National Bank of Canada FI Boosts Holdings in Align Technology, Inc. (NASDAQ:ALGN)

National Bank of Canada FI grew its position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 44.5% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 65,056 shares of the medical equipment provider's stock after buying an additional 20,040 shares during the period. National Bank of Canada FI owned 0.09% of Align Technology worth $10,334,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. American Assets Inc. bought a new stake in shares of Align Technology in the 4th quarter valued at $417,000. Raymond James Financial Inc. bought a new position in Align Technology during the 4th quarter worth about $42,243,000. Sterling Capital Management LLC increased its holdings in Align Technology by 29.3% during the 4th quarter. Sterling Capital Management LLC now owns 2,563 shares of the medical equipment provider's stock worth $534,000 after purchasing an additional 581 shares in the last quarter. Townsquare Capital LLC increased its holdings in Align Technology by 6.8% during the 4th quarter. Townsquare Capital LLC now owns 13,355 shares of the medical equipment provider's stock worth $2,785,000 after purchasing an additional 849 shares in the last quarter. Finally, SageView Advisory Group LLC bought a new position in Align Technology during the 4th quarter worth about $287,000. 88.43% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ALGN has been the subject of a number of research reports. HSBC cut Align Technology from a "buy" rating to a "hold" rating and lowered their target price for the stock from $290.00 to $170.00 in a report on Friday, April 25th. Mizuho set a $210.00 target price on Align Technology in a report on Thursday, July 31st. Piper Sandler lowered their target price on Align Technology from $250.00 to $190.00 and set an "overweight" rating for the company in a report on Thursday, July 31st. Morgan Stanley restated an "equal weight" rating and set a $154.00 price objective (down from $249.00) on shares of Align Technology in a research note on Thursday, July 31st. Finally, UBS Group reduced 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. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $215.00.

Align Technology Price Performance

Shares of Align Technology stock traded down $0.45 on Friday, reaching $142.43. 1,110,144 shares of the company traded hands, compared to its average volume of 2,439,051. Align Technology, Inc. has a 52 week low of $127.70 and a 52 week high of $262.87. The company has a 50 day moving average of $179.19 and a 200 day moving average of $179.62. The firm has a market capitalization of $10.32 billion, a PE ratio of 24.02, a PEG ratio of 1.61 and a beta of 1.61.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The medical equipment provider reported $2.49 EPS for the quarter, missing analysts' consensus estimates of $2.57 by ($0.08). The business had revenue of $1.01 billion for the quarter, compared to analysts' expectations of $1.06 billion. Align Technology had a net margin of 11.04% and a return on equity of 13.36%. The business's quarterly revenue was down 1.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.41 earnings per share. As a group, analysts anticipate that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Align Technology announced that its Board of Directors has approved a share buyback plan on Tuesday, May 6th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the medical equipment provider to purchase up to 7.9% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its stock is undervalued.

Insider Activity at Align Technology

In other Align Technology news, CEO Joseph M. Hogan purchased 7,576 shares of the company's stock in a transaction that occurred on Friday, August 1st. The shares were bought at an average cost of $131.49 per share, for a total transaction of $996,168.24. Following the purchase, the chief executive officer owned 184,945 shares of the company's stock, valued at $24,318,418.05. This represents a 4.27% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.66% of the company's stock.

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.