Wealth Enhancement Advisory Services LLC Buys 2,881 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Wealth Enhancement Advisory Services LLC increased its stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 44.3% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 9,380 shares of the medical equipment provider's stock after buying an additional 2,881 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Align Technology were worth $1,490,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Picton Mahoney Asset Management lifted its stake in shares of Align Technology by 69.9% during the 4th quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider's stock valued at $30,000 after buying an additional 58 shares in the last quarter. GKV Capital Management Co. Inc. purchased a new position in Align Technology during the 4th quarter valued at about $31,000. Compagnie Lombard Odier SCmA bought a new position in shares of Align Technology in the first quarter valued at approximately $32,000. Aster Capital Management DIFC Ltd bought a new stake in Align Technology during the 4th quarter worth approximately $35,000. Finally, Private Trust Co. NA boosted its holdings in Align Technology by 113.4% in the 4th quarter. Private Trust Co. NA now owns 175 shares of the medical equipment provider's stock valued at $36,000 after purchasing an additional 93 shares during the period. Hedge funds and other institutional investors own 88.43% of the company's stock.

Align Technology Trading Up 2.6%

Shares of ALGN stock traded up $4.95 during mid-day trading on Tuesday, reaching $194.28. The stock had a trading volume of 761,178 shares, compared to its average volume of 911,321. The firm has a market capitalization of $14.08 billion, a PE ratio of 35.39, a price-to-earnings-growth ratio of 2.00 and a beta of 1.64. Align Technology, Inc. has a 52-week low of $141.74 and a 52-week high of $263.24. The stock's 50-day moving average price is $180.92 and its two-hundred day moving average price is $188.74.

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. The firm had revenue of $979.26 million for the quarter, compared to the consensus estimate of $977.90 million. Align Technology had a return on equity of 13.52% and a net margin of 10.29%. The business's revenue for the quarter was down 1.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.14 EPS. On average, equities research analysts forecast that Align Technology, Inc. will post 7.98 earnings per share for the current year.

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

Analyst Upgrades and Downgrades

Several research firms recently issued reports on ALGN. Mizuho dropped their price objective on Align Technology from $250.00 to $245.00 and set an "outperform" rating for the company in a research note on Tuesday, April 29th. HSBC downgraded Align Technology from a "buy" rating to a "hold" rating and dropped their price target for the company from $290.00 to $170.00 in a research report on Friday, April 25th. Piper Sandler restated an "overweight" rating and issued a $250.00 price objective (up from $235.00) on shares of Align Technology in a research report on Thursday, May 1st. Hsbc Global Res lowered shares of Align Technology from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 25th. Finally, Wells Fargo & Company cut their price target on shares of Align Technology from $255.00 to $246.00 and set an "overweight" rating for the company in a research note on Thursday, May 1st. 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 issued a strong buy rating to the company's stock. According to data from MarketBeat, Align Technology has an average rating of "Moderate Buy" and a consensus price target of $241.25.

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.