Vontobel Holding Ltd. Increases Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Vontobel Holding Ltd. grew its stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 118.6% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 25,246 shares of the medical equipment provider's stock after acquiring an additional 13,699 shares during the quarter. Vontobel Holding Ltd.'s holdings in Align Technology were worth $4,011,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the company. Norges Bank bought a new stake in shares of Align Technology during the 4th quarter worth $190,792,000. Senvest Management LLC grew its position in shares of Align Technology by 58.1% in the 4th quarter. Senvest Management LLC now owns 726,243 shares of the medical equipment provider's stock valued at $151,429,000 after buying an additional 267,000 shares during the last quarter. Resona Asset Management Co. Ltd. bought a new stake in shares of Align Technology in the 4th quarter valued at about $47,853,000. Raymond James Financial Inc. bought a new stake in shares of Align Technology during the 4th quarter valued at about $42,243,000. Finally, Bank of America Corp DE boosted its position in shares of Align Technology by 77.3% during the 4th quarter. Bank of America Corp DE now owns 460,028 shares of the medical equipment provider's stock valued at $95,920,000 after purchasing an additional 200,492 shares in the last quarter. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Piper Sandler reiterated an "overweight" rating and issued a $250.00 price target (up previously from $235.00) on shares of Align Technology in a report on Thursday, May 1st. Evercore ISI increased their price target on Align Technology from $165.00 to $200.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. Mizuho decreased their price target on Align Technology from $250.00 to $245.00 and set an "outperform" rating for the company in a research report on Tuesday, April 29th. HSBC downgraded Align Technology from a "buy" rating to a "hold" rating and decreased their target price for the stock from $290.00 to $170.00 in a research report on Friday, April 25th. Finally, Wells Fargo & Company cut their price target on Align Technology from $255.00 to $246.00 and set an "overweight" rating for the company in a report on Thursday, May 1st. One analyst has rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Align Technology presently has a consensus rating of "Moderate Buy" and an average price target of $241.25.

Align Technology Stock Down 0.0%

NASDAQ:ALGN traded down $0.06 during trading hours on Friday, hitting $196.93. 712,803 shares of the company's stock traded hands, compared to its average volume of 918,343. The business's fifty day simple moving average is $182.25 and its two-hundred day simple moving average is $188.22. Align Technology, Inc. has a 52 week low of $141.74 and a 52 week high of $263.24. The firm has a market cap of $14.28 billion, a P/E ratio of 35.87, a P/E/G ratio of 2.09 and a beta of 1.63.

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 13.52% and a net margin of 10.29%. 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. On average, analysts expect that Align Technology, Inc. will post 7.98 EPS for the current year.

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

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.