Align Technology, Inc. (NASDAQ:ALGN) Position Lifted by Asset Management One Co. Ltd.

Asset Management One Co. Ltd. increased its position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 14.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 31,624 shares of the medical equipment provider's stock after buying an additional 4,009 shares during the period. Asset Management One Co. Ltd.'s holdings in Align Technology were worth $5,024,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Picton Mahoney Asset Management raised its position in shares of Align Technology by 69.9% in the fourth quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider's stock valued at $30,000 after buying an additional 58 shares during the last quarter. GKV Capital Management Co. Inc. acquired a new position in shares of Align Technology in the fourth quarter valued at approximately $31,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Align Technology in the fourth quarter valued at approximately $35,000. Private Trust Co. NA increased its position in Align Technology by 113.4% during the fourth quarter. Private Trust Co. NA now owns 175 shares of the medical equipment provider's stock worth $36,000 after purchasing an additional 93 shares during the last quarter. Finally, Orion Capital Management LLC acquired a new position in Align Technology during the fourth quarter worth approximately $42,000. Institutional investors and hedge funds own 88.43% of the company's stock.

Align Technology Stock Performance

Shares of ALGN stock traded up $4.95 on Tuesday, hitting $194.28. The stock had a trading volume of 761,178 shares, compared to its average volume of 912,773. The firm has a market capitalization of $14.08 billion, a price-to-earnings ratio of 35.39, a P/E/G ratio of 2.01 and a beta of 1.63. The stock's 50 day moving average is $180.92 and its 200-day moving average is $188.74. Align Technology, Inc. has a 52-week low of $141.74 and a 52-week high of $263.24.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its 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. Align Technology had a net margin of 10.29% and a return on equity of 13.52%. The business had revenue of $979.26 million during the quarter, compared to the consensus estimate of $977.90 million. During the same period in the prior year, the firm earned $2.14 earnings per share. The business's quarterly revenue was down 1.8% compared to the same quarter last year. Equities analysts expect that Align Technology, Inc. will post 7.98 earnings per share for the current year.

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

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Wells Fargo & Company dropped their price target 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. Evercore ISI increased their price objective 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. Piper Sandler reissued an "overweight" rating and issued a $250.00 price objective (up previously from $235.00) on shares of Align Technology in a research report on Thursday, May 1st. Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a research report on Thursday, May 1st. Finally, Hsbc Global Res lowered shares of Align Technology from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 25th. 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 assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Align Technology currently has a consensus rating of "Moderate Buy" and a consensus target price of $241.25.

Align Technology 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.