S&CO Inc. Invests $332,000 in Align Technology, Inc. (NASDAQ:ALGN)

Key Points

• S&CO Inc. acquired a new stake in Align Technology, purchasing 2,093 shares valued at approximately $332,000 during the first quarter.
• Align Technology's recent quarterly earnings exceeded analysts' expectations, reporting an EPS of $2.13, up from $2.14 in the same quarter last year.
• The company has authorized a $1 billion stock buyback plan, indicating that its board believes shares may be undervalued.

S&CO Inc. purchased a new stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) during the first quarter, according to its most recent filing with the SEC. The fund purchased 2,093 shares of the medical equipment provider's stock, valued at approximately $332,000.

A number of other large investors have also recently made changes to their positions in the business. Covestor Ltd lifted its stake in shares of Align Technology by 14.6% in the fourth quarter. Covestor Ltd now owns 415 shares of the medical equipment provider's stock worth $87,000 after buying an additional 53 shares in the last quarter. Washington Trust Advisors Inc. boosted its holdings in shares of Align Technology by 5.2% in the 1st quarter. Washington Trust Advisors Inc. now owns 1,205 shares of the medical equipment provider's stock valued at $191,000 after buying an additional 60 shares in the last quarter. Fulcrum Capital LLC raised its position in Align Technology by 0.8% in the 1st quarter. Fulcrum Capital LLC now owns 9,282 shares of the medical equipment provider's stock valued at $1,475,000 after purchasing an additional 70 shares during the last quarter. Motley Fool Asset Management LLC raised its position in Align Technology by 6.9% during the 4th quarter. Motley Fool Asset Management LLC now owns 1,099 shares of the medical equipment provider's stock worth $229,000 after buying an additional 71 shares during the last quarter. Finally, Wahed Invest LLC increased its holdings in shares of Align Technology by 5.8% in the 4th quarter. Wahed Invest LLC now owns 1,924 shares of the medical equipment provider's stock valued at $401,000 after purchasing an additional 105 shares in the last quarter. 88.43% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

ALGN has been the topic of several recent analyst reports. Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a report on Thursday, May 1st. Evercore ISI lifted their price objective on shares of Align Technology from $200.00 to $220.00 and gave the stock an "outperform" rating in a report on Wednesday, July 9th. UBS Group reduced their price target on shares of Align Technology from $240.00 to $215.00 and set a "neutral" rating for the company in a report on Thursday, April 24th. Mizuho cut their price target on shares of Align Technology from $250.00 to $245.00 and set an "outperform" rating for the company in a report on Tuesday, April 29th. Finally, HSBC downgraded Align Technology from a "buy" rating to a "hold" rating and dropped their target price for the company from $290.00 to $170.00 in a report on Friday, April 25th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $242.92.

Align Technology Trading Down 1.1%

NASDAQ:ALGN traded down $2.24 during trading hours on Wednesday, hitting $203.57. The company's stock had a trading volume of 2,414,073 shares, compared to its average volume of 837,288. Align Technology, Inc. has a 52-week low of $141.74 and a 52-week high of $262.87. The stock has a market capitalization of $14.76 billion, a P/E ratio of 37.08, a price-to-earnings-growth ratio of 2.18 and a beta of 1.63. The stock has a fifty day moving average of $187.97 and a 200-day moving average of $186.58.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings results 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 firm had revenue of $979.26 million for the quarter, compared to the consensus estimate of $977.90 million. Align Technology had a net margin of 10.29% and a return on equity of 13.52%. The firm's quarterly revenue was down 1.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.14 EPS. On average, sell-side analysts forecast that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Align Technology declared that its board has authorized a stock buyback plan on Tuesday, May 6th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the medical equipment provider to buy up to 7.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's leadership believes its shares are 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.