Rafferty Asset Management LLC Has $1.89 Million Position in Align Technology, Inc. (NASDAQ:ALGN)

Rafferty Asset Management LLC boosted its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 5.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,079 shares of the medical equipment provider’s stock after acquiring an additional 453 shares during the quarter. Rafferty Asset Management LLC’s holdings in Align Technology were worth $1,893,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC raised its stake in Align Technology by 119.6% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 169,641 shares of the medical equipment provider’s stock worth $35,368,000 after acquiring an additional 92,407 shares in the last quarter. Swedbank AB increased its stake in shares of Align Technology by 25.0% in the fourth quarter. Swedbank AB now owns 486,267 shares of the medical equipment provider’s stock valued at $101,392,000 after buying an additional 97,152 shares in the last quarter. Principal Securities Inc. increased its stake in shares of Align Technology by 34.5% in the fourth quarter. Principal Securities Inc. now owns 1,881 shares of the medical equipment provider’s stock valued at $392,000 after buying an additional 483 shares in the last quarter. Allworth Financial LP increased its stake in shares of Align Technology by 1,479.1% in the fourth quarter. Allworth Financial LP now owns 2,416 shares of the medical equipment provider’s stock valued at $504,000 after buying an additional 2,263 shares in the last quarter. Finally, Merit Financial Group LLC acquired a new stake in shares of Align Technology in the fourth quarter valued at $325,000. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Align Technology Stock Performance

Shares of Align Technology stock opened at $182.58 on Wednesday. The business’s 50 day simple moving average is $170.68 and its 200 day simple moving average is $198.48. Align Technology, Inc. has a 52-week low of $141.74 and a 52-week high of $271.59. The firm has a market cap of $13.23 billion, a PE ratio of 32.55, 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, beating analysts’ consensus estimates of $2.00 by $0.13. The business had revenue of $979.26 million for the quarter, compared to analyst estimates of $977.90 million. Align Technology had a return on equity of 13.84% and a net margin of 10.54%. Align Technology’s revenue for the quarter was down 1.8% compared to the same quarter last year. During the same quarter last year, the firm earned $2.14 EPS. As a group, equities research analysts predict that Align Technology, Inc. will post 7.98 EPS for the current year.

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

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Piper Sandler restated an “overweight” rating and issued a $250.00 target price (up from $235.00) on shares of Align Technology in a research note on Thursday, May 1st. Mizuho lowered their target price on Align Technology from $250.00 to $245.00 and set an “outperform” rating for the company in a research note on Tuesday, April 29th. Needham & Company LLC restated a “hold” rating on shares of Align Technology in a research note on Thursday, May 1st. UBS Group lowered their target price on Align Technology from $240.00 to $215.00 and set a “neutral” rating for the company in a research note on Thursday, April 24th. Finally, Wells Fargo & Company lowered their target price 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. 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 stock. Based on data from MarketBeat.com, Align Technology currently has an average rating of “Moderate Buy” and an average price target 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.