GF Fund Management CO. LTD. Acquires Shares of 1,734 Align Technology, Inc. (NASDAQ:ALGN)

GF Fund Management CO. LTD. acquired a new position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 1,734 shares of the medical equipment provider's stock, valued at approximately $362,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Picton Mahoney Asset Management increased its stake in shares of Align Technology by 69.9% during the 4th quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider's stock worth $30,000 after purchasing an additional 58 shares during the last quarter. GKV Capital Management Co. Inc. bought a new position in Align Technology during the fourth quarter valued at about $31,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Align Technology in the fourth quarter worth about $35,000. Private Trust Co. NA boosted its stake in shares of Align Technology by 113.4% during the 4th quarter. Private Trust Co. NA now owns 175 shares of the medical equipment provider's stock worth $36,000 after acquiring an additional 93 shares in the last quarter. Finally, Orion Capital Management LLC acquired a new position in shares of Align Technology during the 4th quarter valued at about $42,000. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Align Technology Price Performance

Shares of ALGN traded up $2.94 on Thursday, reaching $183.05. 1,282,006 shares of the stock traded hands, compared to its average volume of 921,546. The stock's 50-day moving average price is $171.50 and its 200-day moving average price is $196.80. The firm has a market cap of $13.27 billion, a price-to-earnings ratio of 32.63, a P/E/G ratio of 2.24 and a beta of 1.68. Align Technology, Inc. has a 12 month low of $141.74 and a 12 month high of $271.59.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its quarterly 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. 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 for the quarter, compared to analyst estimates of $977.90 million. During the same quarter in the previous year, the firm posted $2.14 EPS. The business's revenue for the quarter was down 1.8% on a year-over-year basis. As a group, equities research analysts forecast 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 share repurchase 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 shares through open market purchases. Shares buyback plans are typically a sign that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ALGN. UBS Group reduced their target price on Align Technology from $240.00 to $215.00 and set a "neutral" rating for the company in a report on Thursday, April 24th. Mizuho lowered their target price on shares of Align Technology from $250.00 to $245.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 29th. Piper Sandler reissued an "overweight" rating and set a $250.00 target price (up previously from $235.00) on shares of Align Technology in a research report on Thursday, May 1st. Evercore ISI upped their price target on shares of Align Technology from $165.00 to $200.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. Finally, Morgan Stanley lowered their price target on Align Technology from $280.00 to $272.00 and set an "overweight" rating on the stock in a research report on Thursday, February 6th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Align Technology presently has a consensus rating of "Moderate Buy" and a consensus target price of $241.25.

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.