Lazard Asset Management LLC Trims Stake in Align Technology, Inc. (NASDAQ:ALGN)

Lazard Asset Management LLC lowered its position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 87.5% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 2,498 shares of the medical equipment provider's stock after selling 17,486 shares during the period. Lazard Asset Management LLC's holdings in Align Technology were worth $519,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. LMR Partners LLP bought a new position in Align Technology in the 4th quarter worth $4,757,000. Investment Management Corp of Ontario boosted its holdings in Align Technology by 67.6% in the 4th quarter. Investment Management Corp of Ontario now owns 3,925 shares of the medical equipment provider's stock worth $818,000 after buying an additional 1,583 shares during the period. Jacobs Levy Equity Management Inc. boosted its holdings in Align Technology by 35.2% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 731,846 shares of the medical equipment provider's stock worth $152,597,000 after buying an additional 190,711 shares during the period. Gotham Asset Management LLC boosted its holdings in Align Technology by 9.5% in the 4th quarter. Gotham Asset Management LLC now owns 13,400 shares of the medical equipment provider's stock worth $2,794,000 after buying an additional 1,161 shares during the period. Finally, Focus Partners Wealth boosted its holdings in Align Technology by 18.9% in the 4th quarter. Focus Partners Wealth now owns 2,911 shares of the medical equipment provider's stock worth $607,000 after buying an additional 463 shares during the period. Institutional investors own 88.43% of the company's stock.

Align Technology Price Performance

Shares of NASDAQ ALGN traded up $7.75 during mid-day trading on Tuesday, hitting $178.55. 872,722 shares of the company's stock traded hands, compared to its average volume of 919,408. The company's 50-day moving average is $171.27 and its two-hundred day moving average is $196.92. The company has a market capitalization of $12.94 billion, a P/E ratio of 31.83, a PEG ratio of 2.24 and a beta of 1.68. Align Technology, Inc. has a 1 year low of $141.74 and a 1 year high of $271.59.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced 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. 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 analysts' expectations of $977.90 million. During the same period in the prior year, the company earned $2.14 EPS. The business's revenue was down 1.8% compared to the same quarter last year. Equities analysts anticipate that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

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

Analysts Set New Price Targets

Several research analysts have commented on ALGN shares. Morgan Stanley dropped their price objective on shares of Align Technology from $280.00 to $272.00 and set an "overweight" rating for the company in a report on Thursday, February 6th. Evercore ISI increased their price objective 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. Mizuho dropped their price objective on shares of Align Technology from $250.00 to $245.00 and set an "outperform" rating for the company in a report on Tuesday, April 29th. HSBC downgraded shares of Align Technology from a "buy" rating to a "hold" rating and dropped their price objective for the company from $290.00 to $170.00 in a report on Friday, April 25th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Align Technology 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 given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $241.25.

About Align Technology

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.