Oppenheimer Asset Management Inc. Purchases 1,416 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Oppenheimer Asset Management Inc. grew its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 8.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 18,258 shares of the medical equipment provider's stock after purchasing an additional 1,416 shares during the period. Oppenheimer Asset Management Inc.'s holdings in Align Technology were worth $2,900,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the business. Picton Mahoney Asset Management raised its position in Align Technology by 69.9% in the fourth quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider's stock worth $30,000 after acquiring an additional 58 shares in the last quarter. GKV Capital Management Co. Inc. bought a new stake in Align Technology in the fourth quarter worth about $31,000. Aster Capital Management DIFC Ltd bought a new stake in Align Technology in the fourth quarter worth about $35,000. Private Trust Co. NA raised its position in Align Technology by 113.4% in the fourth quarter. Private Trust Co. NA now owns 175 shares of the medical equipment provider's stock worth $36,000 after acquiring an additional 93 shares in the last quarter. Finally, Orion Capital Management LLC bought a new stake in Align Technology in the fourth quarter worth about $42,000. 88.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ALGN has been the topic of several research reports. HSBC cut shares of Align Technology from a "buy" rating to a "hold" rating and dropped their price target for the stock from $290.00 to $170.00 in a research report on Friday, April 25th. Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a research report on Thursday, May 1st. Piper Sandler reiterated an "overweight" rating and issued a $250.00 price target (up from $235.00) on shares of Align Technology in a research report on Thursday, May 1st. Evercore ISI boosted their price target on shares of Align Technology from $165.00 to $200.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Finally, Mizuho dropped their price target on Align Technology from $250.00 to $245.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $241.25.

Align Technology Trading Up 0.4%

NASDAQ ALGN traded up $0.78 during trading on Friday, reaching $188.52. 1,878,454 shares of the company's stock were exchanged, compared to its average volume of 913,325. 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 $13.67 billion, a PE ratio of 34.34, a P/E/G ratio of 2.00 and a beta of 1.64. The company's fifty day simple moving average is $180.58 and its 200-day simple moving average is $189.06.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The medical equipment provider reported $2.13 EPS for the quarter, topping analysts' consensus estimates of $2.00 by $0.13. Align Technology had a return on equity of 13.52% and a net margin of 10.29%. The firm had revenue of $979.26 million during the quarter, compared to analyst estimates of $977.90 million. During the same period last year, the company posted $2.14 EPS. The business's quarterly revenue was down 1.8% compared to the same quarter last year. Equities analysts forecast that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology announced that its Board of Directors has approved a share buyback program on Tuesday, May 6th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the medical equipment provider to purchase up to 7.9% of its stock through open market purchases. Stock buyback programs are often a sign that the company's management 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.