Raiffeisen Bank International AG Invests $4.13 Million in Align Technology, Inc. (NASDAQ:ALGN)

Raiffeisen Bank International AG bought a new position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 20,000 shares of the medical equipment provider's stock, valued at approximately $4,132,000.

Several other hedge funds and other institutional investors have also bought and sold shares of ALGN. Norges Bank purchased a new stake in shares of Align Technology during the 4th quarter worth $190,792,000. Meridiem Investment Management Ltd. boosted its holdings in shares of Align Technology by 63.7% in the 4th quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider's stock valued at $159,470,000 after buying an additional 297,472 shares in the last quarter. Senvest Management LLC grew its position in shares of Align Technology by 58.1% in the 4th quarter. Senvest Management LLC now owns 726,243 shares of the medical equipment provider's stock worth $151,429,000 after buying an additional 267,000 shares during the last quarter. Resona Asset Management Co. Ltd. bought a new position in shares of Align Technology during the 4th quarter worth approximately $47,853,000. Finally, Raymond James Financial Inc. purchased a new stake in Align Technology during the fourth quarter valued at approximately $42,243,000. Institutional investors own 88.43% of the company's stock.

Align Technology Stock Performance

Shares of Align Technology stock traded down $8.51 during trading on Wednesday, hitting $174.07. 366,134 shares of the company's stock were exchanged, compared to its average volume of 916,399. Align Technology, Inc. has a 52-week low of $141.74 and a 52-week high of $271.59. The stock has a market capitalization of $12.62 billion, a price-to-earnings ratio of 31.04, a PEG ratio of 2.24 and a beta of 1.68. The business has a 50-day simple moving average of $170.68 and a 200-day simple moving average of $198.48.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share 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 business had revenue of $979.26 million during the quarter, compared to analyst estimates of $977.90 million. During the same quarter last year, the business posted $2.14 EPS. The company's revenue was down 1.8% on a year-over-year basis. On average, equities analysts anticipate that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

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

Wall Street Analysts Forecast Growth

ALGN has been the topic of several analyst reports. Needham & Company LLC reaffirmed a "hold" rating on shares of Align Technology in a report on Thursday, May 1st. Piper Sandler reaffirmed an "overweight" rating and set a $250.00 target price (up from $235.00) on shares of Align Technology in a research report on Thursday, May 1st. Hsbc Global Res cut Align Technology from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 25th. HSBC lowered Align Technology from a "buy" rating to a "hold" rating and dropped their price target for the stock from $290.00 to $170.00 in a research note on Friday, April 25th. Finally, Morgan Stanley decreased their price objective on shares of Align Technology from $280.00 to $272.00 and set an "overweight" rating for the company in a research report on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Align Technology presently has an average rating of "Moderate Buy" and an average 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.