Ninety One UK Ltd Increases Stake in Align Technology, Inc. (NASDAQ:ALGN)

Ninety One UK Ltd lifted its holdings in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 58.7% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 1,937,555 shares of the medical equipment provider's stock after acquiring an additional 716,954 shares during the quarter. Ninety One UK Ltd owned 2.65% of Align Technology worth $307,800,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Ninety One North America Inc. lifted its holdings in shares of Align Technology by 53.7% in the 1st quarter. Ninety One North America Inc. now owns 94,998 shares of the medical equipment provider's stock worth $15,091,000 after acquiring an additional 33,206 shares during the last quarter. Crossmark Global Holdings Inc. increased its stake in shares of Align Technology by 10.0% in the first quarter. Crossmark Global Holdings Inc. now owns 2,474 shares of the medical equipment provider's stock worth $393,000 after buying an additional 225 shares during the period. U.S. Capital Wealth Advisors LLC increased its stake in shares of Align Technology by 39.2% in the first quarter. U.S. Capital Wealth Advisors LLC now owns 2,079 shares of the medical equipment provider's stock worth $330,000 after buying an additional 586 shares during the period. California First Leasing Corp purchased a new position in shares of Align Technology in the first quarter worth $3,360,000. Finally, IFM Investors Pty Ltd increased its stake in shares of Align Technology by 11.3% in the first quarter. IFM Investors Pty Ltd now owns 15,070 shares of the medical equipment provider's stock worth $2,394,000 after buying an additional 1,531 shares during the period. 88.43% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Wells Fargo & Company decreased their target price on shares of Align Technology from $255.00 to $246.00 and set an "overweight" rating on the stock in a research note on Thursday, May 1st. HSBC downgraded shares of Align Technology from a "buy" rating to a "hold" rating and decreased their target price for the stock from $290.00 to $170.00 in a research note on Friday, April 25th. Needham & Company LLC reaffirmed a "hold" rating on shares of Align Technology in a research note on Thursday, May 1st. Hsbc Global Res downgraded shares of Align Technology from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 25th. Finally, Evercore ISI lifted their target price on shares of Align Technology from $165.00 to $200.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. One analyst has rated the stock with a sell rating, four have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Align Technology presently has a consensus rating of "Moderate Buy" and an average price target of $241.25.

Align Technology Price Performance

Align Technology stock traded up $1.64 during mid-day trading on Tuesday, reaching $195.47. 1,258,501 shares of the company traded hands, compared to its average volume of 919,464. The firm's 50 day moving average price is $182.50 and its 200 day moving average price is $187.92. The firm has a market capitalization of $14.17 billion, a price-to-earnings ratio of 35.60, a P/E/G ratio of 2.09 and a beta of 1.63. 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 earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share for the quarter, topping analysts' consensus estimates of $2.00 by $0.13. The firm had revenue of $979.26 million for 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%. The company's revenue was down 1.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.14 EPS. On average, sell-side analysts anticipate that Align Technology, Inc. will post 7.98 EPS for the current year.

Align Technology announced that its Board of Directors has approved a stock buyback plan on Tuesday, May 6th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the medical equipment provider to purchase up to 7.9% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's board believes its stock is undervalued.

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.