Edgestream Partners L.P. Raises Stock Position in Align Technology, Inc. (NASDAQ:ALGN)

Edgestream Partners L.P. grew its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 155.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 39,297 shares of the medical equipment provider's stock after purchasing an additional 23,899 shares during the period. Edgestream Partners L.P. owned about 0.05% of Align Technology worth $6,243,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Teacher Retirement System of Texas purchased a new position in shares of Align Technology in the first quarter worth about $1,647,000. Asset Management One Co. Ltd. increased its holdings in shares of Align Technology by 14.5% in 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 during the period. Giverny Capital Inc. increased its holdings in shares of Align Technology by 30.3% in the fourth quarter. Giverny Capital Inc. now owns 43,006 shares of the medical equipment provider's stock worth $8,967,000 after buying an additional 10,013 shares during the period. Virtu Financial LLC purchased a new position in shares of Align Technology in the fourth quarter worth about $3,115,000. Finally, Schonfeld Strategic Advisors LLC increased its holdings 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 buying an additional 33,137 shares during the period. Institutional investors own 88.43% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on ALGN shares. Hsbc Global Res downgraded Align Technology from a "strong-buy" rating to a "hold" rating in a report on Friday, April 25th. HSBC downgraded Align Technology from a "buy" rating to a "hold" rating and reduced their target price for the stock from $290.00 to $170.00 in a report on Friday, April 25th. Mizuho reduced their target price on Align Technology from $250.00 to $245.00 and set an "outperform" rating on the stock in a report on Tuesday, April 29th. Evercore ISI upped their target price on Align Technology from $200.00 to $220.00 and gave the stock an "outperform" rating in a report on Wednesday, July 9th. Finally, 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 report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, four have assigned 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, the stock has a consensus rating of "Moderate Buy" and an average price target of $242.92.

Align Technology Stock Performance

Shares of ALGN traded down $2.40 during mid-day trading on Friday, reaching $189.87. The company had a trading volume of 233,574 shares, compared to its average volume of 920,745. The firm has a 50-day moving average price of $185.82 and a 200 day moving average price of $187.46. Align Technology, Inc. has a 52 week low of $141.74 and a 52 week high of $263.24. The company has a market capitalization of $13.76 billion, a price-to-earnings ratio of 34.60, a price-to-earnings-growth ratio of 2.01 and a beta of 1.63.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued 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 return on equity of 13.52% and a net margin of 10.29%. The firm had revenue of $979.26 million for the quarter, compared to analysts' expectations of $977.90 million. During the same period in the previous year, the firm posted $2.14 EPS. The business's revenue for the quarter was down 1.8% compared to the same quarter last year. As a group, research analysts forecast that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Align Technology declared that its Board of Directors has approved a share buyback program on Tuesday, May 6th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the medical equipment provider to repurchase up to 7.9% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's board believes its shares are 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.