Woodline Partners LP Buys 3,544 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Woodline Partners LP grew its position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 4.6% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 80,959 shares of the medical equipment provider's stock after buying an additional 3,544 shares during the period. Woodline Partners LP owned approximately 0.11% of Align Technology worth $16,881,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the company. Picton Mahoney Asset Management grew its stake in shares of Align Technology by 69.9% in 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 period. GKV Capital Management Co. Inc. bought a new position in shares of Align Technology in the fourth quarter worth approximately $31,000. Aster Capital Management DIFC Ltd bought a new position in shares of Align Technology in the fourth quarter worth approximately $35,000. Private Trust Co. NA boosted its position in shares of 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 during the period. Finally, Newbridge Financial Services Group Inc. bought a new position in shares of Align Technology in the fourth quarter worth approximately $52,000. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Stock Down 1.0%

Align Technology stock traded down $1.81 during mid-day trading on Friday, reaching $170.80. 493,843 shares of the company's stock traded hands, compared to its average volume of 919,596. The company has a market cap of $12.38 billion, a price-to-earnings ratio of 30.45, a PEG ratio of 2.24 and a beta of 1.68. The stock has a 50 day moving average of $170.98 and a two-hundred day moving average of $197.75. Align Technology, Inc. has a 12-month low of $141.74 and a 12-month high of $271.59.

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 (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 10.54% and a return on equity of 13.84%. Align Technology's revenue was down 1.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.14 earnings per share. As a group, sell-side analysts forecast that Align Technology, Inc. will post 7.98 earnings per share for the current year.

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

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Piper Sandler reiterated an "overweight" rating and issued a $250.00 price target (up from $235.00) on shares of Align Technology in a research report on Thursday, May 1st. Evercore ISI upped their price target on shares of Align Technology from $165.00 to $200.00 and gave the stock an "outperform" rating 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. Wells Fargo & Company lowered their target price on shares of Align Technology from $255.00 to $246.00 and set an "overweight" rating on the stock in a report on Thursday, May 1st. 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 report on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Align Technology currently has a consensus 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.