Victory Capital Management Inc. Buys 160,056 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Victory Capital Management Inc. lifted its stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 98.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 323,158 shares of the medical equipment provider's stock after buying an additional 160,056 shares during the quarter. Victory Capital Management Inc. owned about 0.44% of Align Technology worth $51,337,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Norges Bank purchased a new position in Align Technology during the 4th quarter valued at about $190,792,000. Ninety One UK Ltd lifted its position in shares of Align Technology by 58.7% during the first quarter. Ninety One UK Ltd now owns 1,937,555 shares of the medical equipment provider's stock worth $307,800,000 after purchasing an additional 716,954 shares in the last quarter. Senvest Management LLC lifted its position in shares of Align Technology by 58.1% during 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. acquired a new stake in Align Technology in the fourth quarter valued at $47,853,000. Finally, Raymond James Financial Inc. acquired a new stake in Align Technology in the fourth quarter valued at $42,243,000. Hedge funds and other institutional investors own 88.43% of the company's stock.

Align Technology Stock Performance

ALGN stock traded up $0.12 during mid-day trading on Monday, hitting $190.89. 195,508 shares of the company were exchanged, compared to its average volume of 919,470. The firm has a market cap of $13.84 billion, a P/E ratio of 34.83, a P/E/G ratio of 2.02 and a beta of 1.63. The firm's 50 day simple moving average is $186.00 and its 200 day simple moving average is $187.04. Align Technology, Inc. has a 1-year low of $141.74 and a 1-year high of $262.87.

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 (EPS) for the quarter, beating analysts' consensus estimates of $2.00 by $0.13. The company had revenue of $979.26 million for the quarter, compared to the consensus estimate of $977.90 million. Align Technology had a net margin of 10.29% and a return on equity of 13.52%. The firm's revenue was down 1.8% compared to the same quarter last year. During the same period last year, the company earned $2.14 earnings per share. On average, equities research analysts predict that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology announced that its board has authorized a stock buyback program on Tuesday, May 6th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the medical equipment provider to buy up to 7.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's leadership believes its stock is undervalued.

Analyst Ratings Changes

A number of analysts have weighed in on ALGN shares. Hsbc Global Res cut shares of Align Technology from a "strong-buy" rating to a "hold" rating in a report on Friday, April 25th. Needham & Company LLC restated a "hold" rating on shares of Align Technology in a research report on Thursday, May 1st. Mizuho lowered their price target on shares of Align Technology from $250.00 to $245.00 and set an "outperform" rating for the company in a research report on Tuesday, April 29th. Piper Sandler reissued an "overweight" rating and set a $250.00 price target (up from $235.00) on shares of Align Technology in a report on Thursday, May 1st. Finally, HSBC lowered Align Technology from a "buy" rating to a "hold" rating and lowered their price target for the company 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 issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $242.92.

About Align Technology

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.