Align Technology, Inc. (NASDAQ:ALGN) Shares Bought by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC boosted its holdings in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 2.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 173,070 shares of the medical equipment provider's stock after buying an additional 3,429 shares during the period. Allspring Global Investments Holdings LLC owned 0.24% of Align Technology worth $27,359,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Picton Mahoney Asset Management raised its position in shares of Align Technology by 69.9% in the 4th quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider's stock worth $30,000 after buying an additional 58 shares during the period. GKV Capital Management Co. Inc. purchased a new stake in Align Technology during the fourth quarter valued at about $31,000. Compagnie Lombard Odier SCmA acquired a new stake in Align Technology during the first quarter worth about $32,000. Aster Capital Management DIFC Ltd purchased a new position in shares of Align Technology in the 4th quarter worth about $35,000. Finally, Center for Financial Planning Inc. purchased a new position in shares of Align Technology in the 1st quarter worth about $35,000. 88.43% of the stock is owned by institutional investors and hedge funds.

Align Technology Stock Down 0.0%

Shares of Align Technology stock traded down $0.06 during trading hours on Thursday, hitting $196.93. 712,803 shares of the company's stock traded hands, compared to its average volume of 916,097. Align Technology, Inc. has a twelve month low of $141.74 and a twelve month high of $263.24. The company has a market cap of $14.28 billion, a PE ratio of 35.87, a PEG ratio of 2.09 and a beta of 1.63. The stock has a 50 day simple moving average of $181.73 and a 200-day simple moving average of $188.83.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 EPS for the quarter, beating analysts' consensus estimates of $2.00 by $0.13. Align Technology had a return on equity of 13.52% and a net margin of 10.29%. The firm had revenue of $979.26 million during the quarter, compared to the consensus estimate of $977.90 million. During the same quarter in the prior year, the business posted $2.14 earnings per share. Align Technology's revenue for the quarter was down 1.8% on a year-over-year basis. As a group, equities research analysts predict that Align Technology, Inc. will post 7.98 EPS for the current year.

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

Analyst Ratings Changes

A number of analysts have recently issued reports on ALGN shares. Mizuho dropped their target price on shares of Align Technology from $250.00 to $245.00 and set an "outperform" rating for the company in a research report on Tuesday, April 29th. UBS Group decreased their price objective on shares of Align Technology from $240.00 to $215.00 and set a "neutral" rating for the company in a research note on Thursday, April 24th. Evercore ISI raised their target price 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. HSBC lowered shares of Align Technology from a "buy" rating to a "hold" rating and reduced their target price for the company from $290.00 to $170.00 in a report on Friday, April 25th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average 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.