Allianz Asset Management GmbH Increases Position in Align Technology, Inc. (NASDAQ:ALGN)

Allianz Asset Management GmbH grew its position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 13.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 553,908 shares of the medical equipment provider's stock after purchasing an additional 66,614 shares during the quarter. Allianz Asset Management GmbH owned about 0.76% of Align Technology worth $88,000,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in ALGN. Norges Bank acquired a new stake in shares of Align Technology during the fourth quarter worth $190,792,000. Ninety One UK Ltd lifted its position in Align Technology by 58.7% during the first quarter. Ninety One UK Ltd now owns 1,937,555 shares of the medical equipment provider's stock valued at $307,800,000 after purchasing an additional 716,954 shares during the period. Senvest Management LLC lifted its position in Align Technology by 58.1% during the fourth quarter. Senvest Management LLC now owns 726,243 shares of the medical equipment provider's stock valued at $151,429,000 after purchasing an additional 267,000 shares during the period. Resona Asset Management Co. Ltd. acquired a new position in Align Technology during the fourth quarter valued at $47,853,000. Finally, Raymond James Financial Inc. acquired a new position in Align Technology during the fourth quarter valued at $42,243,000. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

ALGN has been the subject of a number of research reports. 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. Needham & Company LLC restated a "hold" rating on shares of Align Technology in a research report on Thursday, May 1st. Mizuho decreased their target price on shares of Align Technology from $250.00 to $245.00 and set an "outperform" rating for the company in a research report on Tuesday, April 29th. Wells Fargo & Company decreased their target price on shares of Align Technology from $255.00 to $246.00 and set an "overweight" rating for the company in a research report on Thursday, May 1st. Finally, UBS Group decreased 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 report on Thursday, April 24th. 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 given a strong buy rating to the stock. According to data from MarketBeat, Align Technology presently has a consensus rating of "Moderate Buy" and an average target price of $242.92.

Align Technology Stock Performance

Shares of ALGN traded up $0.80 during mid-day trading on Friday, hitting $202.98. 127,520 shares of the company were exchanged, compared to its average volume of 1,022,382. Align Technology, Inc. has a 1-year low of $141.74 and a 1-year high of $262.87. The company has a 50 day moving average of $186.71 and a 200-day moving average of $186.96. The stock has a market cap of $14.71 billion, a price-to-earnings ratio of 36.93, a price-to-earnings-growth ratio of 2.16 and a beta of 1.63.

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 the consensus estimate of $2.00 by $0.13. Align Technology had a net margin of 10.29% and a return on equity of 13.52%. The firm had revenue of $979.26 million during the quarter, compared to the consensus estimate of $977.90 million. During the same quarter in the prior year, the firm earned $2.14 EPS. The company's revenue for the quarter was down 1.8% on a year-over-year basis. Research analysts anticipate that Align Technology, Inc. will post 7.98 earnings per share 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.

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.