Massachusetts Financial Services Co. MA Buys New Position in Align Technology, Inc. (NASDAQ:ALGN)

Massachusetts Financial Services Co. MA purchased a new stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 109,178 shares of the medical equipment provider's stock, valued at approximately $17,344,000. Massachusetts Financial Services Co. MA owned approximately 0.15% of Align Technology at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. GKV Capital Management Co. Inc. acquired a new position in Align Technology in the 4th quarter valued at $31,000. Compagnie Lombard Odier SCmA acquired a new position in shares of Align Technology in the 1st quarter valued at about $32,000. Aster Capital Management DIFC Ltd acquired a new position in Align Technology during the 4th quarter worth approximately $35,000. Center for Financial Planning Inc. acquired a new position in Align Technology during the 1st quarter worth approximately $35,000. Finally, Orion Capital Management LLC bought a new position in shares of Align Technology in the fourth quarter valued at approximately $42,000. Institutional investors and hedge funds own 88.43% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ALGN. Evercore ISI raised their price objective on Align Technology from $200.00 to $220.00 and gave the company an "outperform" rating in a research note on Wednesday, July 9th. Wells Fargo & Company lowered their target price on shares of Align Technology from $255.00 to $246.00 and set an "overweight" rating for the company in a report on Thursday, May 1st. Mizuho decreased 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 Global Res lowered shares of Align Technology from a "strong-buy" rating to a "hold" rating in a report on Friday, April 25th. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $250.00 target price (up previously from $235.00) on shares of Align Technology in a research report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Align Technology has an average rating of "Moderate Buy" and a consensus price target of $242.92.

Align Technology Trading Down 0.8%

ALGN traded down $1.50 during trading hours on Friday, hitting $190.77. 474,609 shares of the company's stock were exchanged, compared to its average volume of 922,320. Align Technology, Inc. has a 12-month low of $141.74 and a 12-month high of $262.87. The firm has a 50 day moving average of $186.00 and a 200 day moving average of $187.19. The firm has a market cap of $13.83 billion, a P/E ratio of 34.75, a price-to-earnings-growth ratio of 2.02 and a beta of 1.63.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The medical equipment provider reported $2.13 EPS for the quarter, topping analysts' consensus estimates 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 net margin of 10.29% and a return on equity of 13.52%. Align Technology's quarterly revenue was down 1.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.14 EPS. As a group, research analysts expect that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology announced that its board has authorized a stock repurchase plan 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 stock through open market purchases. Stock buyback plans are typically an indication that the company's board of directors believes its shares are undervalued.

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.