Technology in a research note on Thursday, May 1st. Finally, UBS Group lowered their price objective on shares of Align Technology from $240.00 to $215.00 and set a "neutral" rating for the company in a research report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $241.25.

Align Technology Stock Up 0.5 %

Shares of ALGN stock traded up $0.88 during trading on Friday, reaching $181.81. 805,030 shares of the company's stock were exchanged, compared to its average volume of 913,768. Align Technology, Inc. has a twelve month low of $141.74 and a twelve month high of $283.00. The firm's fifty day moving average price is $167.72 and its 200-day moving average price is $199.98. The stock has a market capitalization of $13.31 billion, a PE ratio of 32.41, a PEG ratio of 2.24 and a beta of 1.68.

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. The firm had revenue of $979.26 million for the quarter, compared to the consensus estimate of $977.90 million. Align Technology had a net margin of 10.54% and a return on equity of 13.84%. The company's quarterly revenue was down 1.8% on a year-over-year basis. During the same period in the previous year, the company earned $2.14 earnings per share. As a group, analysts anticipate that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology announced that its board has authorized a stock buyback program on Tuesday, May 6th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the medical equipment provider to purchase up to 7.9% of its shares through open market purchases. Shares buyback programs are generally an indication 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.