Schonfeld Strategic Advisors LLC Has $7.32 Million Stock Position in Align Technology, Inc. (NASDAQ:ALGN)

Schonfeld Strategic Advisors LLC grew its stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 1,679.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 35,110 shares of the medical equipment provider's stock after buying an additional 33,137 shares during the period. Schonfeld Strategic Advisors LLC's holdings in Align Technology were worth $7,321,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Picton Mahoney Asset Management lifted its holdings in shares of Align Technology by 69.9% during the 4th quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider's stock valued at $30,000 after acquiring an additional 58 shares in the last quarter. GKV Capital Management Co. Inc. acquired a new stake in Align Technology during the 4th quarter valued at $31,000. Aster Capital Management DIFC Ltd acquired a new position in Align Technology in the 4th quarter worth $35,000. Private Trust Co. NA grew its stake in shares of Align Technology by 113.4% during the fourth quarter. Private Trust Co. NA now owns 175 shares of the medical equipment provider's stock valued at $36,000 after acquiring an additional 93 shares in the last quarter. Finally, Versant Capital Management Inc increased its position in shares of Align Technology by 212.2% during the fourth quarter. Versant Capital Management Inc now owns 231 shares of the medical equipment provider's stock worth $48,000 after acquiring an additional 157 shares during the last quarter. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Wells Fargo & Company dropped their price objective on Align Technology from $255.00 to $246.00 and set an "overweight" rating on the stock in a report on Thursday, May 1st. Jefferies Financial Group decreased their price objective on shares of Align Technology from $285.00 to $260.00 and set a "buy" rating for the company in a report on Thursday, January 23rd. Hsbc Global Res downgraded Align Technology from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 25th. 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, Piper Sandler reissued an "overweight" rating and issued a $250.00 price target (up previously from $235.00) on shares of Align Technology in a report on Thursday, May 1st. One research 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 company. According to data from MarketBeat, Align Technology presently has a consensus rating of "Moderate Buy" and an average price target of $241.25.

Align Technology Price Performance

Shares of NASDAQ ALGN traded down $2.69 during midday trading on Wednesday, reaching $170.38. 346,539 shares of the company traded hands, compared to its average volume of 908,567. The company has a market cap of $12.47 billion, a price-to-earnings ratio of 30.41, a PEG ratio of 2.24 and a beta of 1.68. The stock has a 50-day moving average price of $167.90 and a 200 day moving average price of $200.42. Align Technology, Inc. has a 52 week low of $141.74 and a 52 week high of $291.80.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 EPS for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $977.90 million. During the same period in the previous year, the firm earned $2.14 EPS. Align Technology's revenue was down 1.8% on a year-over-year basis. As a group, analysts expect that Align Technology, Inc. will post 7.98 EPS for the current year.

Align Technology announced that its Board of Directors has authorized a share buyback program on Tuesday, May 6th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the medical equipment provider to purchase up to 7.9% of its stock through open market purchases. Stock buyback programs are usually 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.