Align Technology, Inc. (NASDAQ:ALGN) Shares Purchased by Toronto Dominion Bank

Toronto Dominion Bank increased its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 32.7% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 32,669 shares of the medical equipment provider's stock after purchasing an additional 8,043 shares during the quarter. Toronto Dominion Bank's holdings in Align Technology were worth $6,812,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in the company. Geode Capital Management LLC increased its position in shares of Align Technology by 2.2% during the fourth quarter. Geode Capital Management LLC now owns 1,790,014 shares of the medical equipment provider's stock worth $372,299,000 after purchasing an additional 39,209 shares in the last quarter. Ninety One UK Ltd increased its position in shares of Align Technology by 3.7% during the fourth quarter. Ninety One UK Ltd now owns 1,220,601 shares of the medical equipment provider's stock worth $254,508,000 after purchasing an additional 43,524 shares in the last quarter. Invesco Ltd. increased its position in shares of Align Technology by 17.1% during the fourth quarter. Invesco Ltd. now owns 1,082,162 shares of the medical equipment provider's stock worth $225,642,000 after purchasing an additional 158,312 shares in the last quarter. Norges Bank purchased a new stake in shares of Align Technology during the fourth quarter worth approximately $190,792,000. Finally, Meridiem Investment Management Ltd. increased its position in shares of 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. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Align Technology Stock Performance

Shares of NASDAQ ALGN traded up $7.18 during mid-day trading on Tuesday, reaching $177.98. 304,188 shares of the company's stock were exchanged, compared to its average volume of 917,185. The firm has a market capitalization of $12.90 billion, a price-to-earnings ratio of 31.73, a PEG ratio of 2.24 and a beta of 1.68. Align Technology, Inc. has a 52-week low of $141.74 and a 52-week high of $271.59. The company's 50-day moving average is $171.07 and its 200-day moving average is $197.04.

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 for the quarter, topping analysts' consensus estimates of $2.00 by $0.13. The business had revenue of $979.26 million during the quarter, compared to analysts' expectations of $977.90 million. Align Technology had a return on equity of 13.84% and a net margin of 10.54%. The company's revenue was down 1.8% compared to the same quarter last year. During the same period in the prior year, the business posted $2.14 EPS. As a group, 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 has initiated a stock buyback 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 generally an indication that the company's management believes its shares are undervalued.

Analysts Set New Price Targets

Several analysts recently commented on ALGN shares. Hsbc Global Res cut Align Technology from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 25th. Wells Fargo & Company dropped their price target on Align Technology from $255.00 to $246.00 and set an "overweight" rating for the company in a research report on Thursday, May 1st. Evercore ISI upped their target price on Align Technology from $165.00 to $200.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. HSBC cut 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. Finally, Mizuho dropped their target price on Align Technology from $250.00 to $245.00 and set an "outperform" rating for the company in a report on Tuesday, April 29th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus 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.