Man Group plc reduced its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 30.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 28,338 shares of the medical equipment provider's stock after selling 12,583 shares during the period. Man Group plc's holdings in Align Technology were worth $5,909,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of the stock. Norges Bank purchased a new position in shares of Align Technology in the 4th quarter valued at about $190,792,000. Meridiem Investment Management Ltd. raised its holdings in Align Technology by 63.7% in the fourth quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider's stock valued at $159,470,000 after acquiring an additional 297,472 shares in the last quarter. Senvest Management LLC lifted its stake in Align Technology by 58.1% in the fourth quarter. Senvest Management LLC now owns 726,243 shares of the medical equipment provider's stock worth $151,429,000 after acquiring an additional 267,000 shares during the last quarter. Resona Asset Management Co. Ltd. acquired a new position in Align Technology during the 4th quarter worth approximately $47,853,000. Finally, Raymond James Financial Inc. acquired a new position in Align Technology during the 4th quarter worth approximately $42,243,000. 88.43% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several equities research analysts have recently issued reports on ALGN shares. HSBC cut shares of Align Technology from a "buy" rating to a "hold" rating and decreased their price objective for the stock from $290.00 to $170.00 in a research report on Friday, April 25th. Evercore ISI lifted their price target on Align Technology from $165.00 to $200.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. Piper Sandler reaffirmed an "overweight" rating and set a $250.00 price objective (up from $235.00) on shares of Align Technology in a research report on Thursday, May 1st. Mizuho dropped their price objective on Align Technology from $250.00 to $245.00 and set an "outperform" rating on the stock in a report on Tuesday, April 29th. Finally, Needham & Company LLC restated a "hold" rating on shares of Align Technology in a research note on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Align Technology has an average rating of "Moderate Buy" and a consensus price target of $241.25.
Read Our Latest Stock Report on ALGN
Align Technology Stock Down 1.0%
Shares of Align Technology stock traded down $1.81 during trading on Monday, reaching $170.80. The company's stock had a trading volume of 493,843 shares, compared to its average volume of 919,596. The business has a 50 day moving average price of $170.98 and a 200-day moving average price of $197.39. The company has a market capitalization of $12.38 billion, a P/E ratio of 30.45, a price-to-earnings-growth ratio of 2.24 and a beta of 1.68. Align Technology, Inc. has a 12-month low of $141.74 and a 12-month high of $271.59.
Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly 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 return on equity of 13.84% and a net margin of 10.54%. The business had revenue of $979.26 million for the quarter, compared to analysts' expectations of $977.90 million. During the same quarter in the prior year, the firm posted $2.14 EPS. The company's revenue was down 1.8% compared to the same quarter last year. Research analysts predict 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 buyback plan on Tuesday, May 6th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the medical equipment provider to purchase up to 7.9% of its shares through open market purchases. Shares buyback plans are often a sign that the company's leadership believes its shares are undervalued.
About Align Technology
(
Free Report)
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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