Worldquant Millennium Advisors LLC Has $29.72 Million Stake in Align Technology, Inc. (NASDAQ:ALGN)

Worldquant Millennium Advisors LLC lifted its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 1,193.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 142,532 shares of the medical equipment provider's stock after purchasing an additional 131,514 shares during the quarter. Worldquant Millennium Advisors LLC owned 0.19% of Align Technology worth $29,719,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of ALGN. Norges Bank bought a new stake in Align Technology during the 4th quarter worth approximately $190,792,000. Meridiem Investment Management Ltd. boosted its holdings in shares of Align Technology by 63.7% in the fourth quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider's stock valued at $159,470,000 after buying an additional 297,472 shares during the period. Senvest Management LLC increased 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 acquiring an additional 267,000 shares in the last quarter. Resona Asset Management Co. Ltd. bought a new stake in shares of Align Technology during the fourth quarter worth $47,853,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of Align Technology during the fourth quarter worth $42,243,000. Institutional investors and hedge funds own 88.43% of the company's stock.

Align Technology Price Performance

NASDAQ ALGN traded down $1.81 on Monday, reaching $170.80. The stock had a trading volume of 493,843 shares, compared to its average volume of 919,596. The company has a market cap of $12.38 billion, a P/E ratio of 30.45, a price-to-earnings-growth ratio of 2.24 and a beta of 1.68. The firm has a fifty day moving average of $170.98 and a two-hundred day moving average of $197.39. Align Technology, Inc. has a 1-year low of $141.74 and a 1-year 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 EPS for the quarter, beating the consensus estimate of $2.00 by $0.13. Align Technology had a net margin of 10.54% and a return on equity of 13.84%. The business had revenue of $979.26 million for the quarter, compared to the consensus estimate of $977.90 million. During the same period in the prior year, the company posted $2.14 earnings per share. Align Technology's revenue was down 1.8% compared to the same quarter last year. Research analysts predict that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology declared that its Board of Directors has approved a stock buyback program on Tuesday, May 6th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the medical equipment provider to purchase up to 7.9% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's management believes its shares are undervalued.

Analyst Ratings Changes

A number of brokerages recently weighed in on ALGN. Wells Fargo & Company reduced their target price 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. UBS Group decreased their price objective on Align Technology from $240.00 to $215.00 and set a "neutral" rating for the company in a report on Thursday, April 24th. Evercore ISI lifted their target price on Align Technology from $165.00 to $200.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. Morgan Stanley reduced their price target on Align Technology from $280.00 to $272.00 and set an "overweight" rating for the company in a research report on Thursday, February 6th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Align Technology in a research report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Align Technology currently has a consensus rating of "Moderate Buy" and an average target price of $241.25.

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.