Northern Trust Corp Purchases 86,493 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Northern Trust Corp raised its position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 13.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 736,936 shares of the medical equipment provider's stock after acquiring an additional 86,493 shares during the quarter. Northern Trust Corp owned approximately 0.99% of Align Technology worth $153,659,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Wilmington Savings Fund Society FSB bought a new position in Align Technology during the third quarter worth $78,000. Oddo BHF Asset Management Sas bought a new stake in shares of Align Technology during the 3rd quarter worth about $747,000. Principal Financial Group Inc. grew its stake in Align Technology by 2.7% in the 3rd quarter. Principal Financial Group Inc. now owns 82,020 shares of the medical equipment provider's stock valued at $20,859,000 after buying an additional 2,168 shares during the last quarter. Versant Capital Management Inc raised its holdings in Align Technology by 212.2% in the 4th quarter. Versant Capital Management Inc now owns 231 shares of the medical equipment provider's stock valued at $48,000 after acquiring an additional 157 shares during the period. Finally, Nordea Investment Management AB lifted its position in Align Technology by 3.5% during the fourth quarter. Nordea Investment Management AB now owns 273,664 shares of the medical equipment provider's stock worth $56,870,000 after acquiring an additional 9,139 shares during the last quarter. Institutional investors own 88.43% of the company's stock.

Align Technology Stock Down 1.1 %

Shares of ALGN traded down $1.88 during midday trading on Wednesday, hitting $171.19. The company's stock had a trading volume of 671,440 shares, compared to its average volume of 909,929. Align Technology, Inc. has a one year low of $141.74 and a one year high of $291.80. The stock has a market capitalization of $12.53 billion, a price-to-earnings ratio of 30.58, a price-to-earnings-growth ratio of 2.24 and a beta of 1.68. The company's fifty day simple moving average is $167.90 and its two-hundred day simple moving average is $200.42.

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 (EPS) for the quarter, beating analysts' consensus estimates of $2.00 by $0.13. The firm had revenue of $979.26 million for 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 quarter in the previous year, the business posted $2.14 earnings per share. On average, research analysts predict that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Align Technology declared that its Board of Directors has approved a stock buyback plan on Tuesday, May 6th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the medical equipment provider to buy up to 7.9% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a research note on Thursday, May 1st. Piper Sandler reiterated 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. Jefferies Financial Group reduced their target price on shares of Align Technology from $285.00 to $260.00 and set a "buy" rating for the company in a research report on Thursday, January 23rd. Hsbc Global Res lowered shares of Align Technology from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 25th. Finally, Evercore ISI boosted their price objective on shares of Align Technology from $165.00 to $200.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Align Technology currently has a consensus rating of "Moderate Buy" and a consensus price target of $241.25.

Align Technology Company 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.