Voloridge Investment Management LLC Raises Stock Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Voloridge Investment Management LLC boosted its stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 534.7% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 59,651 shares of the medical equipment provider's stock after purchasing an additional 50,252 shares during the period. Voloridge Investment Management LLC owned about 0.08% of Align Technology worth $12,438,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Picton Mahoney Asset Management increased its stake in Align Technology by 69.9% during the fourth quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider's stock worth $30,000 after acquiring an additional 58 shares during the last quarter. GKV Capital Management Co. Inc. purchased a new stake in Align Technology in the fourth quarter worth about $31,000. Aster Capital Management DIFC Ltd purchased a new stake in Align Technology in the fourth quarter worth about $35,000. Private Trust Co. NA raised its holdings in Align Technology by 113.4% in the fourth quarter. Private Trust Co. NA now owns 175 shares of the medical equipment provider's stock worth $36,000 after purchasing an additional 93 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. bought a new position in Align Technology in the fourth quarter worth about $52,000. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a report on Thursday, May 1st. Morgan Stanley reduced their target price on shares of Align Technology from $280.00 to $272.00 and set an "overweight" rating for the company in a report on Thursday, February 6th. Hsbc Global Res downgraded shares of Align Technology from a "strong-buy" rating to a "hold" rating in a report on Friday, April 25th. UBS Group cut their price objective on shares of Align Technology from $240.00 to $215.00 and set a "neutral" rating on the stock in a report on Thursday, April 24th. Finally, HSBC downgraded 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. One research 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 company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $241.25.

Align Technology Price Performance

NASDAQ:ALGN traded up $1.57 during midday trading on Thursday, hitting $181.68. The company's stock had a trading volume of 404,417 shares, compared to its average volume of 918,312. Align Technology, Inc. has a fifty-two week low of $141.74 and a fifty-two week high of $271.59. The firm's 50 day moving average is $171.50 and its 200-day moving average is $196.80. The firm has a market cap of $13.17 billion, a P/E ratio of 32.34, a P/E/G ratio of 2.24 and a beta of 1.68.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The medical equipment provider reported $2.13 EPS for the quarter, beating the consensus estimate of $2.00 by $0.13. Align Technology had a return on equity of 13.84% and a net margin of 10.54%. The firm had revenue of $979.26 million during the quarter, compared to the consensus estimate of $977.90 million. During the same period in the prior year, the company earned $2.14 EPS. The firm's revenue was down 1.8% compared to the same quarter last year. As a group, analysts forecast that Align Technology, Inc. will post 7.98 EPS for the current year.

Align Technology announced that its Board of Directors has initiated a share repurchase 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 repurchase up to 7.9% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's leadership believes its shares are 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.