Universal Beteiligungs und Servicegesellschaft mbH Buys Shares of 113,473 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 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 113,473 shares of the medical equipment provider's stock, valued at approximately $23,660,000. Universal Beteiligungs und Servicegesellschaft mbH owned about 0.15% of Align Technology at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in ALGN. Norges Bank bought a new position in shares of Align Technology during the fourth quarter worth about $190,792,000. Meridiem Investment Management Ltd. increased its holdings in 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 worth $159,470,000 after purchasing an additional 297,472 shares in the last quarter. Senvest Management LLC increased its holdings in Align Technology by 58.1% in the fourth quarter. Senvest Management LLC now owns 726,243 shares of the medical equipment provider's stock worth $151,429,000 after purchasing an additional 267,000 shares in the last quarter. Resona Asset Management Co. Ltd. bought a new stake in Align Technology in the fourth quarter worth approximately $47,853,000. Finally, Raymond James Financial Inc. bought a new stake in Align Technology in the fourth quarter worth approximately $42,243,000. 88.43% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

ALGN has been the subject of a number of research analyst reports. Mizuho lowered 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. UBS Group lowered their target price on Align Technology from $240.00 to $215.00 and set a "neutral" rating for the company in a report on Thursday, April 24th. Wells Fargo & Company lowered 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. Hsbc Global Res downgraded Align Technology from a "strong-buy" rating to a "hold" rating in a report on Friday, April 25th. Finally, HSBC downgraded Align Technology from a "buy" rating to a "hold" rating and lowered their target price for the stock from $290.00 to $170.00 in a report on Friday, April 25th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $241.25.

Align Technology Stock Down 1.3%

Align Technology stock traded down $2.43 during mid-day trading on Monday, reaching $178.51. 1,178,823 shares of the company's stock were exchanged, compared to its average volume of 922,534. The business's fifty day simple moving average is $172.21 and its 200 day simple moving average is $195.62. The firm has a market capitalization of $12.94 billion, a PE ratio of 31.82, a P/E/G ratio of 2.24 and a beta of 1.68. Align Technology, Inc. has a one year low of $141.74 and a one year high of $271.59.

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

Align Technology announced that its Board of Directors has initiated a stock buyback plan 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 plans are usually an indication that the company's board of directors believes its stock is undervalued.

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.