Tredje AP fonden Raises Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Key Points

• Tredje AP fonden increased its holdings in Align Technology by 21.0% during the 1st quarter, owning 115,198 shares worth $18.3 million by the end of the reporting period.
• The company reported earnings of $2.13 per share for the quarter, surpassing analysts' expectations, with a revenue of $979.26 million, though this was down 1.8% year-over-year.
• Align Technology's Board authorized a $1.00 billion share repurchase plan, indicating a belief that its stock is undervalued.

Tredje AP fonden grew its holdings in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 21.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 115,198 shares of the medical equipment provider's stock after acquiring an additional 20,000 shares during the period. Tredje AP fonden owned about 0.16% of Align Technology worth $18,300,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. GKV Capital Management Co. Inc. purchased a new position in shares of Align Technology during the 4th quarter worth about $31,000. Compagnie Lombard Odier SCmA acquired a new position in Align Technology during the 1st quarter valued at approximately $32,000. Aster Capital Management DIFC Ltd bought a new stake in Align Technology during the 4th quarter valued at $35,000. Center for Financial Planning Inc. acquired a new position in shares of Align Technology during the 1st quarter valued at $35,000. Finally, Orion Capital Management LLC acquired a new position in shares of Align Technology in the fourth quarter worth $42,000. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Piper Sandler reissued an "overweight" rating and set a $250.00 target price (up previously from $235.00) on shares of Align Technology in a research report on Thursday, May 1st. Wells Fargo & Company dropped their price objective on shares of Align Technology from $255.00 to $246.00 and set an "overweight" rating on the stock in a report on Thursday, May 1st. Hsbc Global Res downgraded Align Technology from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 25th. Mizuho reduced their price target on shares of Align Technology from $250.00 to $245.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 29th. Finally, HSBC downgraded shares of Align Technology from a "buy" rating to a "hold" rating and dropped their price target for the stock from $290.00 to $170.00 in a research note 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 given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $242.92.

Align Technology Price Performance

Shares of NASDAQ:ALGN traded down $2.24 during trading on Wednesday, hitting $203.57. 2,414,073 shares of the company's stock were exchanged, compared to its average volume of 837,288. The business's 50-day simple moving average is $187.97 and its 200 day simple moving average is $186.58. Align Technology, Inc. has a 52-week low of $141.74 and a 52-week high of $262.87. The company has a market cap of $14.76 billion, a price-to-earnings ratio of 37.08, a PEG ratio of 2.18 and a beta of 1.63.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 EPS for the quarter, topping analysts' consensus estimates of $2.00 by $0.13. The company had revenue of $979.26 million for the quarter, compared to the consensus estimate of $977.90 million. Align Technology had a return on equity of 13.52% and a net margin of 10.29%. The firm's revenue for the quarter was down 1.8% on a year-over-year basis. During the same period in the previous year, the business earned $2.14 earnings per share. On average, sell-side analysts anticipate that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology declared that its board has authorized a stock buyback plan on Tuesday, May 6th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the medical equipment provider to reacquire up to 7.9% of its shares through open market purchases. Shares buyback plans are often an indication that the company's board believes its stock is undervalued.

Align Technology Company 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.