Ascent Group LLC Acquires 2,628 Shares of Align Technology, Inc. (NASDAQ:ALGN)

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

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Geode Capital Management LLC boosted its position in shares of Align Technology by 2.2% during the fourth quarter. Geode Capital Management LLC now owns 1,790,014 shares of the medical equipment provider's stock worth $372,299,000 after acquiring an additional 39,209 shares during the last quarter. Ninety One UK Ltd increased its holdings in Align Technology by 3.7% in the 4th quarter. Ninety One UK Ltd now owns 1,220,601 shares of the medical equipment provider's stock valued at $254,508,000 after acquiring an additional 43,524 shares during the last quarter. Invesco Ltd. lifted its stake in Align Technology by 17.1% in the 4th quarter. Invesco Ltd. now owns 1,082,162 shares of the medical equipment provider's stock worth $225,642,000 after purchasing an additional 158,312 shares in the last quarter. Norges Bank purchased a new stake in Align Technology in the 4th quarter worth $190,792,000. Finally, Meridiem Investment Management Ltd. boosted its holdings in shares of Align Technology by 63.7% during the 4th quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider's stock valued at $159,470,000 after purchasing an additional 297,472 shares during the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Stock Performance

ALGN stock traded down $3.17 during mid-day trading on Friday, reaching $179.88. 493,993 shares of the stock traded hands, compared to its average volume of 920,582. Align Technology, Inc. has a one year low of $141.74 and a one year high of $271.59. The stock has a market capitalization of $13.04 billion, a PE ratio of 31.97, a PEG ratio of 2.24 and a beta of 1.68. The business has a 50-day moving average price of $171.75 and a two-hundred day moving average price of $196.51.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 EPS for the quarter, topping analysts' consensus estimates of $2.00 by $0.13. Align Technology had a net margin of 10.54% and a return on equity of 13.84%. The firm had revenue of $979.26 million during the quarter, compared to analysts' expectations of $977.90 million. During the same period in the previous year, the company earned $2.14 EPS. The firm's revenue for the quarter was down 1.8% compared to the same quarter last year. On average, equities analysts expect 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 authorized a stock repurchase program on Tuesday, May 6th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the medical equipment provider to repurchase up to 7.9% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board believes its stock is undervalued.

Analyst Ratings Changes

Several brokerages have recently issued reports on ALGN. UBS Group reduced their target price on Align Technology from $240.00 to $215.00 and set a "neutral" rating on the stock in a report on Thursday, April 24th. Morgan Stanley lowered their target price on Align Technology from $280.00 to $272.00 and set an "overweight" rating for the company in a research report on Thursday, February 6th. Mizuho cut their target price on shares of Align Technology from $250.00 to $245.00 and set an "outperform" rating for the company in a report on Tuesday, April 29th. Evercore ISI boosted their price target on shares of Align Technology from $165.00 to $200.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Finally, HSBC lowered shares of Align Technology from a "buy" rating to a "hold" rating and lowered their price objective for the company from $290.00 to $170.00 in a research report on Friday, April 25th. One investment 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 MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target 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.