USS Investment Management Ltd Reduces Stock Holdings in Align Technology, Inc. (NASDAQ:ALGN)

USS Investment Management Ltd reduced its holdings in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 28.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 16,968 shares of the medical equipment provider's stock after selling 6,676 shares during the period. USS Investment Management Ltd's holdings in Align Technology were worth $3,539,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Geode Capital Management LLC lifted its stake 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 acquiring an additional 39,209 shares in the last quarter. Ninety One UK Ltd increased its holdings in shares of Align Technology by 3.7% in the 4th 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 during the last quarter. Invesco Ltd. grew its stake in Align Technology by 17.1% during the 4th quarter. Invesco Ltd. now owns 1,082,162 shares of the medical equipment provider's stock worth $225,642,000 after buying an additional 158,312 shares during the last quarter. Norges Bank purchased a new position in Align Technology during the 4th quarter worth approximately $190,792,000. Finally, Meridiem Investment Management Ltd. grew its stake in Align Technology by 63.7% during the 4th quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider's stock worth $159,470,000 after buying an additional 297,472 shares during the last quarter. 88.43% of the stock is owned by institutional investors and hedge funds.

Align Technology Trading Up 0.9%

Shares of ALGN stock traded up $1.57 during trading hours on Thursday, reaching $181.68. The stock had a trading volume of 404,417 shares, compared to its average volume of 918,312. The stock's fifty day simple moving average is $171.50 and its 200 day simple moving average is $196.80. The firm has a market capitalization of $13.17 billion, a PE ratio of 32.34, a PEG ratio of 2.24 and a beta of 1.68. Align Technology, Inc. has a 12 month low of $141.74 and a 12 month high of $271.59.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 EPS for the quarter, beating 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 during the quarter, compared to the consensus estimate of $977.90 million. During the same quarter in the prior year, the company earned $2.14 earnings per share. The firm's revenue for the quarter was down 1.8% on a year-over-year basis. As a group, equities research analysts anticipate that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

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

Wall Street Analysts Forecast Growth

ALGN has been the subject of several recent analyst reports. Piper Sandler reissued an "overweight" rating and issued a $250.00 price target (up from $235.00) on shares of Align Technology 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 stock an "outperform" rating in a research report on Thursday, May 1st. Hsbc Global Res cut Align Technology from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 25th. HSBC lowered Align Technology from a "buy" rating to a "hold" rating and decreased their price objective for the stock from $290.00 to $170.00 in a report on Friday, April 25th. Finally, Wells Fargo & Company cut their price objective on 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 investment 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. Based on data from MarketBeat, the stock currently 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.