Align Technology, Inc. (NASDAQ:ALGN) Stock Position Raised by Factory Mutual Insurance Co.

Factory Mutual Insurance Co. lifted its position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 20.5% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 202,793 shares of the medical equipment provider's stock after acquiring an additional 34,500 shares during the quarter. Factory Mutual Insurance Co. owned approximately 0.28% of Align Technology worth $32,216,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in ALGN. Empowered Funds LLC lifted its position in shares of Align Technology by 32.4% in the 4th quarter. Empowered Funds LLC now owns 1,280 shares of the medical equipment provider's stock valued at $267,000 after acquiring an additional 313 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of Align Technology by 119.6% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 169,641 shares of the medical equipment provider's stock valued at $35,368,000 after acquiring an additional 92,407 shares in the last quarter. Van ECK Associates Corp purchased a new stake in shares of Align Technology in the 4th quarter valued at approximately $2,415,000. Asset Management One Co. Ltd. lifted its position in shares of Align Technology by 0.9% in the 4th quarter. Asset Management One Co. Ltd. now owns 27,615 shares of the medical equipment provider's stock valued at $5,839,000 after acquiring an additional 246 shares in the last quarter. Finally, Vontobel Holding Ltd. lifted its position in shares of Align Technology by 2.6% in the 4th quarter. Vontobel Holding Ltd. now owns 11,547 shares of the medical equipment provider's stock valued at $2,408,000 after acquiring an additional 297 shares in the last quarter. Hedge funds and other institutional investors own 88.43% of the company's stock.

Align Technology Stock Down 2.1%

Shares of ALGN opened at $177.85 on Friday. The company's fifty day moving average is $176.69 and its 200-day moving average is $192.91. Align Technology, Inc. has a 12 month low of $141.74 and a 12 month high of $263.24. The firm has a market cap of $12.89 billion, a price-to-earnings ratio of 31.70, a price-to-earnings-growth ratio of 2.24 and a beta of 1.64.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 EPS for the quarter, topping 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 for the quarter, compared to analyst estimates of $977.90 million. During the same quarter in the prior year, the business posted $2.14 EPS. Align Technology's quarterly revenue was down 1.8% on a year-over-year basis. As a group, research analysts predict that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

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

Analyst Upgrades and Downgrades

Several research firms have weighed in on ALGN. Mizuho dropped their price objective on shares of Align Technology from $250.00 to $245.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 29th. Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a research note 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 research note on Thursday, May 1st. HSBC lowered shares of Align Technology from a "buy" rating to a "hold" rating and dropped their price objective for the company from $290.00 to $170.00 in a research note on Friday, April 25th. Finally, Evercore ISI upped their price objective on shares of Align Technology from $165.00 to $200.00 and gave the company an "outperform" rating in a research note 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 given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $241.25.

About Align Technology

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.

Want to see what other hedge funds are holding ALGN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Align Technology, Inc. (NASDAQ:ALGN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.