Align Technology, Inc. (NASDAQ:ALGN) Shares Purchased by Rhumbline Advisers

Rhumbline Advisers increased its stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 9.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 147,063 shares of the medical equipment provider's stock after acquiring an additional 12,551 shares during the quarter. Rhumbline Advisers owned about 0.20% of Align Technology worth $23,362,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ALGN. Picton Mahoney Asset Management boosted its stake 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 during the period. GKV Capital Management Co. Inc. acquired a new stake in Align Technology during the 4th quarter worth approximately $31,000. Aster Capital Management DIFC Ltd acquired a new stake in Align Technology during the 4th quarter worth approximately $35,000. Private Trust Co. NA lifted its position in Align Technology by 113.4% during the 4th quarter. Private Trust Co. NA now owns 175 shares of the medical equipment provider's stock worth $36,000 after acquiring an additional 93 shares during the period. Finally, Orion Capital Management LLC acquired a new stake in Align Technology during the 4th quarter worth approximately $42,000. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ALGN has been the subject of a number of recent research reports. Wells Fargo & Company decreased their price objective 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 Global Res cut Align Technology from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 25th. Needham & Company LLC reaffirmed a "hold" rating on shares of Align Technology in a research report on Thursday, May 1st. Evercore ISI increased their price objective on Align Technology from $165.00 to $200.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Finally, Mizuho decreased their price objective 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. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $241.25.

Align Technology Price Performance

Shares of ALGN stock traded up $0.36 during trading hours on Friday, reaching $180.62. 431,683 shares of the company's stock were exchanged, compared to its average volume of 914,996. Align Technology, Inc. has a 1 year low of $141.74 and a 1 year high of $271.59. The company has a market cap of $13.09 billion, a P/E ratio of 32.20, a price-to-earnings-growth ratio of 2.24 and a beta of 1.64. The company's 50 day moving average is $173.80 and its two-hundred day moving average is $194.77.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings data 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 return on equity of 13.84% and a net margin of 10.54%. The firm had revenue of $979.26 million during the quarter, compared to the consensus estimate of $977.90 million. During the same period last year, the business posted $2.14 EPS. Align Technology's quarterly revenue was down 1.8% on a year-over-year basis. As a group, analysts predict that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology declared that its board has authorized a stock repurchase plan on Tuesday, May 6th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the medical equipment provider to purchase up to 7.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its stock is undervalued.

Align Technology Company 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.