Align Technology, Inc. (NASDAQ:ALGN) Shares Purchased by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. raised its stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 16.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,094 shares of the medical equipment provider's stock after purchasing an additional 1,725 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Align Technology were worth $1,925,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Covestor Ltd grew its stake in shares of Align Technology by 14.6% in the 4th quarter. Covestor Ltd now owns 415 shares of the medical equipment provider's stock valued at $87,000 after purchasing an additional 53 shares during the last quarter. Picton Mahoney Asset Management boosted its stake in shares of Align Technology by 69.9% in the fourth quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider's stock valued at $30,000 after buying an additional 58 shares in the last quarter. Smartleaf Asset Management LLC raised its holdings in Align Technology by 9.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 766 shares of the medical equipment provider's stock worth $158,000 after purchasing an additional 64 shares during the last quarter. Fulcrum Capital LLC raised its holdings in Align Technology by 0.8% during the first quarter. Fulcrum Capital LLC now owns 9,282 shares of the medical equipment provider's stock worth $1,475,000 after purchasing an additional 70 shares during the last quarter. Finally, Motley Fool Asset Management LLC raised its holdings in Align Technology by 6.9% during the fourth quarter. Motley Fool Asset Management LLC now owns 1,099 shares of the medical equipment provider's stock worth $229,000 after purchasing an additional 71 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ALGN. UBS Group cut their price target on Align Technology from $240.00 to $215.00 and set a "neutral" rating for the company in a report on Thursday, April 24th. HSBC cut Align Technology from a "buy" rating to a "hold" rating and cut their price target for the stock from $290.00 to $170.00 in a report on Friday, April 25th. Piper Sandler reissued an "overweight" rating and issued a $250.00 price target (up from $235.00) on shares of Align Technology in a report on Thursday, May 1st. Evercore ISI lifted their price objective on Align Technology from $165.00 to $200.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. Finally, Hsbc Global Res downgraded Align Technology from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 25th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $241.25.

Align Technology Price Performance

ALGN stock traded down $0.06 during trading on Friday, reaching $196.93. 712,803 shares of the stock traded hands, compared to its average volume of 918,343. The business's 50 day moving average price is $182.25 and its 200-day moving average price is $188.22. Align Technology, Inc. has a 52-week low of $141.74 and a 52-week high of $263.24. The firm has a market capitalization of $14.28 billion, a PE ratio of 35.87, a P/E/G ratio of 2.09 and a beta of 1.63.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share for the quarter, topping the consensus estimate of $2.00 by $0.13. Align Technology had a return on equity of 13.52% and a net margin of 10.29%. The company had revenue of $979.26 million during the quarter, compared to the consensus estimate of $977.90 million. During the same quarter in the prior year, the business earned $2.14 earnings per share. The company's revenue was down 1.8% compared to the same quarter last year. On average, equities research analysts predict that Align Technology, Inc. will post 7.98 earnings per share for the current year.

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

Align Technology Company 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.