Asahi Life Asset Management CO. LTD. bought a new position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,680 shares of the medical equipment provider's stock, valued at approximately $267,000.
Several other hedge funds have also made changes to their positions in the business. American Assets Inc. acquired a new stake in Align Technology in the fourth quarter valued at about $417,000. HighTower Advisors LLC lifted its position in Align Technology by 132.0% in the fourth quarter. HighTower Advisors LLC now owns 7,050 shares of the medical equipment provider's stock valued at $1,470,000 after purchasing an additional 29,057 shares during the period. Sequoia Financial Advisors LLC lifted its position in Align Technology by 13.6% in the fourth quarter. Sequoia Financial Advisors LLC now owns 1,673 shares of the medical equipment provider's stock valued at $349,000 after purchasing an additional 200 shares during the period. EverSource Wealth Advisors LLC lifted its position in Align Technology by 148.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 560 shares of the medical equipment provider's stock valued at $117,000 after purchasing an additional 335 shares during the period. Finally, First Eagle Investment Management LLC lifted its position in Align Technology by 8.9% in the fourth quarter. First Eagle Investment Management LLC now owns 4,264 shares of the medical equipment provider's stock valued at $889,000 after purchasing an additional 350 shares during the period. Institutional investors and hedge funds own 88.43% of the company's stock.
Align Technology Price Performance
ALGN traded down $1.93 during trading on Friday, hitting $190.34. The company's stock had a trading volume of 249,946 shares, compared to its average volume of 920,865. The firm's 50 day moving average price is $185.82 and its 200-day moving average price is $187.46. The stock has a market cap of $13.80 billion, a PE ratio of 34.69, a PEG ratio of 2.01 and a beta of 1.63. Align Technology, Inc. has a twelve month low of $141.74 and a twelve month high of $263.24.
Align Technology (NASDAQ:ALGN - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share for the quarter, beating the consensus estimate of $2.00 by $0.13. The company had revenue of $979.26 million during the quarter, compared to the consensus estimate of $977.90 million. Align Technology had a return on equity of 13.52% and a net margin of 10.29%. Align Technology's revenue was down 1.8% on a year-over-year basis. During the same period in the previous year, the firm posted $2.14 EPS. Equities analysts anticipate that Align Technology, Inc. will post 7.98 earnings per share for the current year.
Align Technology declared that its Board of Directors has authorized a stock buyback plan on Tuesday, May 6th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows 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 board believes its stock is undervalued.
Wall Street Analysts Forecast Growth
A number of research firms have recently issued reports on ALGN. 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. UBS Group reduced their price target 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. Evercore ISI lifted their price target on shares of Align Technology from $200.00 to $220.00 and gave the company an "outperform" rating in a research report on Wednesday, July 9th. Piper Sandler reiterated an "overweight" rating and set a $250.00 price target (up from $235.00) on shares of Align Technology in a research report on Thursday, May 1st. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a research report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Align Technology currently has an average rating of "Moderate Buy" and a consensus price target of $242.92.
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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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