Zurcher Kantonalbank Zurich Cantonalbank Grows Position in Align Technology, Inc. (NASDAQ:ALGN)

Key Points

• Zurcher Kantonalbank increased its stake in Align Technology by 316.3%, purchasing an additional 91,654 shares to reach a total of 120,635 shares, valued at around $19.16 million.
• Align Technology reported $2.13 EPS for the last quarter, exceeding expectations, but its revenue declined by 1.8% year-over-year, totaling $979.26 million.
• The company announced a $1 billion stock repurchase plan, allowing the purchase of up to 7.9% of its shares, indicating management believes the stock is undervalued.

Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 316.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 120,635 shares of the medical equipment provider's stock after buying an additional 91,654 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned 0.16% of Align Technology worth $19,164,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in ALGN. Norges Bank purchased a new stake in shares of Align Technology during the fourth quarter valued at approximately $190,792,000. Ninety One UK Ltd lifted its position in Align Technology by 58.7% during the first quarter. Ninety One UK Ltd now owns 1,937,555 shares of the medical equipment provider's stock valued at $307,800,000 after purchasing an additional 716,954 shares during the period. Senvest Management LLC lifted its position in Align Technology by 58.1% during the fourth quarter. Senvest Management LLC now owns 726,243 shares of the medical equipment provider's stock valued at $151,429,000 after purchasing an additional 267,000 shares during the period. Resona Asset Management Co. Ltd. bought a new position in Align Technology during the fourth quarter valued at approximately $47,853,000. Finally, Raymond James Financial Inc. bought a new position in Align Technology during the fourth quarter valued at approximately $42,243,000. Hedge funds and other institutional investors own 88.43% of the company's stock.

Analyst Upgrades and Downgrades

ALGN has been the topic of a number of research analyst reports. Piper Sandler restated an "overweight" rating and set a $250.00 price objective (up previously from $235.00) on shares of Align Technology in a research report on Thursday, May 1st. HSBC downgraded shares of Align Technology from a "buy" rating to a "hold" rating and lowered their price objective for the company from $290.00 to $170.00 in a research report on Friday, April 25th. Wells Fargo & Company lowered their price objective on shares of Align Technology from $255.00 to $246.00 and set an "overweight" rating on the stock in a research report on Thursday, May 1st. UBS Group decreased their price target on shares of Align Technology from $240.00 to $215.00 and set a "neutral" rating on the stock in a research report on Thursday, April 24th. Finally, Mizuho decreased their price target on shares of Align Technology from $250.00 to $245.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 29th. 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 assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $242.92.

Align Technology Trading Down 1.1%

ALGN traded down $2.24 during trading on Wednesday, hitting $203.57. 2,414,073 shares of the company traded hands, compared to its average volume of 1,038,256. The company has a market cap of $14.76 billion, a PE ratio of 37.08, a P/E/G ratio of 2.19 and a beta of 1.63. The stock's 50-day simple moving average is $187.97 and its two-hundred day simple moving average is $186.58. Align Technology, Inc. has a 1 year low of $141.74 and a 1 year high of $262.87.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its earnings results on Wednesday, July 30th. The medical equipment provider reported $1.83 earnings per share for the quarter, missing the consensus estimate of $2.57 by ($0.74). Align Technology had a net margin of 10.29% and a return on equity of 13.52%. Equities analysts expect that Align Technology, Inc. will post 7.98 EPS for the current year.

Align Technology declared that its Board of Directors has approved a share repurchase 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 shares through open market purchases. Shares repurchase programs are often a sign that the company's leadership believes its stock is 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.