Sherbrooke Park Advisers LLC Invests $324,000 in Align Technology, Inc. (NASDAQ:ALGN)

Sherbrooke Park Advisers LLC acquired a new position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 1,553 shares of the medical equipment provider's stock, valued at approximately $324,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in ALGN. Avanza Fonder AB acquired a new stake in shares of Align Technology in the fourth quarter worth $1,776,000. Merit Financial Group LLC acquired a new stake in Align Technology during the fourth quarter valued at $325,000. Arkadios Wealth Advisors grew its position in Align Technology by 13.3% during the fourth quarter. Arkadios Wealth Advisors now owns 1,397 shares of the medical equipment provider's stock valued at $291,000 after buying an additional 164 shares during the period. Trust Co. of Vermont grew its position in Align Technology by 332.5% during the fourth quarter. Trust Co. of Vermont now owns 692 shares of the medical equipment provider's stock valued at $144,000 after buying an additional 532 shares during the period. Finally, MassMutual Private Wealth & Trust FSB grew its position in Align Technology by 174.3% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 631 shares of the medical equipment provider's stock valued at $132,000 after buying an additional 401 shares during the period. Institutional investors and hedge funds own 88.43% of the company's stock.

Align Technology Stock Performance

Shares of NASDAQ:ALGN traded down $1.81 during midday trading on Friday, hitting $170.80. The company's stock had a trading volume of 493,843 shares, compared to its average volume of 919,596. The business's 50 day simple moving average is $170.98 and its 200 day simple moving average is $197.56. The company has a market cap of $12.38 billion, a P/E ratio of 30.45, a price-to-earnings-growth ratio of 2.24 and a beta of 1.68. Align Technology, Inc. has a 12-month low of $141.74 and a 12-month high of $271.59.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its quarterly 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. 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 10.54% and a return on equity of 13.84%. The company's revenue for the quarter was down 1.8% on a year-over-year basis. During the same period last year, the firm posted $2.14 earnings per share. On average, sell-side analysts predict that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Align Technology declared that its board has authorized a stock buyback program on Tuesday, May 6th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the medical equipment provider to repurchase up to 7.9% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

Several analysts recently commented on ALGN shares. Morgan Stanley dropped their price target on shares of Align Technology from $280.00 to $272.00 and set an "overweight" rating on the stock in a research report on Thursday, February 6th. Hsbc Global Res lowered shares of Align Technology from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 25th. Piper Sandler restated an "overweight" rating and set a $250.00 price target (up previously from $235.00) on shares of Align Technology in a research report on Thursday, May 1st. Needham & Company LLC restated a "hold" rating on shares of Align Technology in a research report on Thursday, May 1st. Finally, Mizuho dropped their target price on shares of Align Technology from $250.00 to $245.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 29th. One analyst has rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $241.25.

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.