Ascent Group LLC Increases Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Ascent Group LLC raised its stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 33.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,411 shares of the medical equipment provider's stock after acquiring an additional 2,628 shares during the period. Ascent Group LLC's holdings in Align Technology were worth $2,171,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Covestor Ltd boosted its holdings in shares of Align Technology by 14.6% in the 4th quarter. Covestor Ltd now owns 415 shares of the medical equipment provider's stock worth $87,000 after buying an additional 53 shares during the last quarter. Picton Mahoney Asset Management raised its position in Align Technology by 69.9% in the fourth quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider's stock worth $30,000 after acquiring an additional 58 shares during the period. Smartleaf Asset Management LLC raised its position in Align Technology by 9.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 766 shares of the medical equipment provider's stock worth $158,000 after acquiring an additional 64 shares during the period. New York Life Investment Management LLC boosted its stake in Align Technology by 0.7% in the fourth quarter. New York Life Investment Management LLC now owns 9,406 shares of the medical equipment provider's stock valued at $1,961,000 after acquiring an additional 68 shares during the last quarter. Finally, Motley Fool Asset Management LLC grew its position in shares of Align Technology by 6.9% during the 4th quarter. Motley Fool Asset Management LLC now owns 1,099 shares of the medical equipment provider's stock valued at $229,000 after acquiring an additional 71 shares during the period. 88.43% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

ALGN has been the subject of several research reports. Hsbc Global Res lowered Align Technology from a "strong-buy" rating to a "hold" rating in a report on Friday, April 25th. Piper Sandler restated an "overweight" rating and issued a $250.00 price objective (up from $235.00) on shares of Align Technology in a research note on Thursday, May 1st. 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 report on Tuesday, April 29th. Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a research note on Thursday, May 1st. Finally, Wells Fargo & Company dropped their price target 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. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $241.25.

Align Technology Stock Up 0.9%

NASDAQ:ALGN traded up $1.56 during trading hours on Wednesday, hitting $180.11. 884,552 shares of the company's stock traded hands, compared to its average volume of 920,104. Align Technology, Inc. has a 52 week low of $141.74 and a 52 week high of $271.59. The business's fifty day simple moving average is $171.27 and its two-hundred day simple moving average is $196.92. The firm has a market cap of $13.06 billion, a P/E ratio of 32.11, a P/E/G ratio of 2.24 and a beta of 1.68.

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 (EPS) for the quarter, beating analysts' consensus estimates of $2.00 by $0.13. The firm 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 13.84% and a net margin of 10.54%. The company's revenue for the quarter was down 1.8% on a year-over-year basis. During the same quarter last year, the company posted $2.14 EPS. On average, analysts expect that Align Technology, Inc. will post 7.98 EPS for the current year.

Align Technology announced that its board has initiated a share repurchase program 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 programs are often a sign that the company's board believes its stock is undervalued.

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.