Point72 Hong Kong Ltd Buys Shares of 30,400 Align Technology, Inc. (NASDAQ:ALGN)

Point72 Hong Kong Ltd acquired a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 30,400 shares of the medical equipment provider's stock, valued at approximately $6,339,000.

Several other hedge funds and other institutional investors have also modified their holdings of ALGN. Principal Financial Group Inc. lifted its position in shares of Align Technology by 2.7% during the 3rd quarter. Principal Financial Group Inc. now owns 82,020 shares of the medical equipment provider's stock worth $20,859,000 after buying an additional 2,168 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in shares of Align Technology by 1.2% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 7,799 shares of the medical equipment provider's stock worth $1,626,000 after buying an additional 91 shares during the period. Czech National Bank lifted its position in shares of Align Technology by 6.4% during the 4th quarter. Czech National Bank now owns 15,216 shares of the medical equipment provider's stock worth $3,173,000 after buying an additional 913 shares during the period. Assenagon Asset Management S.A. lifted its position in shares of Align Technology by 54.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 189,022 shares of the medical equipment provider's stock worth $39,413,000 after buying an additional 66,756 shares during the period. Finally, Beech Hill Advisors Inc. lifted its position in shares of Align Technology by 0.6% during the 4th quarter. Beech Hill Advisors Inc. now owns 11,632 shares of the medical equipment provider's stock worth $2,425,000 after buying an additional 65 shares during the period. Institutional investors own 88.43% of the company's stock.

Align Technology Trading Down 0.7%

Shares of NASDAQ:ALGN traded down $1.39 during midday trading on Tuesday, hitting $183.46. The company had a trading volume of 219,679 shares, compared to its average volume of 916,655. Align Technology, Inc. has a 12 month low of $141.74 and a 12 month high of $272.17. The stock has a market cap of $13.30 billion, a price-to-earnings ratio of 32.71, a PEG ratio of 2.24 and a beta of 1.68. The firm has a fifty day simple moving average of $170.24 and a 200 day simple moving average of $198.60.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share (EPS) for the quarter, topping 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 business 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 EPS. The firm's revenue was down 1.8% on a year-over-year basis. Equities analysts forecast that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology announced that its Board of Directors has approved a stock buyback program on Tuesday, May 6th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the medical equipment provider to buy up to 7.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company's management believes its stock is undervalued.

Analyst Ratings Changes

Several research analysts have recently commented on ALGN shares. Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a report on Thursday, May 1st. Evercore ISI boosted their target price on Align Technology from $165.00 to $200.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. Piper Sandler reissued an "overweight" rating and issued a $250.00 target price (up from $235.00) on shares of Align Technology in a report on Thursday, May 1st. UBS Group reduced their target price on Align Technology from $240.00 to $215.00 and set a "neutral" rating on the stock in a report on Thursday, April 24th. Finally, Morgan Stanley reduced their target price on Align Technology from $280.00 to $272.00 and set an "overweight" rating on the stock in a report on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average 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.