Praxis Investment Management Inc. Buys Shares of 1,570 Align Technology, Inc. (NASDAQ:ALGN)

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

A number of other large investors have also added to or reduced their stakes in ALGN. Covestor Ltd increased its holdings in Align Technology by 14.6% during the 4th quarter. Covestor Ltd now owns 415 shares of the medical equipment provider's stock worth $87,000 after purchasing an additional 53 shares during the last quarter. Picton Mahoney Asset Management grew its position in shares of Align Technology by 69.9% during the fourth quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider's stock worth $30,000 after buying an additional 58 shares in the last quarter. Smartleaf Asset Management LLC increased 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 worth $158,000 after buying an additional 64 shares during the last quarter. New York Life Investment Management LLC raised its holdings in 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 acquiring an additional 68 shares in the last quarter. Finally, Fulcrum Capital LLC raised its holdings in Align Technology by 0.8% in the first quarter. Fulcrum Capital LLC now owns 9,282 shares of the medical equipment provider's stock valued at $1,475,000 after acquiring an additional 70 shares in the last quarter. 88.43% of the stock is owned by institutional investors and hedge funds.

Align Technology Price Performance

NASDAQ:ALGN traded up $0.56 during midday trading on Wednesday, reaching $187.14. 468,444 shares of the company traded hands, compared to its average volume of 913,123. The firm has a market capitalization of $13.57 billion, a price-to-earnings ratio of 34.09, a price-to-earnings-growth ratio of 1.98 and a beta of 1.64. The company has a fifty day moving average price of $179.91 and a 200 day moving average price of $190.41. Align Technology, Inc. has a twelve month low of $141.74 and a twelve month high of $263.24.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share (EPS) for the quarter, beating 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 company had revenue of $979.26 million for the quarter, compared to analysts' expectations of $977.90 million. During the same period last year, the business posted $2.14 earnings per share. The firm's quarterly revenue was down 1.8% compared to the same quarter last year. On average, equities research analysts forecast that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Align Technology declared that its board has approved a stock repurchase program on Tuesday, May 6th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the medical equipment provider to reacquire up to 7.9% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's management believes its shares are undervalued.

Analyst Ratings Changes

Several research analysts have weighed in on ALGN shares. HSBC lowered shares of Align Technology from a "buy" rating to a "hold" rating and decreased their price objective for the stock from $290.00 to $170.00 in a report on Friday, April 25th. 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 note on Thursday, May 1st. Wells Fargo & Company lowered their price objective on 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 report on Thursday, May 1st. Finally, Hsbc Global Res lowered Align Technology from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 25th. One equities research analyst has rated the stock with a sell rating, four have given 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, Align Technology currently has a consensus rating of "Moderate Buy" and a consensus target price 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.