California First Leasing Corp Invests $3.36 Million in Align Technology, Inc. (NASDAQ:ALGN)

California First Leasing Corp acquired a new stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 21,150 shares of the medical equipment provider's stock, valued at approximately $3,360,000. Align Technology accounts for 1.5% of California First Leasing Corp's portfolio, making the stock its 23rd biggest holding.

Other hedge funds also recently bought and sold shares of the company. Asset Management One Co. Ltd. grew its position in Align Technology by 14.5% during the first quarter. Asset Management One Co. Ltd. now owns 31,624 shares of the medical equipment provider's stock worth $5,024,000 after buying an additional 4,009 shares in the last quarter. Giverny Capital Inc. grew its holdings in shares of Align Technology by 30.3% during the fourth quarter. Giverny Capital Inc. now owns 43,006 shares of the medical equipment provider's stock worth $8,967,000 after purchasing an additional 10,013 shares in the last quarter. Virtu Financial LLC purchased a new position in shares of Align Technology during the fourth quarter worth about $3,115,000. Schonfeld Strategic Advisors LLC increased its position in shares of Align Technology by 1,679.5% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 35,110 shares of the medical equipment provider's stock worth $7,321,000 after purchasing an additional 33,137 shares during the last quarter. Finally, American Assets Inc. purchased a new stake in Align Technology in the fourth quarter valued at approximately $417,000. Hedge funds and other institutional investors own 88.43% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have commented on ALGN. Hsbc Global Res cut shares of Align Technology from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 25th. Piper Sandler reiterated an "overweight" rating and issued a $250.00 target price (up from $235.00) on shares of Align Technology in a research report on Thursday, May 1st. Wells Fargo & Company reduced their target price on Align Technology from $255.00 to $246.00 and set an "overweight" rating on the stock in a research note on Thursday, May 1st. UBS Group dropped their price target on Align Technology from $240.00 to $215.00 and set a "neutral" rating for the company in a research note on Thursday, April 24th. Finally, Evercore ISI upped their price objective on Align Technology from $165.00 to $200.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, four have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $241.25.

Align Technology Price Performance

ALGN opened at $196.93 on Monday. The stock's 50 day simple moving average is $182.25 and its 200 day simple moving average is $188.04. The firm has a market cap of $14.28 billion, a price-to-earnings ratio of 35.87, a PEG ratio of 2.09 and a beta of 1.63. Align Technology, Inc. has a 1 year low of $141.74 and a 1 year high of $263.24.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share for the quarter, beating analysts' consensus estimates of $2.00 by $0.13. Align Technology had a return on equity of 13.52% and a net margin of 10.29%. The firm had revenue of $979.26 million during the quarter, compared to analyst estimates of $977.90 million. During the same quarter in the prior year, the firm posted $2.14 earnings per share. The business's quarterly revenue was down 1.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Align Technology, Inc. will post 7.98 EPS for the current year.

Align Technology declared that its board has initiated a share repurchase plan on Tuesday, May 6th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the medical equipment provider to buy up to 7.9% of its stock through open market purchases. Stock repurchase plans are typically a sign 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.

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