Polar Asset Management Partners Inc. Grows Position in Align Technology, Inc. (NASDAQ:ALGN)

Polar Asset Management Partners Inc. lifted its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 10.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 40,100 shares of the medical equipment provider's stock after purchasing an additional 3,900 shares during the quarter. Polar Asset Management Partners Inc. owned 0.05% of Align Technology worth $8,361,000 at the end of the most recent reporting period.

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

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a research report on Thursday, May 1st. Mizuho lowered their price target on Align Technology from $250.00 to $245.00 and set an "outperform" rating for the company in a research report on Tuesday, April 29th. Hsbc Global Res lowered Align Technology from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 25th. Morgan Stanley lowered their price target on Align Technology from $280.00 to $272.00 and set an "overweight" rating for the company in a research report on Thursday, February 6th. Finally, HSBC lowered Align Technology from a "buy" rating to a "hold" rating and lowered their price target for the company from $290.00 to $170.00 in a research report on Friday, April 25th. One analyst has rated the stock with a sell rating, four have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $241.25.

Align Technology Trading Down 3.6%

Shares of ALGN stock traded down $6.66 on Wednesday, hitting $175.92. 337,368 shares of the stock were exchanged, compared to its average volume of 916,159. The firm has a market capitalization of $12.75 billion, a PE ratio of 31.41, a P/E/G ratio of 2.24 and a beta of 1.68. Align Technology, Inc. has a one year low of $141.74 and a one year high of $271.59. The firm's 50 day moving average is $170.68 and its two-hundred day moving average is $198.48.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share (EPS) 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 analysts' expectations of $977.90 million. Align Technology had a return on equity of 13.84% and a net margin of 10.54%. The firm's quarterly revenue was down 1.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.14 EPS. On average, sell-side 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 repurchase program on Tuesday, May 6th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes 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 board believes its stock is undervalued.

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.