Riverbridge Partners LLC Has $36.15 Million Stock Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Riverbridge Partners LLC lessened its position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 3.7% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 227,548 shares of the medical equipment provider's stock after selling 8,739 shares during the period. Riverbridge Partners LLC owned approximately 0.31% of Align Technology worth $36,148,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of ALGN. Picton Mahoney Asset Management increased its stake in 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 purchasing an additional 58 shares in the last quarter. GKV Capital Management Co. Inc. bought a new stake in shares of Align Technology during the fourth quarter worth $31,000. Compagnie Lombard Odier SCmA bought a new stake in shares of Align Technology during the first quarter worth $32,000. Aster Capital Management DIFC Ltd bought a new stake in shares of Align Technology during the fourth quarter worth $35,000. Finally, Private Trust Co. NA increased its position in shares of Align Technology by 113.4% during the fourth 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 in the last quarter. Institutional investors own 88.43% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on ALGN shares. UBS Group lowered their price objective on shares of Align Technology from $240.00 to $215.00 and set a "neutral" rating for the company in a research report on Thursday, April 24th. Piper Sandler reissued an "overweight" rating and set a $250.00 price objective (up previously from $235.00) on shares of Align Technology in a research report on Thursday, May 1st. Wells Fargo & Company lowered their price objective on shares of 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 downgraded shares of Align Technology from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 25th. Finally, Evercore ISI raised their target price 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. One 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 company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $241.25.

Align Technology Trading Up 0.9%

Shares of Align Technology stock traded up $1.63 during trading on Monday, hitting $183.42. 716,687 shares of the stock were exchanged, compared to its average volume of 914,188. The company has a fifty day moving average price of $179.06 and a 200-day moving average price of $190.46. The stock has a market capitalization of $13.30 billion, a price-to-earnings ratio of 33.41, a price-to-earnings-growth ratio of 1.93 and a beta of 1.64. Align Technology, Inc. has a 1-year low of $141.74 and a 1-year high of $263.24.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its 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 net margin of 10.29% and a return on equity of 13.52%. The business 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 revenue was down 1.8% on a year-over-year basis. Equities research analysts forecast 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 stock buyback 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 stock through open market purchases. Stock repurchase plans are often a sign that the company's board believes its stock is undervalued.

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.