Universal Beteiligungs und Servicegesellschaft mbH Invests $23.66 Million in Align Technology, Inc. (NASDAQ:ALGN)

Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 113,473 shares of the medical equipment provider's stock, valued at approximately $23,660,000. Universal Beteiligungs und Servicegesellschaft mbH owned approximately 0.15% of Align Technology as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Geode Capital Management LLC increased its holdings in Align Technology by 2.2% during the 4th 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 grew its holdings in shares of Align Technology by 3.7% in the fourth quarter. Ninety One UK Ltd now owns 1,220,601 shares of the medical equipment provider's stock valued at $254,508,000 after acquiring an additional 43,524 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Align Technology by 17.1% in the fourth quarter. Invesco Ltd. now owns 1,082,162 shares of the medical equipment provider's stock valued at $225,642,000 after acquiring an additional 158,312 shares in the last quarter. Norges Bank bought a new position in shares of Align Technology in the fourth quarter valued at approximately $190,792,000. Finally, Meridiem Investment Management Ltd. grew its holdings in shares of Align Technology by 63.7% in the fourth quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider's stock valued at $159,470,000 after acquiring an additional 297,472 shares in the last quarter. 88.43% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on ALGN shares. Morgan Stanley reduced their target price on Align Technology from $280.00 to $272.00 and set an "overweight" rating for the company in a report on Thursday, February 6th. HSBC lowered Align Technology from a "buy" rating to a "hold" rating and reduced their target price for the company from $290.00 to $170.00 in a report on Friday, April 25th. Wells Fargo & Company reduced their target price on Align Technology from $255.00 to $246.00 and set an "overweight" rating for the company in a 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. Finally, Mizuho reduced 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 investment analyst has rated the stock with a sell rating, four have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $241.25.

Align Technology Trading Down 1.3%

Shares of NASDAQ:ALGN traded down $2.30 during trading on Friday, reaching $180.75. The company's stock had a trading volume of 1,194,786 shares, compared to its average volume of 921,940. Align Technology, Inc. has a 12 month low of $141.74 and a 12 month high of $271.59. The firm's 50 day simple moving average is $171.97 and its two-hundred day simple moving average is $196.24. The stock has a market capitalization of $13.10 billion, a PE ratio of 32.22, a price-to-earnings-growth ratio of 2.24 and a beta of 1.68.

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, topping analysts' consensus estimates of $2.00 by $0.13. Align Technology had a net margin of 10.54% and a return on equity of 13.84%. The company had revenue of $979.26 million for the quarter, compared to analyst estimates of $977.90 million. During the same period in the prior year, the company posted $2.14 EPS. The firm's revenue for the quarter was down 1.8% on a year-over-year basis. Research analysts anticipate that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology declared that its board has initiated a share buyback plan on Tuesday, May 6th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the medical equipment provider to purchase up to 7.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board believes its shares are 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.