Align Technology, Inc. (NASDAQ:ALGN) Shares Bought by Vident Advisory LLC

Vident Advisory LLC boosted its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 3,597.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 51,214 shares of the medical equipment provider's stock after purchasing an additional 49,829 shares during the period. Vident Advisory LLC owned about 0.07% of Align Technology worth $10,679,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ALGN. Picton Mahoney Asset Management lifted its position in Align Technology by 69.9% during the fourth quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider's stock valued at $30,000 after purchasing an additional 58 shares during the period. GKV Capital Management Co. Inc. acquired a new position in Align Technology during the fourth quarter valued at $31,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Align Technology in the fourth quarter worth about $35,000. Private Trust Co. NA raised its position in shares of Align Technology by 113.4% in the fourth quarter. Private Trust Co. NA now owns 175 shares of the medical equipment provider's stock worth $36,000 after acquiring an additional 93 shares during the period. Finally, Newbridge Financial Services Group Inc. acquired a new position in shares of Align Technology in the fourth quarter worth about $52,000. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a research report on Thursday, May 1st. Hsbc Global Res downgraded shares of Align Technology from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 25th. Jefferies Financial Group decreased their price objective on shares of Align Technology from $285.00 to $260.00 and set a "buy" rating for the company in a research report on Thursday, January 23rd. 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 report on Thursday, May 1st. Finally, Evercore ISI upped their price objective on shares of Align Technology from $165.00 to $200.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. One analyst has rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $241.25.

Align Technology Trading Down 1.8%

Shares of NASDAQ ALGN opened at $184.84 on Tuesday. Align Technology, Inc. has a 12-month low of $141.74 and a 12-month high of $272.17. The stock has a market cap of $13.40 billion, a PE ratio of 32.95, a P/E/G ratio of 2.24 and a beta of 1.68. The company has a 50-day moving average of $170.24 and a 200 day moving average of $198.60.

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

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

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