Oak Thistle LLC Takes Position in Align Technology, Inc. (NASDAQ:ALGN)

Oak Thistle LLC purchased a new position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 2,949 shares of the medical equipment provider's stock, valued at approximately $468,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Covestor Ltd increased its holdings in shares of Align Technology by 14.6% during the fourth quarter. Covestor Ltd now owns 415 shares of the medical equipment provider's stock worth $87,000 after buying an additional 53 shares in the last quarter. Washington Trust Advisors Inc. boosted its holdings in shares of Align Technology by 5.2% in the 1st quarter. Washington Trust Advisors Inc. now owns 1,205 shares of the medical equipment provider's stock valued at $191,000 after buying an additional 60 shares during the last quarter. Fulcrum Capital LLC grew 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 period. Motley Fool Asset Management LLC lifted its stake in shares of Align Technology by 6.9% during the 4th quarter. Motley Fool Asset Management LLC now owns 1,099 shares of the medical equipment provider's stock worth $229,000 after buying an additional 71 shares during the last quarter. Finally, Wahed Invest LLC lifted its holdings in Align Technology by 5.8% during the 4th quarter. Wahed Invest LLC now owns 1,924 shares of the medical equipment provider's stock worth $401,000 after purchasing an additional 105 shares during the last quarter. Institutional investors and hedge funds own 88.43% of the company's stock.

Align Technology Stock Up 1.7%

Shares of ALGN traded up $3.38 during trading hours on Friday, hitting $205.56. The company had a trading volume of 702,548 shares, compared to its average volume of 837,398. Align Technology, Inc. has a 52-week low of $141.74 and a 52-week high of $262.87. The stock's 50 day moving average price is $187.06 and its 200 day moving average price is $186.88. The firm has a market cap of $14.90 billion, a P/E ratio of 37.44, a P/E/G ratio of 2.14 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 (EPS) for the quarter, topping the consensus estimate of $2.00 by $0.13. Align Technology had a net margin of 10.29% and a return on equity of 13.52%. The firm had revenue of $979.26 million for the quarter, compared to analysts' expectations of $977.90 million. During the same quarter last year, the business earned $2.14 earnings per share. The business's revenue was down 1.8% on a year-over-year basis. On average, research analysts expect that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology announced that its Board of Directors has authorized a share buyback program on Tuesday, May 6th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the medical equipment provider to repurchase up to 7.9% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's board believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on ALGN. Hsbc Global Res downgraded Align Technology from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 25th. UBS Group dropped their price objective on shares of Align Technology from $240.00 to $215.00 and set a "neutral" rating on the stock in a research note on Thursday, April 24th. HSBC downgraded shares of Align Technology from a "buy" rating to a "hold" rating and decreased their price objective for the stock from $290.00 to $170.00 in a report on Friday, April 25th. Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a research report on Thursday, May 1st. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $250.00 price objective (up from $235.00) on shares of Align Technology in a report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company 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.