Diversified Trust Co Takes $906,000 Position in Align Technology, Inc. (NASDAQ:ALGN)

Diversified Trust Co acquired a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 5,705 shares of the medical equipment provider's stock, valued at approximately $906,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ALGN. Sabal Trust CO lifted its position in shares of Align Technology by 15.8% in the 1st quarter. Sabal Trust CO now owns 4,941 shares of the medical equipment provider's stock worth $785,000 after purchasing an additional 676 shares during the period. Robeco Institutional Asset Management B.V. lifted its position in Align Technology by 69.7% during the first quarter. Robeco Institutional Asset Management B.V. now owns 37,336 shares of the medical equipment provider's stock valued at $5,931,000 after acquiring an additional 15,329 shares during the last quarter. JCIC Asset Management Inc. purchased a new stake in Align Technology during the first quarter valued at approximately $117,000. Lecap Asset Management Ltd. purchased a new stake in Align Technology during the first quarter valued at approximately $2,425,000. Finally, Asset Management One Co. Ltd. lifted its position in Align Technology by 14.5% during the first quarter. Asset Management One Co. Ltd. now owns 31,624 shares of the medical equipment provider's stock valued at $5,024,000 after acquiring an additional 4,009 shares during the last quarter. Institutional investors own 88.43% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on ALGN shares. Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a research report on Thursday, May 1st. UBS Group decreased their target price 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 cut shares of Align Technology from a "buy" rating to a "hold" rating and decreased their price target for the stock from $290.00 to $170.00 in a report on Friday, April 25th. Wells Fargo & Company decreased their price target on shares of Align Technology from $255.00 to $246.00 and set an "overweight" rating for the company in a report on Thursday, May 1st. Finally, Mizuho decreased their price target on shares of Align Technology from $250.00 to $245.00 and set an "outperform" rating for the company in a report on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $241.25.

Align Technology Stock Up 2.6%

Shares of ALGN traded up $4.95 during mid-day trading on Tuesday, reaching $194.28. 761,178 shares of the company's stock were exchanged, compared to its average volume of 912,773. The company has a 50-day simple moving average of $180.92 and a two-hundred day simple moving average of $188.74. Align Technology, Inc. has a 52-week low of $141.74 and a 52-week high of $263.24. The company has a market cap of $14.08 billion, a price-to-earnings ratio of 35.39, a PEG ratio of 2.01 and a beta of 1.63.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share for the quarter, topping analysts' consensus estimates 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 10.29% and a return on equity of 13.52%. The company's revenue was down 1.8% on a year-over-year basis. During the same period last year, the company posted $2.14 EPS. As a group, equities research analysts predict 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 authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the medical equipment provider to reacquire up to 7.9% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board believes its shares are undervalued.

Align Technology 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.