Royal Bank of Canada Has $35.44 Million Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Royal Bank of Canada increased its holdings in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 44.8% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 169,974 shares of the medical equipment provider's stock after acquiring an additional 52,625 shares during the quarter. Royal Bank of Canada owned approximately 0.23% of Align Technology worth $35,441,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Picton Mahoney Asset Management increased its holdings 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 buying an additional 58 shares during the last quarter. GKV Capital Management Co. Inc. acquired a new stake in shares of Align Technology during the 4th quarter worth approximately $31,000. Aster Capital Management DIFC Ltd bought a new stake in shares of Align Technology in the 4th quarter worth approximately $35,000. Private Trust Co. NA increased its stake in shares of Align Technology by 113.4% in 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 during the period. Finally, Newbridge Financial Services Group Inc. bought a new stake in shares of Align Technology during the fourth quarter valued at about $52,000. Institutional investors and hedge funds own 88.43% of the company's stock.

Align Technology Trading Up 0.2%

ALGN stock traded up $0.31 during trading on Wednesday, hitting $178.86. The company had a trading volume of 114,270 shares, compared to its average volume of 916,275. The company has a fifty day moving average price of $171.27 and a two-hundred day moving average price of $196.92. Align Technology, Inc. has a fifty-two week low of $141.74 and a fifty-two week high of $271.59. The company has a market cap of $12.96 billion, a P/E ratio of 31.85, a P/E/G ratio of 2.24 and a beta of 1.68.

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 for the quarter, topping the consensus estimate of $2.00 by $0.13. Align Technology had a net margin of 10.54% and a return on equity of 13.84%. The business had revenue of $979.26 million for the quarter, compared to analyst estimates of $977.90 million. During the same quarter in the prior year, the firm earned $2.14 EPS. The firm's quarterly revenue was down 1.8% compared to the same quarter last year. On average, analysts expect that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Align Technology announced that its board has authorized a share buyback plan 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 plans are often a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. UBS Group lowered their price objective on shares of Align Technology from $240.00 to $215.00 and set a "neutral" rating on the stock in a research note on Thursday, April 24th. Piper Sandler reiterated an "overweight" rating and issued a $250.00 target price (up from $235.00) on shares of Align Technology in a report on Thursday, May 1st. Needham & Company LLC reissued a "hold" rating 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 on the stock in a research report on Thursday, May 1st. Finally, Mizuho reduced their price objective on Align Technology from $250.00 to $245.00 and set an "outperform" rating for the company in a research note on Tuesday, April 29th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $241.25.

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.