2,329 Shares in Align Technology, Inc. (NASDAQ:ALGN) Purchased by Caxton Associates LP

Caxton Associates LP bought a new stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 2,329 shares of the medical equipment provider's stock, valued at approximately $486,000.

Other large investors have also added to or reduced their stakes in the company. Picton Mahoney Asset Management boosted its position in Align Technology by 69.9% in 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 during the last quarter. GKV Capital Management Co. Inc. purchased a new position in Align Technology in the fourth quarter valued at about $31,000. Aster Capital Management DIFC Ltd purchased a new stake in Align Technology during the 4th quarter worth approximately $35,000. Private Trust Co. NA raised its position in shares of 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 in the last quarter. Finally, Newbridge Financial Services Group Inc. purchased a new position in shares of Align Technology during the 4th quarter valued at approximately $52,000. 88.43% of the stock is owned by institutional investors and hedge funds.

Align Technology Price Performance

Shares of NASDAQ ALGN traded up $0.88 during midday trading on Friday, reaching $181.81. 805,030 shares of the company traded hands, compared to its average volume of 914,502. The company has a market cap of $13.31 billion, a price-to-earnings ratio of 32.41, a PEG ratio of 2.24 and a beta of 1.68. The stock has a 50-day moving average price of $167.96 and a 200 day moving average price of $199.73. 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 data on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.00 by $0.13. The business had revenue of $979.26 million during the quarter, compared to analysts' expectations of $977.90 million. Align Technology had a net margin of 10.54% and a return on equity of 13.84%. The business's revenue was down 1.8% on a year-over-year basis. During the same period last year, the firm posted $2.14 earnings per share. As a group, analysts expect that Align Technology, Inc. will post 7.98 EPS for the current year.

Align Technology announced that its Board of Directors has approved a stock repurchase program on Tuesday, May 6th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the medical equipment provider to repurchase up to 7.9% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research firms have commented on ALGN. Evercore ISI increased their price objective on shares of Align Technology from $165.00 to $200.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. Morgan Stanley reduced their price target on shares of Align Technology from $280.00 to $272.00 and set an "overweight" rating on the stock in a research report on Thursday, February 6th. HSBC lowered Align Technology from a "buy" rating to a "hold" rating and lowered their price objective for the company from $290.00 to $170.00 in a report on Friday, April 25th. Jefferies Financial Group decreased their target price on Align Technology from $285.00 to $260.00 and set a "buy" rating for the company in a research report on Thursday, January 23rd. Finally, Hsbc Global Res lowered Align Technology from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 25th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Align Technology has a consensus rating of "Moderate Buy" and an average target price 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.