Wealthedge Investment Advisors LLC Purchases New Position in Align Technology, Inc. (NASDAQ:ALGN)

Wealthedge Investment Advisors LLC bought a new stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 1,759 shares of the medical equipment provider's stock, valued at approximately $367,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Covestor Ltd increased its holdings in shares of Align Technology by 14.6% in the 4th quarter. Covestor Ltd now owns 415 shares of the medical equipment provider's stock valued at $87,000 after purchasing an additional 53 shares in the last quarter. Picton Mahoney Asset Management boosted its stake in shares of Align Technology by 69.9% during the 4th quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider's stock worth $30,000 after acquiring an additional 58 shares in the last quarter. Smartleaf Asset Management LLC grew its holdings in shares of Align Technology by 9.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 766 shares of the medical equipment provider's stock worth $158,000 after acquiring an additional 64 shares during the period. New York Life Investment Management LLC increased its stake in Align Technology by 0.7% in the 4th 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 purchasing an additional 68 shares in the last quarter. Finally, Motley Fool Asset Management LLC raised its holdings in Align Technology by 6.9% during the fourth quarter. Motley Fool Asset Management LLC now owns 1,099 shares of the medical equipment provider's stock worth $229,000 after purchasing an additional 71 shares during the last quarter. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on ALGN. Piper Sandler reissued an "overweight" rating and issued a $250.00 target price (up previously from $235.00) on shares of Align Technology in a report on Thursday, May 1st. Hsbc Global Res lowered shares of Align Technology from a "strong-buy" rating to a "hold" rating in a report on Friday, April 25th. Morgan Stanley lowered their price target on shares of Align Technology from $280.00 to $272.00 and set an "overweight" rating for the company in a report on Thursday, February 6th. Evercore ISI upped 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. Finally, UBS Group decreased their target price on shares of Align Technology from $240.00 to $215.00 and set a "neutral" rating on the stock in a research report on Thursday, April 24th. One analyst has rated the stock with a sell rating, four have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Align Technology presently has an average rating of "Moderate Buy" and a consensus target price of $241.25.

Align Technology Price Performance

NASDAQ:ALGN traded down $2.43 during trading hours on Monday, reaching $178.51. 1,178,823 shares of the company were exchanged, compared to its average volume of 922,534. The firm has a market cap of $12.94 billion, a price-to-earnings ratio of 31.82, a PEG ratio of 2.24 and a beta of 1.68. The stock has a 50 day simple moving average of $172.21 and a 200 day simple moving average of $195.62. Align Technology, Inc. has a 52-week low of $141.74 and a 52-week high of $271.59.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its 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 return on equity of 13.84% and a net margin of 10.54%. The business had revenue of $979.26 million for the quarter, compared to analyst estimates of $977.90 million. During the same period last year, the company posted $2.14 EPS. The business's quarterly revenue was down 1.8% on a year-over-year basis. On average, analysts predict that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

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