M.E. Allison & CO. Inc. Purchases New Shares in Align Technology, Inc. (NASDAQ:ALGN)

M.E. Allison & CO. Inc. purchased a new stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 1,465 shares of the medical equipment provider's stock, valued at approximately $233,000.

Several other large investors have also added to or reduced their stakes in ALGN. Norges Bank bought a new stake in Align Technology in the fourth quarter valued at $190,792,000. Meridiem Investment Management Ltd. boosted its holdings in shares of Align Technology by 63.7% during the 4th quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider's stock valued at $159,470,000 after buying an additional 297,472 shares in the last quarter. Senvest Management LLC boosted its holdings in shares of Align Technology by 58.1% during the 4th quarter. Senvest Management LLC now owns 726,243 shares of the medical equipment provider's stock valued at $151,429,000 after buying an additional 267,000 shares in the last quarter. Resona Asset Management Co. Ltd. bought a new stake in shares of Align Technology during the 4th quarter valued at $47,853,000. Finally, Raymond James Financial Inc. bought a new stake in shares of Align Technology during the 4th quarter valued at $42,243,000. Institutional investors own 88.43% of the company's stock.

Analysts Set New Price Targets

ALGN has been the topic of a number of research reports. Wells Fargo & Company dropped their target price on shares of Align Technology from $255.00 to $246.00 and set an "overweight" rating on the stock in a report on Thursday, May 1st. Hsbc Global Res lowered Align Technology from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 25th. HSBC lowered Align Technology from a "buy" rating to a "hold" rating and lowered their price target for the stock from $290.00 to $170.00 in a research report on Friday, April 25th. Needham & Company LLC reaffirmed a "hold" rating on shares of Align Technology in a research report on Thursday, May 1st. Finally, Mizuho lowered their price target on Align Technology from $250.00 to $245.00 and set an "outperform" rating for the company in a research report on Tuesday, April 29th. One 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's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $241.25.

Align Technology Stock Down 2.1%

Align Technology stock opened at $177.85 on Monday. The business has a 50-day simple moving average of $176.69 and a two-hundred day simple moving average of $192.65. The company has a market cap of $12.89 billion, a P/E ratio of 31.70, a P/E/G ratio of 2.24 and a beta of 1.64. Align Technology, Inc. has a 52-week low of $141.74 and a 52-week high of $263.24.

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, beating analysts' consensus estimates of $2.00 by $0.13. The business 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 13.84% and a net margin of 10.54%. The business's quarterly revenue was down 1.8% compared to the same quarter last year. During the same period in the previous year, the company posted $2.14 EPS. Research analysts anticipate that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology announced that its board has initiated a stock buyback program on Tuesday, May 6th that permits the company to repurchase $1.00 billion in 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 generally a sign that the company's management believes its stock is 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.

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