5,200 Shares in Align Technology, Inc. (NASDAQ:ALGN) Acquired by Rip Road Capital Partners LP

Rip Road Capital Partners LP acquired a new position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,200 shares of the medical equipment provider's stock, valued at approximately $1,084,000. Align Technology accounts for approximately 0.9% of Rip Road Capital Partners LP's investment portfolio, making the stock its 20th biggest holding.

A number of other hedge funds have also made changes to their positions in ALGN. Picton Mahoney Asset Management increased its stake in shares of Align Technology by 69.9% in the fourth quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider's stock valued at $30,000 after buying an additional 58 shares in the last quarter. GKV Capital Management Co. Inc. bought a new position in Align Technology in the fourth quarter valued at approximately $31,000. Aster Capital Management DIFC Ltd bought a new stake in Align Technology in the fourth quarter valued at approximately $35,000. Private Trust Co. NA grew 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 valued at $36,000 after buying an additional 93 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. bought a new stake in shares of Align Technology in the fourth quarter valued at about $52,000. Institutional investors and hedge funds own 88.43% of the company's stock.

Align Technology Stock Performance

Shares of NASDAQ:ALGN traded down $1.38 during trading on Tuesday, hitting $183.46. 237,077 shares of the stock were exchanged, compared to its average volume of 1,110,783. Align Technology, Inc. has a 1-year low of $141.74 and a 1-year high of $271.59. The company has a market capitalization of $13.30 billion, a price-to-earnings ratio of 32.69, a price-to-earnings-growth ratio of 2.24 and a beta of 1.68. The company's fifty day simple moving average is $170.24 and its 200-day simple moving average is $198.60.

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

Align Technology announced that its Board of Directors has initiated a stock repurchase plan 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 repurchase up to 7.9% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's management believes its stock is undervalued.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Morgan Stanley reduced their target price on shares of Align Technology from $280.00 to $272.00 and set an "overweight" rating on the stock in a report on Thursday, February 6th. HSBC downgraded Align Technology from a "buy" rating to a "hold" rating and dropped their price objective for the company from $290.00 to $170.00 in a research note on Friday, April 25th. Evercore ISI boosted their price target on shares of Align Technology from $165.00 to $200.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. Jefferies Financial Group cut their price objective on shares of Align Technology from $285.00 to $260.00 and set a "buy" rating for the company in a research note on Thursday, January 23rd. Finally, Hsbc Global Res cut Align Technology from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 25th. 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 issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average 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.