Align Technology, Inc. (NASDAQ:ALGN) Stock Holdings Increased by Polar Asset Management Partners Inc.

Polar Asset Management Partners Inc. grew its stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 10.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). 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 large investors have also modified their holdings of the stock. Allspring Global Investments Holdings LLC boosted its holdings in Align Technology by 119.6% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 169,641 shares of the medical equipment provider's stock valued at $35,368,000 after acquiring an additional 92,407 shares during the last quarter. Swedbank AB raised its holdings in shares of Align Technology by 25.0% in the 4th quarter. Swedbank AB now owns 486,267 shares of the medical equipment provider's stock worth $101,392,000 after purchasing an additional 97,152 shares during the period. Principal Securities Inc. lifted its stake in shares of Align Technology by 34.5% in the 4th quarter. Principal Securities Inc. now owns 1,881 shares of the medical equipment provider's stock valued at $392,000 after purchasing an additional 483 shares in the last quarter. Allworth Financial LP grew its holdings in shares of Align Technology by 1,479.1% during the 4th quarter. Allworth Financial LP now owns 2,416 shares of the medical equipment provider's stock worth $504,000 after purchasing an additional 2,263 shares during the period. Finally, Giverny Capital Inc. increased its position in Align Technology by 30.3% during the 4th quarter. Giverny Capital Inc. now owns 43,006 shares of the medical equipment provider's stock worth $8,967,000 after purchasing an additional 10,013 shares in the last quarter. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Align Technology Price Performance

Shares of NASDAQ:ALGN traded down $2.30 during midday trading on Friday, reaching $180.75. The company had a trading volume of 1,194,786 shares, compared to its average volume of 921,505. The stock's fifty day moving average price is $171.97 and its 200-day moving average price is $196.11. The stock has a market capitalization of $13.10 billion, a P/E ratio of 32.22, a PEG ratio of 2.24 and a beta of 1.68. 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 posted 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. Align Technology had a return on equity of 13.84% and a net margin of 10.54%. The business had revenue of $979.26 million for the quarter, compared to analyst estimates of $977.90 million. During the same period in the prior year, the company posted $2.14 EPS. The business's revenue was down 1.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Align Technology announced that its board has initiated a share repurchase plan on Tuesday, May 6th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the medical equipment provider to repurchase up to 7.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research firms have issued reports on ALGN. Piper Sandler reiterated an "overweight" rating and set a $250.00 price objective (up from $235.00) on shares of Align Technology in a research note on Thursday, May 1st. HSBC cut shares of Align Technology from a "buy" rating to a "hold" rating and decreased their price target for the stock from $290.00 to $170.00 in a research report on Friday, April 25th. Hsbc Global Res lowered Align Technology from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 25th. Mizuho decreased their target price on Align Technology from $250.00 to $245.00 and set an "outperform" rating for the company in a research report on Tuesday, April 29th. Finally, Wells Fargo & Company lowered their target price on Align Technology from $255.00 to $246.00 and set an "overweight" rating for the company in a research note on Thursday, May 1st. One analyst has rated the stock with a sell rating, four have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus 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.