Point72 Hong Kong Ltd Makes New Investment in Align Technology, Inc. (NASDAQ:ALGN)

Point72 Hong Kong Ltd purchased a new position in shares of Align Technology, Inc. (NASDAQ:ALGN) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 30,400 shares of the medical equipment provider’s stock, valued at approximately $6,339,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank bought a new stake in Align Technology in the fourth quarter valued at approximately $190,792,000. Meridiem Investment Management Ltd. lifted 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 worth $159,470,000 after purchasing an additional 297,472 shares in the last quarter. Senvest Management LLC lifted its holdings 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 purchasing an additional 267,000 shares in the last quarter. Resona Asset Management Co. Ltd. bought a new position in Align Technology during the 4th quarter valued at $47,853,000. Finally, Raymond James Financial Inc. bought a new position in Align Technology during the 4th quarter valued at $42,243,000. 88.43% of the stock is currently owned by institutional investors.

Align Technology Stock Performance

Shares of ALGN stock opened at $187.65 on Thursday. Align Technology, Inc. has a fifty-two week low of $141.74 and a fifty-two week high of $283.00. The stock has a 50 day moving average price of $168.90 and a two-hundred day moving average price of $199.26. The company has a market capitalization of $13.60 billion, a P/E ratio of 33.45, a PEG 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 EPS for the quarter, beating analysts’ consensus estimates of $2.00 by $0.13. The company had revenue of $979.26 million during the quarter, compared to the consensus estimate of $977.90 million. Align Technology had a return on equity of 13.84% and a net margin of 10.54%. The firm’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.14 earnings per share. As a group, equities analysts predict that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Align Technology declared that its Board of Directors has approved a share repurchase plan on Tuesday, May 6th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the medical equipment provider to buy up to 7.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on ALGN shares. 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. Wells Fargo & Company reduced their target price on Align Technology from $255.00 to $246.00 and set an “overweight” rating for the company in a report on Thursday, May 1st. Jefferies Financial Group reduced their target price on Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a report on Thursday, January 23rd. Morgan Stanley dropped their price target on Align Technology from $280.00 to $272.00 and set an “overweight” rating for the company in a research report on Thursday, February 6th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a research report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, four have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus 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.