Meridiem Capital Partners LP Takes $2.12 Million Position in Align Technology, Inc. (NASDAQ:ALGN)

Meridiem Capital Partners LP purchased a new stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 10,159 shares of the medical equipment provider's stock, valued at approximately $2,118,000.

A number of other institutional investors have also recently modified their holdings of the business. Picton Mahoney Asset Management boosted 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 purchasing an additional 58 shares in the last quarter. GKV Capital Management Co. Inc. purchased a new stake in Align Technology during the fourth quarter worth $31,000. Aster Capital Management DIFC Ltd purchased a new stake in Align Technology during the fourth quarter worth $35,000. Private Trust Co. NA boosted its position in Align Technology by 113.4% during 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 in the last quarter. Finally, Newbridge Financial Services Group Inc. purchased a new stake in Align Technology during the fourth quarter worth $52,000. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Align Technology Price Performance

NASDAQ ALGN opened at $189.00 on Tuesday. Align Technology, Inc. has a fifty-two week low of $141.74 and a fifty-two week high of $283.00. The stock's 50-day moving average is $168.26 and its two-hundred day moving average is $199.40. The firm has a market cap of $13.84 billion, a P/E ratio of 33.69, a price-to-earnings-growth ratio of 2.24 and a beta of 1.68.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share for the quarter, beating the consensus estimate of $2.00 by $0.13. Align Technology had a return on equity of 13.84% and a net margin of 10.54%. The company had revenue of $979.26 million for the quarter, compared to analyst estimates of $977.90 million. During the same period last year, the company earned $2.14 earnings per share. The business's revenue was down 1.8% compared to the same quarter last year. On average, equities analysts expect that Align Technology, Inc. will post 7.98 EPS for the current year.

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on ALGN shares. HSBC cut Align Technology from a "buy" rating to a "hold" rating and cut their price target for the stock from $290.00 to $170.00 in a report on Friday, April 25th. Mizuho cut their price target on Align Technology from $250.00 to $245.00 and set an "outperform" rating for the company in a report on Tuesday, April 29th. Piper Sandler reissued an "overweight" rating and issued a $250.00 price target (up from $235.00) on shares of Align Technology in a report on Thursday, May 1st. Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a report on Thursday, May 1st. Finally, UBS Group dropped their target price on Align Technology from $240.00 to $215.00 and set a "neutral" rating for the company in a research note on Thursday, April 24th. One research analyst has rated the stock with a sell rating, four have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus 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.

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