Vega Investment Solutions Invests $512,000 in Align Technology, Inc. (NASDAQ:ALGN)

Vega Investment Solutions bought a new position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 2,454 shares of the medical equipment provider's stock, valued at approximately $512,000.

Other large investors also recently modified their holdings of the company. Allspring Global Investments Holdings LLC lifted its position in shares of Align Technology by 119.6% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 169,641 shares of the medical equipment provider's stock worth $35,368,000 after purchasing an additional 92,407 shares in the last quarter. Swedbank AB lifted its position in shares of Align Technology by 25.0% during the fourth quarter. Swedbank AB now owns 486,267 shares of the medical equipment provider's stock worth $101,392,000 after purchasing an additional 97,152 shares in the last quarter. Principal Securities Inc. lifted its position in shares of Align Technology by 34.5% during the fourth quarter. Principal Securities Inc. now owns 1,881 shares of the medical equipment provider's stock worth $392,000 after purchasing an additional 483 shares in the last quarter. Allworth Financial LP lifted its position in shares of Align Technology by 1,479.1% during the fourth quarter. Allworth Financial LP now owns 2,416 shares of the medical equipment provider's stock worth $504,000 after purchasing an additional 2,263 shares in the last quarter. Finally, Merit Financial Group LLC acquired a new position in shares of Align Technology during the fourth quarter worth approximately $325,000. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Align Technology Trading Up 0.4%

Shares of Align Technology stock opened at $172.61 on Friday. The firm has a market capitalization of $12.51 billion, a PE ratio of 30.77, a price-to-earnings-growth ratio of 2.24 and a beta of 1.68. The firm's 50 day moving average is $170.85 and its 200 day moving average is $198.04. Align Technology, Inc. has a 1 year low of $141.74 and a 1 year high of $271.59.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its earnings results 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 firm had revenue of $979.26 million for the quarter, compared to analyst estimates of $977.90 million. During the same period in the previous year, the firm posted $2.14 EPS. The company's revenue for the quarter was down 1.8% compared to the same quarter last year. As a group, research analysts anticipate that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Align Technology announced that its board has authorized a share buyback program 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 shares through open market purchases. Shares buyback programs are generally a sign that the company's board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on ALGN shares. Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a research report on Thursday, May 1st. Morgan Stanley cut their price objective on shares of Align Technology from $280.00 to $272.00 and set an "overweight" rating on the stock in a report on Thursday, February 6th. HSBC lowered shares of Align Technology from a "buy" rating to a "hold" rating and cut their price objective for the company from $290.00 to $170.00 in a report on Friday, April 25th. Evercore ISI increased their price objective on shares of Align Technology from $165.00 to $200.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. Finally, Hsbc Global Res lowered shares of Align Technology from a "strong-buy" rating to a "hold" rating in a report on Friday, April 25th. One analyst has rated the stock with a sell rating, four have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $241.25.

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.

Want to see what other hedge funds are holding ALGN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Align Technology, Inc. (NASDAQ:ALGN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.