Sone Capital Management LLC Makes New Investment in Align Technology, Inc. (NASDAQ:ALGN)

Sone Capital Management LLC bought a new position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 22,967 shares of the medical equipment provider's stock, valued at approximately $4,789,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ALGN. Avanza Fonder AB acquired a new position in Align Technology in the 4th quarter worth $1,776,000. Merit Financial Group LLC acquired a new stake in shares of Align Technology in the fourth quarter valued at approximately $325,000. Arkadios Wealth Advisors raised its holdings in shares of Align Technology by 13.3% in the fourth quarter. Arkadios Wealth Advisors now owns 1,397 shares of the medical equipment provider's stock valued at $291,000 after purchasing an additional 164 shares during the last quarter. Trust Co. of Vermont raised its holdings in shares of Align Technology by 332.5% in the fourth quarter. Trust Co. of Vermont now owns 692 shares of the medical equipment provider's stock valued at $144,000 after purchasing an additional 532 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB raised its holdings in shares of Align Technology by 174.3% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 631 shares of the medical equipment provider's stock valued at $132,000 after purchasing an additional 401 shares during the last quarter. 88.43% of the stock is owned by institutional investors and hedge funds.

Align Technology Price Performance

Align Technology stock traded down $1.81 during mid-day trading on Friday, hitting $170.80. 493,843 shares of the company's stock traded hands, compared to its average volume of 919,275. The firm has a 50 day simple moving average of $170.98 and a two-hundred day simple moving average of $197.75. Align Technology, Inc. has a fifty-two week low of $141.74 and a fifty-two week high of $271.59. The stock has a market cap of $12.38 billion, a price-to-earnings ratio of 30.45, a P/E/G ratio of 2.24 and a beta of 1.68.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its earnings results 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. Align Technology had a return on equity of 13.84% and a net margin of 10.54%. The company had revenue of $979.26 million for the quarter, compared to the consensus estimate of $977.90 million. During the same quarter in the prior year, the business earned $2.14 earnings per share. The firm's revenue for the quarter was down 1.8% on a year-over-year basis. On average, research analysts anticipate that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Align Technology declared that its board has approved a stock repurchase plan on Tuesday, May 6th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the medical equipment provider to buy up to 7.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its shares are undervalued.

Analyst Ratings Changes

ALGN has been the subject of several recent research reports. Morgan Stanley reduced their price target on Align Technology from $280.00 to $272.00 and set an "overweight" rating for the company in a research report on Thursday, February 6th. HSBC cut Align Technology from a "buy" rating to a "hold" rating and reduced their price target for the company from $290.00 to $170.00 in a research report on Friday, April 25th. Hsbc Global Res cut Align Technology from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 25th. Wells Fargo & Company lowered their price objective on shares of Align Technology from $255.00 to $246.00 and set an "overweight" rating on the stock 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 on the stock in a research note on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Align Technology currently has an average rating of "Moderate Buy" and a consensus price target of $241.25.

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.