Praxis Investment Management Inc. Acquires New Position in Align Technology, Inc. (NASDAQ:ALGN)

Praxis Investment Management Inc. bought a new position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The fund bought 1,570 shares of the medical equipment provider's stock, valued at approximately $249,000.

Other hedge funds have also added to or reduced their stakes in the company. Picton Mahoney Asset Management raised its holdings in Align Technology by 69.9% in the 4th quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider's stock worth $30,000 after purchasing an additional 58 shares during the period. GKV Capital Management Co. Inc. purchased a new position in shares of Align Technology during the 4th quarter valued at about $31,000. Compagnie Lombard Odier SCmA bought a new stake in Align Technology during the 1st quarter worth approximately $32,000. Aster Capital Management DIFC Ltd purchased a new position in Align Technology during the fourth quarter valued at approximately $35,000. Finally, Private Trust Co. NA lifted its holdings in Align Technology by 113.4% during the fourth quarter. Private Trust Co. NA now owns 175 shares of the medical equipment provider's stock valued at $36,000 after purchasing an additional 93 shares in the last quarter. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Align Technology Trading Up 0.4%

Shares of NASDAQ:ALGN traded up $0.78 during trading on Friday, reaching $188.52. The company's stock had a trading volume of 1,878,453 shares, compared to its average volume of 914,120. The stock has a market capitalization of $13.67 billion, a PE ratio of 34.34, a price-to-earnings-growth ratio of 1.98 and a beta of 1.64. Align Technology, Inc. has a 12 month low of $141.74 and a 12 month high of $263.24. The firm's 50 day simple moving average is $180.24 and its two-hundred day simple moving average is $190.07.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share for the quarter, beating the consensus estimate of $2.00 by $0.13. Align Technology had a net margin of 10.29% and a return on equity of 13.52%. The business had revenue of $979.26 million for the quarter, compared to the consensus estimate of $977.90 million. During the same quarter in the prior year, the firm posted $2.14 earnings per share. The business's revenue for the quarter was down 1.8% on a year-over-year basis. Research analysts anticipate that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology announced that its Board of Directors has initiated 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 repurchase up to 7.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board believes its shares are undervalued.

Analyst Ratings Changes

Several analysts have recently commented on ALGN shares. Evercore ISI raised their price objective on shares of Align Technology from $165.00 to $200.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. Hsbc Global Res cut Align Technology from a "strong-buy" rating to a "hold" rating in a report on Friday, April 25th. Wells Fargo & Company cut their target price on Align Technology from $255.00 to $246.00 and set an "overweight" rating for the company in a research report on Thursday, May 1st. HSBC cut shares of Align Technology from a "buy" rating to a "hold" rating and reduced their price objective for the company from $290.00 to $170.00 in a research report on Friday, April 25th. Finally, Needham & Company LLC restated a "hold" rating on shares of Align Technology in a research report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $241.25.

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.