Cerity Partners LLC Has $3.01 Million Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Cerity Partners LLC boosted its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 122.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 18,923 shares of the medical equipment provider's stock after purchasing an additional 10,402 shares during the quarter. Cerity Partners LLC's holdings in Align Technology were worth $3,006,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the company. Teacher Retirement System of Texas purchased a new stake in shares of Align Technology during the 1st quarter worth $1,647,000. Asset Management One Co. Ltd. raised 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 in the last quarter. Giverny Capital Inc. raised its position in Align Technology by 30.3% during the fourth quarter. Giverny Capital Inc. now owns 43,006 shares of the medical equipment provider's stock valued at $8,967,000 after acquiring an additional 10,013 shares in the last quarter. Virtu Financial LLC acquired a new stake in Align Technology in the fourth quarter valued at approximately $3,115,000. Finally, Schonfeld Strategic Advisors LLC grew its holdings in Align Technology by 1,679.5% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 35,110 shares of the medical equipment provider's stock valued at $7,321,000 after purchasing an additional 33,137 shares during the period. Institutional investors own 88.43% of the company's stock.

Analyst Ratings Changes

ALGN has been the topic of several research analyst reports. Wells Fargo & Company cut their price objective on Align Technology from $255.00 to $246.00 and set an "overweight" rating on the stock in a report on Thursday, May 1st. Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a report on Thursday, May 1st. Evercore ISI upped their target price on Align Technology from $200.00 to $220.00 and gave the company an "outperform" rating in a research report on Wednesday, July 9th. Hsbc Global Res cut Align Technology from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 25th. Finally, Piper Sandler reissued an "overweight" rating and issued a $250.00 target price (up from $235.00) on shares of Align Technology in a research report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $242.92.

Align Technology Price Performance

Shares of ALGN traded down $1.50 on Friday, hitting $190.77. The company's stock had a trading volume of 474,609 shares, compared to its average volume of 922,320. The company has a 50 day moving average price of $186.00 and a 200 day moving average price of $187.19. Align Technology, Inc. has a fifty-two week low of $141.74 and a fifty-two week high of $262.87. The company has a market capitalization of $13.83 billion, a PE ratio of 34.75, a PEG ratio of 2.02 and a beta of 1.63.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its earnings results 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. Align Technology had a net margin of 10.29% and a return on equity of 13.52%. The firm had revenue of $979.26 million during the quarter, compared to analyst estimates of $977.90 million. During the same period in the prior year, the business earned $2.14 EPS. The company's revenue for the quarter was down 1.8% compared to the same quarter last year. On average, equities analysts forecast that Align Technology, Inc. will post 7.98 EPS for the current year.

Align Technology declared that its board has authorized a stock buyback 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 repurchase up to 7.9% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's leadership 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.