Gotham Asset Management LLC Has $2.79 Million Position in Align Technology, Inc. (NASDAQ:ALGN)

Gotham Asset Management LLC lifted its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 9.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,400 shares of the medical equipment provider’s stock after purchasing an additional 1,161 shares during the quarter. Gotham Asset Management LLC’s holdings in Align Technology were worth $2,794,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Picton Mahoney Asset Management grew its holdings in shares of Align Technology by 69.9% during the fourth quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider’s stock worth $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 position 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 fourth quarter. Private Trust Co. NA now owns 175 shares of the medical equipment provider’s stock valued at $36,000 after purchasing an additional 93 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. bought a new position in Align Technology in the fourth quarter valued at approximately $52,000. Institutional investors and hedge funds own 88.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on ALGN shares. HSBC downgraded Align Technology from a “buy” rating to a “hold” rating and decreased their price target for the company from $290.00 to $170.00 in a research note on Friday, April 25th. Evercore ISI raised 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. Jefferies Financial Group decreased their price target on Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a research note on Thursday, January 23rd. Wells Fargo & Company decreased their price target on Align Technology from $255.00 to $246.00 and set an “overweight” rating for the company in a research note on Thursday, May 1st. Finally, Piper Sandler reaffirmed 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. One research analyst has rated the stock with a sell rating, four have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $241.25.

Align Technology Trading Down 0.5%

NASDAQ:ALGN opened at $186.72 on Friday. The stock has a market cap of $13.53 billion, a P/E ratio of 33.28, a PEG ratio of 2.24 and a beta of 1.68. The stock has a 50 day simple moving average of $169.37 and a 200 day simple moving average of $199.06. Align Technology, Inc. has a 1-year low of $141.74 and a 1-year high of $283.00.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share for the quarter, topping the consensus estimate of $2.00 by $0.13. The business had revenue of $979.26 million during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period last year, the firm posted $2.14 EPS. As a group, sell-side analysts forecast that Align Technology, Inc. will post 7.98 EPS for the current year.

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

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.