Forum Financial Management LP Acquires Shares of 1,414 Align Technology, Inc. (NASDAQ:ALGN)

Forum Financial Management LP purchased a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 1,414 shares of the medical equipment provider's stock, valued at approximately $295,000.

Several other hedge funds also recently made changes to their positions in ALGN. Inspire Investing LLC raised its holdings in Align Technology by 11.1% in the 4th quarter. Inspire Investing LLC now owns 1,260 shares of the medical equipment provider's stock worth $263,000 after purchasing an additional 126 shares in the last quarter. Blue Trust Inc. increased its stake in Align Technology by 41.4% during the 4th quarter. Blue Trust Inc. now owns 803 shares of the medical equipment provider's stock valued at $167,000 after purchasing an additional 235 shares in the last quarter. Swedbank AB increased its stake in Align Technology by 25.0% during the 4th quarter. Swedbank AB now owns 486,267 shares of the medical equipment provider's stock valued at $101,392,000 after purchasing an additional 97,152 shares in the last quarter. Washington Capital Management Inc. purchased a new stake in shares of Align Technology during the 4th quarter valued at about $313,000. Finally, Caprock Group LLC purchased a new stake in shares of Align Technology during the 4th quarter valued at about $236,000. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Align Technology Price Performance

Shares of ALGN stock traded down $2.30 during trading hours on Friday, hitting $180.75. The stock had a trading volume of 1,194,786 shares, compared to its average volume of 921,505. The stock has a market capitalization of $13.10 billion, a price-to-earnings ratio of 32.22, a PEG ratio of 2.24 and a beta of 1.68. The stock's 50-day moving average price is $171.97 and its two-hundred day moving average price is $195.94. Align Technology, Inc. has a one year low of $141.74 and a one year high of $271.59.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.00 by $0.13. The firm had revenue of $979.26 million for 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 firm's revenue was down 1.8% on a year-over-year basis. During the same period in the prior year, the firm earned $2.14 EPS. As a group, equities research analysts predict that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on ALGN shares. Evercore ISI lifted their price objective on shares of Align Technology from $165.00 to $200.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. UBS Group decreased their target price on Align Technology from $240.00 to $215.00 and set a "neutral" rating on the stock in a research report on Thursday, April 24th. Wells Fargo & Company reduced their price objective on Align Technology from $255.00 to $246.00 and set an "overweight" rating for the company in a research note on Thursday, May 1st. Piper Sandler restated an "overweight" rating and issued a $250.00 price objective (up from $235.00) on shares of Align Technology in a report on Thursday, May 1st. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Align Technology in a research report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Align Technology presently has an average rating of "Moderate Buy" and an average 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.