Mercer Global Advisors Inc. ADV Takes Position in Align Technology, Inc. (NASDAQ:ALGN)

Mercer Global Advisors Inc. ADV bought 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 (SEC). The firm bought 1,917 shares of the medical equipment provider's stock, valued at approximately $400,000.

Several other institutional investors have also recently made changes to their positions in the business. Covestor Ltd grew its position in Align Technology by 14.6% during the 4th quarter. Covestor Ltd now owns 415 shares of the medical equipment provider's stock worth $87,000 after purchasing an additional 53 shares during the period. Picton Mahoney Asset Management boosted 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 buying an additional 58 shares during the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of Align Technology by 9.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 766 shares of the medical equipment provider's stock worth $158,000 after buying an additional 64 shares during the last quarter. Beech Hill Advisors Inc. grew its holdings in Align Technology by 0.6% during the fourth quarter. Beech Hill Advisors Inc. now owns 11,632 shares of the medical equipment provider's stock worth $2,425,000 after acquiring an additional 65 shares during the period. Finally, New York Life Investment Management LLC raised its position in Align Technology by 0.7% during the fourth quarter. New York Life Investment Management LLC now owns 9,406 shares of the medical equipment provider's stock valued at $1,961,000 after acquiring an additional 68 shares in the last quarter. Hedge funds and other institutional investors own 88.43% of the company's stock.

Align Technology Trading Up 0.8%

NASDAQ:ALGN opened at $190.42 on Wednesday. The company has a market cap of $13.94 billion, a P/E ratio of 33.94, a P/E/G ratio of 2.24 and a beta of 1.68. Align Technology, Inc. has a twelve month low of $141.74 and a twelve month high of $283.00. The company's 50-day moving average price is $168.62 and its 200-day moving average price is $199.34.

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

Align Technology announced that its Board of Directors has initiated a share buyback plan on Tuesday, May 6th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the medical equipment provider to buy up to 7.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its stock is undervalued.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Needham & Company LLC restated a "hold" rating on shares of Align Technology in a research report on Thursday, May 1st. UBS Group lowered their price target on shares of Align Technology from $240.00 to $215.00 and set a "neutral" rating on the stock in a report on Thursday, April 24th. Jefferies Financial Group cut their price objective on shares of Align Technology from $285.00 to $260.00 and set a "buy" rating for the company in a report on Thursday, January 23rd. Hsbc Global Res downgraded shares of Align Technology from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 25th. Finally, HSBC cut Align Technology from a "buy" rating to a "hold" rating and dropped their target price for the company from $290.00 to $170.00 in a research report on Friday, April 25th. One research 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. According to data from MarketBeat, Align Technology currently has an average rating of "Moderate Buy" and a consensus price target 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.