8,500 Shares in Align Technology, Inc. (NASDAQ:ALGN) Acquired by Skylands Capital LLC

Skylands Capital LLC bought a new stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 8,500 shares of the medical equipment provider's stock, valued at approximately $1,350,000.

Several other institutional investors have also modified their holdings of ALGN. Picton Mahoney Asset Management grew its holdings in shares of Align Technology by 69.9% during the 4th quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider's stock worth $30,000 after purchasing an additional 58 shares during the period. GKV Capital Management Co. Inc. purchased a new stake in Align Technology in the 4th quarter valued at about $31,000. Compagnie Lombard Odier SCmA acquired a new position in Align Technology in the first quarter valued at about $32,000. Aster Capital Management DIFC Ltd purchased a new position in Align Technology during the fourth quarter worth about $35,000. Finally, Center for Financial Planning Inc. purchased a new position in Align Technology during the first quarter worth about $35,000. Hedge funds and other institutional investors own 88.43% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on ALGN. Piper Sandler restated an "overweight" rating and issued a $250.00 price objective (up from $235.00) on shares of Align Technology in a report on Thursday, May 1st. Evercore ISI upped their price target on Align Technology from $165.00 to $200.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. UBS Group lowered their price target on Align Technology from $240.00 to $215.00 and set a "neutral" rating for the company in a research report on Thursday, April 24th. Needham & Company LLC reaffirmed a "hold" rating on shares of Align Technology in a research note on Thursday, May 1st. Finally, Mizuho cut their price objective on Align Technology from $250.00 to $245.00 and set an "outperform" rating on the stock in a report 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 issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $241.25.

Align Technology Stock Performance

Shares of ALGN traded up $0.81 during midday trading on Monday, hitting $189.33. The company had a trading volume of 562,316 shares, compared to its average volume of 911,921. Align Technology, Inc. has a 1 year low of $141.74 and a 1 year high of $263.24. The firm has a market capitalization of $13.72 billion, a P/E ratio of 34.49, a P/E/G ratio of 2.00 and a beta of 1.64. The company's 50-day simple moving average is $180.58 and its 200-day simple moving average is $189.06.

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 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 firm had revenue of $979.26 million for the quarter, compared to analysts' expectations of $977.90 million. During the same quarter last year, the company earned $2.14 earnings per share. The firm's revenue was down 1.8% compared to the same quarter last year. Equities analysts predict that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

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