Align Technology, Inc. (NASDAQ:ALGN) Position Trimmed by Two Sigma Investments LP

Two Sigma Investments LP lowered its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 27.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 7,900 shares of the medical equipment provider's stock after selling 3,020 shares during the period. Two Sigma Investments LP's holdings in Align Technology were worth $1,647,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in ALGN. Blue Trust Inc. increased its position in shares of Align Technology by 41.4% during the fourth quarter. Blue Trust Inc. now owns 803 shares of the medical equipment provider's stock worth $167,000 after purchasing an additional 235 shares in the last quarter. Caprock Group LLC purchased a new position in shares of Align Technology during the fourth quarter worth about $236,000. Tokio Marine Asset Management Co. Ltd. grew its holdings in shares of Align Technology by 7.5% during the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 2,344 shares of the medical equipment provider's stock worth $489,000 after buying an additional 163 shares during the last quarter. U.S. Capital Wealth Advisors LLC purchased a new position in shares of Align Technology during the fourth quarter worth about $311,000. Finally, Jennison Associates LLC acquired a new stake in shares of Align Technology during the 4th quarter valued at approximately $22,135,000. Institutional investors and hedge funds own 88.43% of the company's stock.

Align Technology Stock Up 0.5%

NASDAQ ALGN traded up $0.83 on Wednesday, hitting $179.99. The stock had a trading volume of 434,847 shares, compared to its average volume of 919,633. Align Technology, Inc. has a one year low of $141.74 and a one year high of $271.59. The stock has a market cap of $13.05 billion, a price-to-earnings ratio of 32.08, a P/E/G ratio of 2.24 and a beta of 1.64. The company's 50-day moving average is $172.50 and its two-hundred day moving average is $195.51.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 EPS for the quarter, topping the consensus estimate of $2.00 by $0.13. The firm had revenue of $979.26 million during the quarter, compared to analysts' expectations of $977.90 million. Align Technology had a net margin of 10.54% and a return on equity of 13.84%. Align Technology's quarterly revenue was down 1.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.14 EPS. On average, sell-side analysts anticipate that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Align Technology declared that its board has initiated a stock repurchase 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 repurchase up to 7.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

ALGN has been the subject of a number of research reports. Evercore ISI lifted their price target 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. Hsbc Global Res cut shares of Align Technology from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 25th. Needham & Company LLC reaffirmed a "hold" rating on shares of Align Technology in a research report on Thursday, May 1st. Piper Sandler reaffirmed an "overweight" rating and set a $250.00 price target (up from $235.00) on shares of Align Technology in a research report on Thursday, May 1st. Finally, Morgan Stanley decreased their price objective 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. 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 issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price 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.