Twinbeech Capital LP Takes Position in Align Technology, Inc. (NASDAQ:ALGN)

Twinbeech Capital LP acquired a new stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 80,340 shares of the medical equipment provider's stock, valued at approximately $16,752,000. Twinbeech Capital LP owned 0.11% of Align Technology at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC increased its stake in shares of Align Technology by 119.6% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 169,641 shares of the medical equipment provider's stock valued at $35,368,000 after buying an additional 92,407 shares during the period. Swedbank AB increased its position in Align Technology by 25.0% during the 4th quarter. Swedbank AB now owns 486,267 shares of the medical equipment provider's stock valued at $101,392,000 after purchasing an additional 97,152 shares during the period. Principal Securities Inc. increased its position in Align Technology by 34.5% during the 4th quarter. Principal Securities Inc. now owns 1,881 shares of the medical equipment provider's stock valued at $392,000 after purchasing an additional 483 shares during the period. Allworth Financial LP increased its position in Align Technology by 1,479.1% during the 4th quarter. Allworth Financial LP now owns 2,416 shares of the medical equipment provider's stock valued at $504,000 after purchasing an additional 2,263 shares during the period. Finally, Merit Financial Group LLC acquired a new stake in Align Technology during the 4th quarter valued at approximately $325,000. Institutional investors and hedge funds own 88.43% of the company's stock.

Align Technology Stock Down 1.8%

Shares of ALGN opened at $184.84 on Tuesday. Align Technology, Inc. has a 12-month low of $141.74 and a 12-month high of $272.17. The business's fifty day moving average is $170.24 and its 200 day moving average is $198.60. The stock has a market cap of $13.40 billion, a P/E ratio of 32.95, a P/E/G ratio of 2.24 and a beta of 1.68.

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 (EPS) for the quarter, topping analysts' consensus estimates of $2.00 by $0.13. Align Technology had a return on equity of 13.84% and a net margin of 10.54%. The company had revenue of $979.26 million for the quarter, compared to analysts' expectations of $977.90 million. During the same period last year, the business earned $2.14 EPS. Align Technology's quarterly revenue was down 1.8% compared to the same quarter last year. On average, analysts expect that Align Technology, Inc. will post 7.98 EPS for the current year.

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

Analysts Set New Price Targets

A number of analysts have weighed in on ALGN shares. Morgan Stanley decreased their target price on shares of Align Technology from $280.00 to $272.00 and set an "overweight" rating for the company in a research report on Thursday, February 6th. Piper Sandler reissued an "overweight" rating and set a $250.00 target price (up previously from $235.00) on shares of Align Technology in a research report on Thursday, May 1st. Jefferies Financial Group decreased their target price on shares of Align Technology from $285.00 to $260.00 and set a "buy" rating for the company in a research report on Thursday, January 23rd. Evercore ISI increased their target price on shares of Align Technology from $165.00 to $200.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. Finally, Wells Fargo & Company decreased their target price on shares of Align Technology from $255.00 to $246.00 and set an "overweight" rating for the company in a research report on Thursday, May 1st. One 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. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus 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.

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