Align Technology, Inc. (NASDAQ:ALGN) Shares Acquired by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 11.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 629,697 shares of the medical equipment provider's stock after acquiring an additional 65,033 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 0.84% of Align Technology worth $131,298,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Covestor Ltd increased its holdings in Align Technology by 14.6% in the fourth quarter. Covestor Ltd now owns 415 shares of the medical equipment provider's stock valued at $87,000 after buying an additional 53 shares during the last quarter. Picton Mahoney Asset Management increased its holdings in Align Technology by 69.9% in the fourth quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider's stock valued at $30,000 after buying an additional 58 shares during the last quarter. Smartleaf Asset Management LLC increased its holdings in Align Technology by 9.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 766 shares of the medical equipment provider's stock valued at $158,000 after buying an additional 64 shares during the last quarter. New York Life Investment Management LLC increased its holdings in Align Technology by 0.7% in the fourth quarter. New York Life Investment Management LLC now owns 9,406 shares of the medical equipment provider's stock valued at $1,961,000 after buying an additional 68 shares during the last quarter. Finally, Motley Fool Asset Management LLC grew its holdings in shares of Align Technology by 6.9% during the fourth quarter. Motley Fool Asset Management LLC now owns 1,099 shares of the medical equipment provider's stock worth $229,000 after purchasing an additional 71 shares during the last quarter. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Hsbc Global Res lowered Align Technology from a "strong-buy" rating to a "hold" rating in a report on Friday, April 25th. Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a report on Thursday, May 1st. Piper Sandler reissued an "overweight" rating and set a $250.00 price target (up previously from $235.00) on shares of Align Technology in a report on Thursday, May 1st. UBS Group lowered their price target on Align Technology from $240.00 to $215.00 and set a "neutral" rating on the stock in a report on Thursday, April 24th. Finally, Wells Fargo & Company reduced their price objective 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 equities research analyst has rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $241.25.

Align Technology Stock Performance

Shares of NASDAQ:ALGN traded up $2.01 during midday trading on Thursday, hitting $182.12. 522,674 shares of the company's stock traded hands, compared to its average volume of 918,644. The company has a market cap of $13.20 billion, a PE ratio of 32.45, a P/E/G ratio of 2.24 and a beta of 1.68. The firm's fifty day moving average price is $171.50 and its two-hundred day moving average price is $196.80. Align Technology, Inc. has a twelve month low of $141.74 and a twelve month high of $271.59.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share for the quarter, beating analysts' consensus estimates of $2.00 by $0.13. The company 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%. The firm's revenue for the quarter was down 1.8% on a year-over-year basis. During the same period in the prior year, the company posted $2.14 EPS. As a group, equities research analysts anticipate that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology announced that its Board of Directors has initiated a share repurchase plan on Tuesday, May 6th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the medical equipment provider to reacquire up to 7.9% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.

About Align Technology

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.