Janney Montgomery Scott LLC Purchases 3,325 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Janney Montgomery Scott LLC boosted its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 48.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,120 shares of the medical equipment provider's stock after purchasing an additional 3,325 shares during the period. Janney Montgomery Scott LLC's holdings in Align Technology were worth $1,608,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Picton Mahoney Asset Management raised its holdings 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 stake in Align Technology in the 4th quarter valued at about $31,000. Compagnie Lombard Odier SCmA bought a new position in shares of Align Technology in the first quarter worth about $32,000. Aster Capital Management DIFC Ltd bought a new position in shares of Align Technology in the fourth quarter worth about $35,000. Finally, Private Trust Co. NA lifted its position in shares of 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 in the last quarter. Institutional investors own 88.43% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Wells Fargo & Company dropped their price objective 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. Hsbc Global Res lowered Align Technology from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 25th. Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a research report on Thursday, May 1st. Piper Sandler reissued an "overweight" rating and set a $250.00 price objective (up from $235.00) on shares of Align Technology in a report on Thursday, May 1st. Finally, Mizuho reduced 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. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $241.25.

Align Technology Trading Up 2.6%

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 company has a fifty day moving average price of $181.33 and a two-hundred day moving average price of $188.78. The firm has a market cap of $14.08 billion, a P/E ratio of 35.39, a PEG ratio of 2.01 and a beta of 1.63. Align Technology, Inc. has a twelve month low of $141.74 and a twelve month high of $263.24.

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, topping the consensus estimate of $2.00 by $0.13. Align Technology had a return on equity of 13.52% and a net margin of 10.29%. The company 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 company earned $2.14 earnings per share. The company's revenue for the quarter was down 1.8% compared to the same quarter last year. On average, analysts expect that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Align Technology declared 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 typically a sign that the company's leadership 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.