Align Technology, Inc. (NASDAQ:ALGN) Shares Acquired by Mackenzie Financial Corp

Mackenzie Financial Corp increased its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 41.1% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 9,872 shares of the medical equipment provider's stock after purchasing an additional 2,877 shares during the quarter. Mackenzie Financial Corp's holdings in Align Technology were worth $2,058,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in the company. Forum Financial Management LP acquired a new stake in Align Technology during the 4th quarter worth $295,000. Wormser Freres Gestion boosted its position in Align Technology by 2.5% during the fourth quarter. Wormser Freres Gestion now owns 24,355 shares of the medical equipment provider's stock worth $5,108,000 after acquiring an additional 599 shares during the last quarter. Toronto Dominion Bank grew its stake in Align Technology by 32.7% during the 4th quarter. Toronto Dominion Bank now owns 32,669 shares of the medical equipment provider's stock valued at $6,812,000 after acquiring an additional 8,043 shares in the last quarter. GF Fund Management CO. LTD. purchased a new stake in Align Technology during the 4th quarter valued at about $362,000. Finally, Public Employees Retirement System of Ohio acquired a new stake in Align Technology in the 4th quarter valued at about $5,572,000. 88.43% of the stock is owned by institutional investors and hedge funds.

Align Technology Stock Down 1.3%

Shares of ALGN traded down $2.43 during trading on Monday, reaching $178.51. 1,178,823 shares of the company traded hands, compared to its average volume of 922,531. The stock has a 50-day simple moving average of $171.97 and a 200-day simple moving average of $195.94. The stock has a market cap of $12.94 billion, a PE ratio of 31.82, a price-to-earnings-growth ratio of 2.24 and a beta of 1.68. Align Technology, Inc. has a twelve month low of $141.74 and a twelve month high of $271.59.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share for the quarter, beating the consensus estimate of $2.00 by $0.13. The firm had revenue of $979.26 million during the quarter, compared to the consensus estimate of $977.90 million. Align Technology had a net margin of 10.54% and a return on equity of 13.84%. The firm's revenue for the quarter was down 1.8% on a year-over-year basis. During the same quarter last year, the firm earned $2.14 EPS. On average, equities research analysts predict that Align Technology, Inc. will post 7.98 EPS for the current year.

Align Technology announced that its board has initiated a stock buyback plan 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 reacquire up to 7.9% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its shares are undervalued.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ALGN. Morgan Stanley lowered their target price on Align Technology from $280.00 to $272.00 and set an "overweight" rating on the stock in a report on Thursday, February 6th. HSBC lowered Align Technology from a "buy" rating to a "hold" rating and lowered their price objective for the stock from $290.00 to $170.00 in a research note on Friday, April 25th. Evercore ISI upped their target price on Align Technology from $165.00 to $200.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. Mizuho reduced their price target on Align Technology from $250.00 to $245.00 and set an "outperform" rating on the stock in a report on Tuesday, April 29th. Finally, UBS Group dropped their price objective on shares of Align Technology from $240.00 to $215.00 and set a "neutral" rating for the company in a report on Thursday, April 24th. One analyst has rated the stock with a sell rating, four have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Align Technology currently has an average 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.