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

Vega Investment Solutions acquired a new position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 2,454 shares of the medical equipment provider's stock, valued at approximately $512,000.

Other large investors also recently added to or reduced their stakes in the company. GTS Securities LLC boosted its holdings in Align Technology by 114.0% in the 4th quarter. GTS Securities LLC now owns 1,138 shares of the medical equipment provider's stock worth $237,000 after buying an additional 9,275 shares during the period. Vise Technologies Inc. purchased a new stake in shares of Align Technology during the fourth quarter worth $202,000. Orion Capital Management LLC bought a new position in shares of Align Technology in the fourth quarter worth $42,000. PharVision Advisers LLC purchased a new position in shares of Align Technology in the fourth quarter valued at $227,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Align Technology by 11.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 629,697 shares of the medical equipment provider's stock valued at $131,298,000 after purchasing an additional 65,033 shares in the last quarter. Hedge funds and other institutional investors own 88.43% of the company's stock.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. UBS Group dropped their price objective on Align Technology from $240.00 to $215.00 and set a "neutral" rating on the stock in a report on Thursday, April 24th. Morgan Stanley lowered their price target 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. Evercore ISI boosted their price objective on shares of Align Technology from $165.00 to $200.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. Hsbc Global Res lowered shares of Align Technology from a "strong-buy" rating to a "hold" rating in a report on Friday, April 25th. Finally, Mizuho lowered their target price on shares of Align Technology from $250.00 to $245.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 29th. One analyst has rated the stock with a sell rating, four have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Align Technology currently has a consensus rating of "Moderate Buy" and an average price target of $241.25.

Align Technology Trading Up 0.3%

Shares of Align Technology stock traded up $0.46 on Wednesday, hitting $179.01. 237,756 shares of the company traded hands, compared to its average volume of 916,850. Align Technology, Inc. has a 12-month low of $141.74 and a 12-month high of $271.59. The company has a market cap of $12.98 billion, a P/E ratio of 31.85, a P/E/G ratio of 2.24 and a beta of 1.68. The firm's 50-day simple moving average is $171.27 and its 200 day simple moving average is $196.92.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings results 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. Align Technology had a return on equity of 13.84% and a net margin of 10.54%. The business had revenue of $979.26 million for the quarter, compared to the consensus estimate of $977.90 million. During the same quarter last year, the business posted $2.14 earnings per share. The company's revenue for the quarter was down 1.8% on a year-over-year basis. Analysts predict 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 permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the medical equipment provider to buy up to 7.9% of its stock through open market purchases. Stock repurchase programs are generally a sign 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.