Align Technology, Inc. (NASDAQ:ALGN) Shares Acquired by Laurus Global Equity Management Inc.

Laurus Global Equity Management Inc. grew its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 26.2% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 52,455 shares of the medical equipment provider's stock after buying an additional 10,890 shares during the period. Align Technology comprises 5.6% of Laurus Global Equity Management Inc.'s portfolio, making the stock its 7th largest position. Laurus Global Equity Management Inc. owned 0.07% of Align Technology worth $8,333,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of ALGN. Picton Mahoney Asset Management raised its stake in Align Technology by 69.9% during the 4th quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider's stock valued at $30,000 after acquiring an additional 58 shares in the last quarter. GKV Capital Management Co. Inc. bought a new stake in Align Technology during the 4th quarter valued at $31,000. Compagnie Lombard Odier SCmA bought a new stake in Align Technology during the 1st quarter valued at $32,000. Aster Capital Management DIFC Ltd bought a new position in shares of Align Technology in the fourth quarter valued at approximately $35,000. Finally, Center for Financial Planning Inc. bought a new position in shares of Align Technology in the first quarter valued at approximately $35,000. Institutional investors own 88.43% of the company's stock.

Align Technology Trading Down 3.3%

NASDAQ ALGN traded down $6.50 on Tuesday, reaching $192.81. The stock had a trading volume of 1,005,148 shares, compared to its average volume of 921,115. The business has a 50 day moving average price of $184.84 and a 200 day moving average price of $187.50. Align Technology, Inc. has a 1 year low of $141.74 and a 1 year high of $263.24. The company has a market capitalization of $13.98 billion, a price-to-earnings ratio of 35.12, a P/E/G ratio of 2.14 and a beta of 1.63.

Align Technology (NASDAQ:ALGN - Get Free Report) last released 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. The company had revenue of $979.26 million during the quarter, compared to the consensus estimate of $977.90 million. Align Technology had a return on equity of 13.52% and a net margin of 10.29%. The firm's revenue was down 1.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.14 EPS. On average, analysts anticipate that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Align Technology declared that its board has authorized a stock repurchase program on Tuesday, May 6th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the medical equipment provider to reacquire up to 7.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on ALGN shares. Evercore ISI increased their price objective on shares of Align Technology from $200.00 to $220.00 and gave the company an "outperform" rating in a report on Wednesday, July 9th. Mizuho lowered their price target on Align Technology from $250.00 to $245.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 29th. UBS Group lowered their price target 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 decreased 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. Finally, Hsbc Global Res cut Align Technology from a "strong-buy" rating to a "hold" rating in a report on Friday, April 25th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Align Technology has a consensus rating of "Moderate Buy" and a consensus target price of $242.92.

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.