3,023 Shares in Align Technology, Inc. (NASDAQ:ALGN) Acquired by Pallas Capital Advisors LLC

Pallas Capital Advisors LLC bought a new position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 3,023 shares of the medical equipment provider's stock, valued at approximately $480,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ALGN. Capital Investment Advisors LLC increased its stake in Align Technology by 21.0% in the 1st quarter. Capital Investment Advisors LLC now owns 6,067 shares of the medical equipment provider's stock worth $964,000 after buying an additional 1,052 shares in the last quarter. Washington Capital Management Inc. boosted its stake in shares of Align Technology by 146.7% in the first quarter. Washington Capital Management Inc. now owns 3,700 shares of the medical equipment provider's stock worth $588,000 after acquiring an additional 2,200 shares during the period. Wedmont Private Capital grew its position in shares of Align Technology by 10.5% during the first quarter. Wedmont Private Capital now owns 1,466 shares of the medical equipment provider's stock worth $241,000 after purchasing an additional 139 shares in the last quarter. Gateway Investment Advisers LLC raised its stake in Align Technology by 20.8% during the 1st quarter. Gateway Investment Advisers LLC now owns 1,428 shares of the medical equipment provider's stock valued at $227,000 after purchasing an additional 246 shares during the period. Finally, Merit Financial Group LLC raised its stake in Align Technology by 83.9% during the 1st quarter. Merit Financial Group LLC now owns 2,871 shares of the medical equipment provider's stock valued at $456,000 after purchasing an additional 1,310 shares during the period. 88.43% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ALGN has been the subject of a number of research analyst reports. Wells Fargo & Company cut their price objective on shares of Align Technology from $255.00 to $246.00 and set an "overweight" rating for the company in a report on Thursday, May 1st. Needham & Company LLC reaffirmed a "hold" rating on shares of Align Technology in a research note 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 note on Thursday, May 1st. Piper Sandler reissued an "overweight" rating and set a $250.00 price objective (up previously from $235.00) on shares of Align Technology in a report on Thursday, May 1st. Finally, Mizuho reduced their target price on Align Technology from $250.00 to $245.00 and set an "outperform" rating on the stock in a report on Tuesday, April 29th. One analyst has rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $241.25.

Align Technology Price Performance

Shares of NASDAQ:ALGN traded down $3.84 during trading on Friday, hitting $177.85. The company had a trading volume of 779,343 shares, compared to its average volume of 912,979. The stock has a market cap of $12.89 billion, a price-to-earnings ratio of 31.70, a price-to-earnings-growth ratio of 2.24 and a beta of 1.64. The company has a fifty day simple moving average of $176.02 and a two-hundred day simple moving average of $193.51. Align Technology, Inc. has a one year low of $141.74 and a one year high of $271.59.

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, topping analysts' consensus estimates of $2.00 by $0.13. The company had revenue of $979.26 million during the quarter, compared to the consensus estimate of $977.90 million. Align Technology had a return on equity of 13.84% and a net margin of 10.54%. Align Technology's revenue was down 1.8% on a year-over-year basis. During the same period last year, the company earned $2.14 earnings per share. On average, equities research analysts anticipate that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Align Technology declared that its Board of Directors has approved a stock repurchase 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 stock through open market purchases. Stock buyback plans are generally 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.