LMR Partners LLP Takes Position in Align Technology, Inc. (NASDAQ:ALGN)

LMR Partners LLP acquired a new position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 22,813 shares of the medical equipment provider's stock, valued at approximately $4,757,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Picton Mahoney Asset Management grew its position in Align Technology by 69.9% during the fourth quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider's stock worth $30,000 after buying an additional 58 shares in the last quarter. GKV Capital Management Co. Inc. acquired a new stake in shares of Align Technology during the 4th quarter worth approximately $31,000. Aster Capital Management DIFC Ltd bought a new stake in shares of Align Technology during the fourth quarter valued at approximately $35,000. Private Trust Co. NA raised its stake 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 valued at $36,000 after purchasing an additional 93 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. bought a new position in Align Technology in the fourth quarter worth $52,000. Institutional investors and hedge funds own 88.43% of the company's stock.

Align Technology Trading Up 0.8%

Shares of ALGN traded up $1.57 during mid-day trading on Friday, hitting $188.29. 751,856 shares of the company traded hands, compared to its average volume of 918,142. The business has a 50-day moving average of $169.37 and a 200 day moving average of $199.06. Align Technology, Inc. has a one year low of $141.74 and a one year high of $283.00. The stock has a market capitalization of $13.65 billion, a price-to-earnings ratio of 33.56, a PEG ratio of 2.24 and a beta of 1.68.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its 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. The company had revenue of $979.26 million during the quarter, compared to analysts' expectations of $977.90 million. Align Technology had a return on equity of 13.84% and a net margin of 10.54%. The business's revenue for the quarter was down 1.8% on a year-over-year basis. During the same period last year, the firm earned $2.14 EPS. As a group, analysts anticipate that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Align Technology announced that its board has authorized a share buyback program on Tuesday, May 6th that allows the company to buyback $1.00 billion in 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 usually an indication that the company's board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on ALGN shares. Mizuho decreased their price objective on Align Technology from $250.00 to $245.00 and set an "outperform" rating on the stock in a report on Tuesday, April 29th. Hsbc Global Res lowered Align Technology from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 25th. Wells Fargo & Company dropped their price objective on Align Technology from $255.00 to $246.00 and set an "overweight" rating for the company in a research note on Thursday, May 1st. HSBC downgraded shares of Align Technology from a "buy" rating to a "hold" rating and reduced their target price for the company from $290.00 to $170.00 in a research note on Friday, April 25th. Finally, Morgan Stanley dropped their target price on shares of Align Technology from $280.00 to $272.00 and set an "overweight" rating for the company in a research report on Thursday, February 6th. One analyst has rated the stock with a sell rating, four have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Align Technology presently 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.