Toronto Dominion Bank Raises Stock Position in Align Technology, Inc. (NASDAQ:ALGN)

Toronto Dominion Bank raised its stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 32.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 32,669 shares of the medical equipment provider's stock after purchasing an additional 8,043 shares during the quarter. Toronto Dominion Bank's holdings in Align Technology were worth $6,812,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of ALGN. Geode Capital Management LLC grew its position in shares of Align Technology by 2.2% in the 4th quarter. Geode Capital Management LLC now owns 1,790,014 shares of the medical equipment provider's stock worth $372,299,000 after buying an additional 39,209 shares during the period. Ninety One UK Ltd lifted its stake in Align Technology by 3.7% during the 4th quarter. Ninety One UK Ltd now owns 1,220,601 shares of the medical equipment provider's stock valued at $254,508,000 after acquiring an additional 43,524 shares during the period. Invesco Ltd. lifted its stake in Align Technology by 17.1% during the 4th quarter. Invesco Ltd. now owns 1,082,162 shares of the medical equipment provider's stock valued at $225,642,000 after acquiring an additional 158,312 shares during the period. Norges Bank bought a new position in Align Technology during the 4th quarter valued at about $190,792,000. Finally, Meridiem Investment Management Ltd. lifted its stake in shares of Align Technology by 63.7% in the 4th quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider's stock worth $159,470,000 after purchasing an additional 297,472 shares during the period. 88.43% of the stock is currently owned by institutional investors.

Align Technology Stock Down 1.3%

Shares of Align Technology stock traded down $2.30 on Friday, reaching $180.75. 1,194,786 shares of the stock were exchanged, compared to its average volume of 921,505. Align Technology, Inc. has a twelve month low of $141.74 and a twelve month high of $271.59. The firm has a market capitalization of $13.10 billion, a price-to-earnings ratio of 32.22, a PEG ratio of 2.24 and a beta of 1.68. The business has a 50 day moving average price of $171.97 and a two-hundred day moving average price of $196.24.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.00 by $0.13. The company had revenue of $979.26 million during the quarter, compared to the consensus estimate of $977.90 million. Align Technology had a return on equity of 13.84% and a net margin of 10.54%. Align Technology's revenue for the quarter was down 1.8% on a year-over-year basis. During the same period in the previous year, the company posted $2.14 earnings per share. Research analysts forecast that Align Technology, Inc. will post 7.98 EPS for the current year.

Align Technology announced that its Board of Directors has initiated a stock buyback plan on Tuesday, May 6th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the medical equipment provider to repurchase up to 7.9% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's leadership believes its shares are undervalued.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Piper Sandler reiterated an "overweight" rating and issued a $250.00 price objective (up previously from $235.00) on shares of Align Technology in a research note on Thursday, May 1st. Morgan Stanley reduced their target price 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. 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 report on Thursday, April 24th. 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 report on Thursday, May 1st. Finally, HSBC lowered shares of Align Technology from a "buy" rating to a "hold" rating and cut their price objective for the company from $290.00 to $170.00 in a report on Friday, April 25th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $241.25.

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.