OMERS ADMINISTRATION Corp Has $1.59 Million Holdings in Align Technology, Inc. (NASDAQ:ALGN)

OMERS ADMINISTRATION Corp cut its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 23.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,642 shares of the medical equipment provider's stock after selling 2,384 shares during the quarter. OMERS ADMINISTRATION Corp's holdings in Align Technology were worth $1,593,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Align Technology by 33.0% in the 4th quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,250 shares of the medical equipment provider's stock worth $1,512,000 after buying an additional 1,800 shares during the last quarter. Meridiem Capital Partners LP acquired a new stake in Align Technology during the fourth quarter worth about $2,118,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Align Technology by 3.0% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,753 shares of the medical equipment provider's stock worth $2,034,000 after acquiring an additional 281 shares during the period. LMR Partners LLP bought a new position in Align Technology in the fourth quarter worth about $4,757,000. Finally, Investment Management Corp of Ontario boosted its stake in Align Technology by 67.6% in the fourth quarter. Investment Management Corp of Ontario now owns 3,925 shares of the medical equipment provider's stock valued at $818,000 after acquiring an additional 1,583 shares during the period. Institutional investors and hedge funds own 88.43% of the company's stock.

Align Technology Price Performance

Align Technology stock traded down $5.66 during mid-day trading on Wednesday, hitting $176.92. The company's stock had a trading volume of 248,502 shares, compared to its average volume of 915,814. Align Technology, Inc. has a 52-week low of $141.74 and a 52-week high of $271.59. The company has a market cap of $12.82 billion, a PE ratio of 31.56, a price-to-earnings-growth ratio of 2.24 and a beta of 1.68. The firm's 50 day moving average is $170.68 and its 200 day moving average is $198.48.

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

Align Technology announced that its board has initiated a stock repurchase program on Tuesday, May 6th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the medical equipment provider to buy up to 7.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on ALGN shares. Jefferies Financial Group dropped their price target on Align Technology from $285.00 to $260.00 and set a "buy" rating on the stock in a research report on Thursday, January 23rd. HSBC downgraded Align Technology from a "buy" rating to a "hold" rating and lowered their price objective for the stock from $290.00 to $170.00 in a research note on Friday, April 25th. UBS Group cut their target price on Align Technology from $240.00 to $215.00 and set a "neutral" rating on the stock in a research note on Thursday, April 24th. Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a report on Thursday, May 1st. Finally, Evercore ISI increased their price objective on shares of Align Technology from $165.00 to $200.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus 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.