Align Technology, Inc. (NASDAQ:ALGN) Shares Bought by Quantinno Capital Management LP

Quantinno Capital Management LP grew its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 81.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 36,463 shares of the medical equipment provider's stock after purchasing an additional 16,372 shares during the quarter. Quantinno Capital Management LP's holdings in Align Technology were worth $7,603,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in ALGN. Picton Mahoney Asset Management boosted its stake in Align Technology by 69.9% in the 4th 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 during the period. GKV Capital Management Co. Inc. bought a new position in Align Technology in the 4th quarter worth about $31,000. Aster Capital Management DIFC Ltd bought a new position in Align Technology in the 4th quarter worth about $35,000. Private Trust Co. NA boosted its stake in Align Technology by 113.4% in the 4th 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 during the period. Finally, Newbridge Financial Services Group Inc. bought a new position in Align Technology in the 4th quarter worth about $52,000. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Stock Down 3.6%

Shares of Align Technology stock traded down $6.53 on Wednesday, hitting $176.05. 337,368 shares of the company were exchanged, compared to its average volume of 916,147. Align Technology, Inc. has a 1-year low of $141.74 and a 1-year high of $271.59. The stock has a market capitalization of $12.76 billion, a price-to-earnings ratio of 31.41, a price-to-earnings-growth ratio of 2.24 and a beta of 1.68. The company has a 50-day moving average price of $170.68 and a 200 day moving average price of $198.48.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced 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. 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 quarter in the previous year, the company earned $2.14 earnings per share. The firm's quarterly revenue was down 1.8% compared to the same quarter last year. Research analysts forecast that Align Technology, Inc. will post 7.98 EPS for the current year.

Align Technology declared that its Board of Directors has approved a share repurchase program on Tuesday, May 6th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the medical equipment provider to buy up to 7.9% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its stock is undervalued.

Analyst Ratings Changes

A number of analysts have recently issued reports on ALGN shares. Piper Sandler reiterated an "overweight" rating and set a $250.00 price target (up previously from $235.00) on shares of Align Technology in a research report on Thursday, May 1st. Morgan Stanley decreased their price target on Align Technology from $280.00 to $272.00 and set an "overweight" rating on the stock in a research note on Thursday, February 6th. Hsbc Global Res lowered Align Technology from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 25th. Evercore ISI lifted their price target on Align Technology from $165.00 to $200.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. Finally, HSBC cut Align Technology from a "buy" rating to a "hold" rating and decreased their price target for the stock from $290.00 to $170.00 in a research note 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 assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently 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.