Algert Global LLC Has $1.51 Million Stock Position in Align Technology, Inc. (NASDAQ:ALGN)

Algert Global LLC grew its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 259.1% in the 4th quarter, HoldingsChannel reports. The fund owned 7,262 shares of the medical equipment provider’s stock after buying an additional 5,240 shares during the period. Algert Global LLC’s holdings in Align Technology were worth $1,514,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Wilmington Savings Fund Society FSB acquired a new stake in shares of Align Technology in the 3rd quarter worth about $78,000. Principal Financial Group Inc. boosted its position in shares of Align Technology by 2.7% during the third quarter. Principal Financial Group Inc. now owns 82,020 shares of the medical equipment provider’s stock valued at $20,859,000 after buying an additional 2,168 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its position in Align Technology by 1.2% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 7,799 shares of the medical equipment provider’s stock valued at $1,626,000 after buying an additional 91 shares during the last quarter. Czech National Bank lifted its position in shares of Align Technology by 6.4% during the fourth quarter. Czech National Bank now owns 15,216 shares of the medical equipment provider’s stock valued at $3,173,000 after purchasing an additional 913 shares in the last quarter. Finally, Fulcrum Capital LLC lifted its position in shares of Align Technology by 5.6% during the 4th quarter. Fulcrum Capital LLC now owns 9,212 shares of the medical equipment provider’s stock worth $1,921,000 after buying an additional 489 shares in the last quarter. 88.43% of the stock is owned by institutional investors and hedge funds.

Align Technology Price Performance

Shares of NASDAQ ALGN opened at $181.81 on Friday. Align Technology, Inc. has a 1 year low of $141.74 and a 1 year high of $283.00. The company’s 50-day moving average is $167.96 and its 200 day moving average is $199.78. The stock has a market capitalization of $13.31 billion, a P/E ratio of 32.41, a P/E/G ratio of 2.24 and a beta of 1.68.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.00 by $0.13. Align Technology had a return on equity of 13.84% and a net margin of 10.54%. The firm had revenue of $979.26 million during the quarter, compared to analyst estimates of $977.90 million. During the same quarter in the prior year, the company earned $2.14 EPS. The business’s revenue was down 1.8% compared to the same quarter last year. Research analysts anticipate that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Align Technology declared that its Board of Directors has initiated a share buyback plan on Tuesday, May 6th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the medical equipment provider to reacquire up to 7.9% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

ALGN has been the subject of several research analyst reports. HSBC lowered shares of 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. Evercore ISI lifted their price objective on Align Technology from $165.00 to $200.00 and gave the company an “outperform” rating in a research note on Thursday, May 1st. UBS Group dropped their price target on Align Technology from $240.00 to $215.00 and set a “neutral” rating for the company in a research report on Thursday, April 24th. Piper Sandler restated an “overweight” rating and issued a $250.00 price objective (up from $235.00) on shares of Align Technology in a research report on Thursday, May 1st. Finally, Morgan Stanley cut their price target on shares of Align Technology from $280.00 to $272.00 and set an “overweight” rating for the company in a research note on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Align Technology currently has a consensus rating of “Moderate Buy” and an average target price of $241.25.

About Align Technology

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.