Align Technology, Inc. (NASDAQ:ALGN) Shares Acquired by Ninety One North America Inc.

Ninety One North America Inc. grew its holdings in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 53.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 94,998 shares of the medical equipment provider's stock after purchasing an additional 33,206 shares during the period. Ninety One North America Inc. owned about 0.13% of Align Technology worth $15,091,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Jones Financial Companies Lllp lifted its position in Align Technology by 60.8% during the fourth quarter. Jones Financial Companies Lllp now owns 648 shares of the medical equipment provider's stock valued at $135,000 after purchasing an additional 245 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Align Technology by 3.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 465,607 shares of the medical equipment provider's stock worth $97,084,000 after purchasing an additional 17,579 shares during the last quarter. Victory Capital Management Inc. increased its holdings in shares of Align Technology by 21.7% in the fourth quarter. Victory Capital Management Inc. now owns 163,102 shares of the medical equipment provider's stock worth $34,008,000 after purchasing an additional 29,066 shares during the last quarter. Proficio Capital Partners LLC purchased a new position in shares of Align Technology during the fourth quarter valued at approximately $15,782,000. Finally, Aigen Investment Management LP purchased a new stake in shares of Align Technology in the fourth quarter valued at approximately $349,000. Institutional investors own 88.43% of the company's stock.

Align Technology Stock Performance

ALGN traded up $3.51 on Wednesday, hitting $198.98. 269,019 shares of the company were exchanged, compared to its average volume of 918,160. The business's fifty day moving average is $182.86 and its 200 day moving average is $187.97. Align Technology, Inc. has a fifty-two week low of $141.74 and a fifty-two week high of $263.24. The firm has a market capitalization of $14.42 billion, a P/E ratio of 36.28, a price-to-earnings-growth ratio of 2.05 and a beta of 1.63.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 EPS for the quarter, beating the consensus estimate of $2.00 by $0.13. The business had revenue of $979.26 million for the quarter, compared to analyst estimates of $977.90 million. Align Technology had a net margin of 10.29% and a return on equity of 13.52%. The company's quarterly revenue was down 1.8% on a year-over-year basis. During the same period in the prior year, the business earned $2.14 earnings per share. Analysts forecast that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology declared that its board has authorized a share buyback program on Tuesday, May 6th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the medical equipment provider to buy up to 7.9% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on ALGN shares. Evercore ISI boosted their price target on Align Technology from $200.00 to $220.00 and gave the company an "outperform" rating in a report on Wednesday. Piper Sandler reissued an "overweight" rating and issued a $250.00 target price (up from $235.00) on shares of Align Technology in a research report on Thursday, May 1st. UBS Group cut their price target on Align Technology from $240.00 to $215.00 and set a "neutral" rating on the stock in a research report on Thursday, April 24th. Wells Fargo & Company cut their price target on Align Technology from $255.00 to $246.00 and set an "overweight" rating on the stock in a research report on Thursday, May 1st. Finally, Mizuho dropped their target price on Align Technology from $250.00 to $245.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 29th. One research 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. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $242.92.

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.