Rip Road Capital Partners LP Buys Shares of 5,200 Align Technology, Inc. (NASDAQ:ALGN)

Rip Road Capital Partners LP purchased a new stake in Align Technology, Inc. (NASDAQ:ALGN) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 5,200 shares of the medical equipment provider’s stock, valued at approximately $1,084,000. Align Technology comprises approximately 0.9% of Rip Road Capital Partners LP’s investment portfolio, making the stock its 20th largest position.

Other hedge funds have also modified their holdings of the company. Covestor Ltd boosted its stake in Align Technology by 14.6% during the fourth quarter. Covestor Ltd now owns 415 shares of the medical equipment provider’s stock worth $87,000 after buying an additional 53 shares during the period. Picton Mahoney Asset Management lifted its holdings in shares of Align Technology by 69.9% in the 4th quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider’s stock worth $30,000 after acquiring an additional 58 shares during the last quarter. Smartleaf Asset Management LLC boosted its position in shares of Align Technology by 9.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 766 shares of the medical equipment provider’s stock worth $158,000 after purchasing an additional 64 shares during the period. Beech Hill Advisors Inc. increased its holdings in Align Technology by 0.6% in the 4th quarter. Beech Hill Advisors Inc. now owns 11,632 shares of the medical equipment provider’s stock valued at $2,425,000 after purchasing an additional 65 shares during the last quarter. Finally, New York Life Investment Management LLC increased its holdings in Align Technology by 0.7% in the 4th quarter. New York Life Investment Management LLC now owns 9,406 shares of the medical equipment provider’s stock valued at $1,961,000 after purchasing an additional 68 shares during the last quarter. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. 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 note on Thursday, February 6th. UBS Group cut their price objective on Align Technology from $240.00 to $215.00 and set a “neutral” rating on the stock in a report on Thursday, April 24th. Jefferies Financial Group lowered 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. Wells Fargo & Company cut their price target on shares of Align Technology from $255.00 to $246.00 and set an “overweight” rating on the stock in a research note on Thursday, May 1st. Finally, HSBC cut shares of Align Technology from a “buy” rating to a “hold” rating and reduced their price target for the stock from $290.00 to $170.00 in a research report on Friday, April 25th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $241.25.

Align Technology Stock Performance

ALGN stock opened at $187.65 on Thursday. The company’s 50 day moving average price is $168.90 and its 200 day moving average price is $199.26. Align Technology, Inc. has a fifty-two week low of $141.74 and a fifty-two week high of $283.00. The firm has a market capitalization of $13.60 billion, a price-to-earnings ratio of 33.45, a PEG ratio of 2.24 and a beta of 1.68.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 EPS for the quarter, topping the consensus estimate of $2.00 by $0.13. Align Technology had a net margin of 10.54% and a return on equity of 13.84%. The company had revenue of $979.26 million during the quarter, compared to analysts’ expectations of $977.90 million. During the same quarter in the previous year, the business posted $2.14 EPS. The firm’s revenue was down 1.8% on a year-over-year basis. Equities analysts forecast that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

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

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.