10,368 Shares in Align Technology, Inc. (NASDAQ:ALGN) Purchased by Teacher Retirement System of Texas

Teacher Retirement System of Texas purchased a new position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 10,368 shares of the medical equipment provider's stock, valued at approximately $1,647,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. DAVENPORT & Co LLC grew its holdings in Align Technology by 2.4% during the 1st quarter. DAVENPORT & Co LLC now owns 592,695 shares of the medical equipment provider's stock worth $94,239,000 after acquiring an additional 13,612 shares during the period. Vontobel Holding Ltd. lifted its position in shares of Align Technology by 118.6% during the first quarter. Vontobel Holding Ltd. now owns 25,246 shares of the medical equipment provider's stock worth $4,011,000 after acquiring an additional 13,699 shares in the last quarter. Mather Group LLC. raised its position in shares of Align Technology by 375.0% in the first quarter. Mather Group LLC. now owns 437 shares of the medical equipment provider's stock worth $69,000 after buying an additional 345 shares in the last quarter. Washington Trust Advisors Inc. raised its position in shares of Align Technology by 5.2% in the first quarter. Washington Trust Advisors Inc. now owns 1,205 shares of the medical equipment provider's stock worth $191,000 after buying an additional 60 shares in the last quarter. Finally, Skylands Capital LLC bought a new position in Align Technology in the first quarter valued at $1,350,000. Institutional investors and hedge funds own 88.43% of the company's stock.

Align Technology Stock Down 1.1%

Shares of NASDAQ ALGN opened at $202.28 on Friday. The firm has a market cap of $14.66 billion, a price-to-earnings ratio of 36.85, a price-to-earnings-growth ratio of 2.17 and a beta of 1.63. Align Technology, Inc. has a 52-week low of $141.74 and a 52-week high of $263.24. The company's 50-day simple moving average is $184.41 and its 200-day simple moving average is $187.96.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 EPS for the quarter, topping analysts' consensus estimates of $2.00 by $0.13. The company 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 10.29% and a return on equity of 13.52%. Align Technology's quarterly revenue was down 1.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.14 earnings per share. Equities research analysts anticipate that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology declared that its board has approved a stock repurchase 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 reacquire up to 7.9% of its stock through open market purchases. Stock buyback programs are often a sign that the company's leadership believes its stock is undervalued.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Hsbc Global Res cut Align Technology from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 25th. Needham & Company LLC restated a "hold" rating on shares of Align Technology in a report on Thursday, May 1st. UBS Group cut 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. HSBC downgraded shares of Align Technology from a "buy" rating to a "hold" rating and dropped their target price for the stock from $290.00 to $170.00 in a report on Friday, April 25th. Finally, Piper Sandler reissued an "overweight" rating and set a $250.00 price objective (up previously from $235.00) on shares of Align Technology in a report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, four have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $242.92.

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.

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