Royal Bank of Canada Raises Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Royal Bank of Canada boosted its holdings in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 44.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 169,974 shares of the medical equipment provider's stock after acquiring an additional 52,625 shares during the period. Royal Bank of Canada owned 0.23% of Align Technology worth $35,441,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in ALGN. Norges Bank acquired a new position in Align Technology during the fourth quarter worth $190,792,000. Meridiem Investment Management Ltd. lifted its stake in Align Technology by 63.7% during the fourth quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider's stock worth $159,470,000 after purchasing an additional 297,472 shares in the last quarter. Senvest Management LLC lifted its stake in Align Technology by 58.1% during the fourth quarter. Senvest Management LLC now owns 726,243 shares of the medical equipment provider's stock worth $151,429,000 after purchasing an additional 267,000 shares in the last quarter. Resona Asset Management Co. Ltd. acquired a new position in Align Technology during the fourth quarter worth $47,853,000. Finally, Raymond James Financial Inc. acquired a new position in Align Technology during the fourth quarter worth $42,243,000. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have commented on ALGN. HSBC cut Align Technology from a "buy" rating to a "hold" rating and decreased their price target for the stock from $290.00 to $170.00 in a research note on Friday, April 25th. Wells Fargo & Company reduced their price objective on Align Technology from $255.00 to $246.00 and set an "overweight" rating on the stock in a research note on Thursday, May 1st. Mizuho reduced their price objective on Align Technology from $250.00 to $245.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 29th. Piper Sandler reiterated an "overweight" rating and issued a $250.00 price objective (up from $235.00) on shares of Align Technology in a research note on Thursday, May 1st. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a research note on Thursday, May 1st. One analyst has rated the stock with a sell rating, four have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Align Technology currently has a consensus rating of "Moderate Buy" and a consensus target price of $241.25.

Align Technology Stock Up 4.4%

Align Technology stock traded up $7.58 during midday trading on Tuesday, reaching $178.38. The company's stock had a trading volume of 535,091 shares, compared to its average volume of 918,118. 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 $12.93 billion, a P/E ratio of 31.79, a P/E/G ratio of 2.24 and a beta of 1.68. The business has a 50-day simple moving average of $171.07 and a 200-day simple moving average of $197.04.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.00 by $0.13. The company had revenue of $979.26 million for the quarter, compared to analyst estimates of $977.90 million. Align Technology had a return on equity of 13.84% and a net margin of 10.54%. The business's quarterly revenue was down 1.8% compared to the same quarter last year. During the same quarter last year, the company posted $2.14 earnings per share. As a group, equities analysts forecast that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Align Technology declared that its Board of Directors has initiated a stock repurchase program on Tuesday, May 6th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the medical equipment provider to reacquire up to 7.9% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's board 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.