Oppenheimer Asset Management Inc. Has $2.90 Million Position in Align Technology, Inc. (NASDAQ:ALGN)

Oppenheimer Asset Management Inc. lifted its stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 8.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 18,258 shares of the medical equipment provider's stock after purchasing an additional 1,416 shares during the quarter. Oppenheimer Asset Management Inc.'s holdings in Align Technology were worth $2,900,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in ALGN. Covestor Ltd grew its stake 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 during the last quarter. Picton Mahoney Asset Management boosted its holdings in shares of Align Technology by 69.9% during the 4th quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider's stock valued at $30,000 after acquiring an additional 58 shares in the last quarter. Smartleaf Asset Management LLC grew its position in Align Technology by 9.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 766 shares of the medical equipment provider's stock worth $158,000 after acquiring an additional 64 shares during the last quarter. New York Life Investment Management LLC increased its holdings in Align Technology by 0.7% in the 4th quarter. New York Life Investment Management LLC now owns 9,406 shares of the medical equipment provider's stock worth $1,961,000 after purchasing an additional 68 shares in the last quarter. Finally, Fulcrum Capital LLC raised its position in Align Technology by 0.8% in the first quarter. Fulcrum Capital LLC now owns 9,282 shares of the medical equipment provider's stock valued at $1,475,000 after purchasing an additional 70 shares during the last quarter. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently weighed in on ALGN. Piper Sandler restated an "overweight" rating and set a $250.00 price target (up from $235.00) on shares of Align Technology in a report on Thursday, May 1st. Hsbc Global Res lowered shares of Align Technology from a "strong-buy" rating to a "hold" rating in a report on Friday, April 25th. Wells Fargo & Company decreased their price target on shares of Align Technology from $255.00 to $246.00 and set an "overweight" rating for the company in a research report on Thursday, May 1st. UBS Group cut their price target on shares of Align Technology from $240.00 to $215.00 and set a "neutral" rating on the stock in a report on Thursday, April 24th. Finally, HSBC cut shares of Align Technology from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $290.00 to $170.00 in a research note on Friday, April 25th. One investment 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. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $241.25.

Align Technology Price Performance

Shares of Align Technology stock opened at $187.14 on Thursday. The stock's 50-day moving average is $179.91 and its 200 day moving average is $190.41. Align Technology, Inc. has a one year low of $141.74 and a one year high of $263.24. The firm has a market cap of $13.57 billion, a price-to-earnings ratio of 34.09, a PEG ratio of 1.98 and a beta of 1.64.

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

Align Technology declared that its Board of Directors has authorized a stock repurchase plan 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 reacquire up to 7.9% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's management believes its shares are 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.

Want to see what other hedge funds are holding ALGN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Align Technology, Inc. (NASDAQ:ALGN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.