Align Technology, Inc. (NASDAQ:ALGN) Shares Acquired by Polar Asset Management Partners Inc.

Polar Asset Management Partners Inc. boosted its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 10.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 40,100 shares of the medical equipment provider's stock after acquiring an additional 3,900 shares during the quarter. Polar Asset Management Partners Inc. owned about 0.05% of Align Technology worth $8,361,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ALGN. Covestor Ltd grew its stake in shares of Align Technology by 14.6% in the fourth quarter. Covestor Ltd now owns 415 shares of the medical equipment provider's stock valued at $87,000 after buying an additional 53 shares in the last quarter. Picton Mahoney Asset Management grew its stake in shares of Align Technology by 69.9% in the fourth quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider's stock valued at $30,000 after buying an additional 58 shares in the last quarter. Smartleaf Asset Management LLC grew its stake in shares of Align Technology by 9.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 766 shares of the medical equipment provider's stock valued at $158,000 after buying an additional 64 shares in the last quarter. New York Life Investment Management LLC grew its stake in shares of Align Technology by 0.7% in the fourth quarter. New York Life Investment Management LLC now owns 9,406 shares of the medical equipment provider's stock valued at $1,961,000 after buying an additional 68 shares in the last quarter. Finally, Motley Fool Asset Management LLC grew its stake in shares of Align Technology by 6.9% in the fourth quarter. Motley Fool Asset Management LLC now owns 1,099 shares of the medical equipment provider's stock valued at $229,000 after buying an additional 71 shares in the last quarter. Institutional investors and hedge funds own 88.43% of the company's stock.

Align Technology Stock Performance

NASDAQ ALGN traded up $1.56 during trading on Wednesday, reaching $180.11. 884,552 shares of the company's stock were exchanged, compared to its average volume of 920,104. The stock has a market cap of $13.06 billion, a P/E ratio of 32.11, a price-to-earnings-growth ratio of 2.24 and a beta of 1.68. The company has a 50 day moving average price of $171.50 and a two-hundred day moving average price of $196.80. Align Technology, Inc. has a 1 year low of $141.74 and a 1 year high of $271.59.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced 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 for the quarter was down 1.8% on a year-over-year basis. During the same period in the previous year, the business earned $2.14 EPS. Research analysts forecast that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology announced that its board has approved a share buyback program 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 reacquire up to 7.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on ALGN shares. Piper Sandler reaffirmed an "overweight" rating and issued a $250.00 price objective (up from $235.00) on shares of Align Technology in a research note on Thursday, May 1st. Hsbc Global Res cut Align Technology from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 25th. Morgan Stanley dropped their price objective on Align Technology from $280.00 to $272.00 and set an "overweight" rating for the company in a research note on Thursday, February 6th. Mizuho dropped their price objective on Align Technology from $250.00 to $245.00 and set an "outperform" rating for the company in a research note on Tuesday, April 29th. Finally, UBS Group decreased their target price on Align Technology from $240.00 to $215.00 and set a "neutral" rating for the company in a report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Align Technology currently has an average rating of "Moderate Buy" and an average price target of $241.25.

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.