Toronto Dominion Bank Buys 8,043 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Toronto Dominion Bank boosted its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 32.7% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 32,669 shares of the medical equipment provider's stock after buying an additional 8,043 shares during the period. Toronto Dominion Bank's holdings in Align Technology were worth $6,812,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC boosted its position in shares of Align Technology by 119.6% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 169,641 shares of the medical equipment provider's stock worth $35,368,000 after acquiring an additional 92,407 shares in the last quarter. Swedbank AB raised its position in Align Technology by 25.0% during the fourth quarter. Swedbank AB now owns 486,267 shares of the medical equipment provider's stock valued at $101,392,000 after purchasing an additional 97,152 shares in the last quarter. Principal Securities Inc. lifted its stake in Align Technology by 34.5% during the fourth quarter. Principal Securities Inc. now owns 1,881 shares of the medical equipment provider's stock worth $392,000 after purchasing an additional 483 shares during the last quarter. Allworth Financial LP boosted its holdings in shares of Align Technology by 1,479.1% in the 4th quarter. Allworth Financial LP now owns 2,416 shares of the medical equipment provider's stock valued at $504,000 after purchasing an additional 2,263 shares in the last quarter. Finally, Giverny Capital Inc. increased its stake in shares of Align Technology by 30.3% in the 4th quarter. Giverny Capital Inc. now owns 43,006 shares of the medical equipment provider's stock valued at $8,967,000 after purchasing an additional 10,013 shares during the last quarter. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Align Technology Trading Up 0.4%

NASDAQ:ALGN traded up $0.65 on Tuesday, reaching $179.16. 558,052 shares of the stock traded hands, compared to its average volume of 921,572. Align Technology, Inc. has a 1-year low of $141.74 and a 1-year high of $271.59. The company's 50 day moving average is $172.50 and its 200-day moving average is $195.51. The firm has a market capitalization of $12.99 billion, a price-to-earnings ratio of 31.94, a price-to-earnings-growth ratio of 2.24 and a beta of 1.68.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its quarterly earnings data 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. The company had revenue of $979.26 million during the quarter, compared to analysts' expectations of $977.90 million. Align Technology had a net margin of 10.54% and a return on equity of 13.84%. Align Technology's revenue for the quarter was down 1.8% compared to the same quarter last year. During the same period in the prior year, the company posted $2.14 earnings per share. On average, equities research analysts forecast that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology declared that its Board of Directors has initiated a share repurchase plan on Tuesday, May 6th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the medical equipment provider to purchase up to 7.9% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on ALGN. Needham & Company LLC restated a "hold" rating on shares of Align Technology in a research report on Thursday, May 1st. Morgan Stanley dropped 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. Wells Fargo & Company reduced their price target 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. Piper Sandler reaffirmed an "overweight" rating and set a $250.00 price target (up from $235.00) on shares of Align Technology in a report on Thursday, May 1st. Finally, 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 research note on Thursday, May 1st. One 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 given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus 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.