Scientech Research LLC Acquires Shares of 7,368 Align Technology, Inc. (NASDAQ:ALGN)

Scientech Research LLC bought a new position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 7,368 shares of the medical equipment provider's stock, valued at approximately $1,536,000. Align Technology accounts for 0.4% of Scientech Research LLC's investment portfolio, making the stock its 24th largest holding.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ALGN. Czech National Bank lifted its holdings in Align Technology by 6.4% during the 4th 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 last quarter. Assenagon Asset Management S.A. boosted its holdings 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 purchasing an additional 66,756 shares during the period. Avanza Fonder AB acquired a new position in shares of Align Technology during the 4th quarter worth approximately $1,776,000. Merit Financial Group LLC bought a new position in shares of Align Technology during the fourth quarter worth approximately $325,000. Finally, Arkadios Wealth Advisors increased its holdings in shares of Align Technology by 13.3% during the fourth quarter. Arkadios Wealth Advisors now owns 1,397 shares of the medical equipment provider's stock worth $291,000 after purchasing an additional 164 shares during the period. 88.43% of the stock is owned by institutional investors.

Align Technology Price Performance

Shares of NASDAQ ALGN traded up $1.05 during mid-day trading on Thursday, hitting $172.96. 244,835 shares of the stock traded hands, compared to its average volume of 917,689. The company has a market cap of $12.54 billion, a PE ratio of 30.82, a price-to-earnings-growth ratio of 2.24 and a beta of 1.68. Align Technology, Inc. has a twelve month low of $141.74 and a twelve month high of $271.59. The firm has a 50 day simple moving average of $170.79 and a two-hundred day simple moving average of $198.30.

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 analysts' consensus estimates of $2.00 by $0.13. The company had revenue of $979.26 million for the quarter, compared to analyst estimates of $977.90 million. Align Technology had a net margin of 10.54% and a return on equity of 13.84%. Align Technology's revenue was down 1.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.14 earnings per share. On average, equities research 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 initiated a stock buyback program on Tuesday, May 6th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the medical equipment provider to buy up to 7.9% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on ALGN shares. Hsbc Global Res lowered Align Technology from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 25th. 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 report on Thursday, February 6th. Evercore ISI boosted their price target on Align Technology from $165.00 to $200.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. Mizuho reduced their price objective on shares of Align Technology from $250.00 to $245.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 29th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, four have assigned 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.com, the company currently has a consensus rating of "Moderate Buy" and an average 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.