Align Technology, Inc. (NASDAQ:ALGN) Shares Purchased by Flagship Harbor Advisors LLC

Flagship Harbor Advisors LLC increased its holdings in Align Technology, Inc. (NASDAQ:ALGNFree Report) by 50.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,222 shares of the medical equipment provider’s stock after buying an additional 1,084 shares during the quarter. Flagship Harbor Advisors LLC’s holdings in Align Technology were worth $512,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Geode Capital Management LLC lifted its stake in Align Technology by 2.2% during the 4th quarter. Geode Capital Management LLC now owns 1,790,014 shares of the medical equipment provider’s stock valued at $372,299,000 after acquiring an additional 39,209 shares during the period. Invesco Ltd. raised its holdings in shares of Align Technology by 17.1% during the fourth quarter. Invesco Ltd. now owns 1,082,162 shares of the medical equipment provider’s stock worth $225,642,000 after purchasing an additional 158,312 shares during the last quarter. Norges Bank acquired a new position in Align Technology during the fourth quarter valued at $190,792,000. Northern Trust Corp boosted its holdings in Align Technology by 13.3% in the fourth quarter. Northern Trust Corp now owns 736,936 shares of the medical equipment provider’s stock valued at $153,659,000 after purchasing an additional 86,493 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its position in Align Technology by 35.2% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 731,846 shares of the medical equipment provider’s stock worth $152,597,000 after purchasing an additional 190,711 shares during the period. Institutional investors and hedge funds own 88.43% of the company’s stock.

Align Technology Stock Up 0.3%

ALGN opened at $187.14 on Thursday. The company has a market cap of $13.57 billion, a price-to-earnings ratio of 34.09, a PEG ratio of 1.98 and a beta of 1.64. Align Technology, Inc. has a 52-week low of $141.74 and a 52-week high of $263.24. The firm’s fifty day simple moving average is $179.91 and its two-hundred day simple moving average is $190.41.

Align Technology (NASDAQ:ALGNGet Free Report) 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. Align Technology had a net margin of 10.29% and a return on equity of 13.52%. The firm had revenue of $979.26 million during the quarter, compared to the consensus estimate of $977.90 million. During the same quarter in the prior year, the firm earned $2.14 EPS. The company’s revenue for the quarter was down 1.8% on a year-over-year basis. On average, research analysts forecast that Align Technology, Inc. will post 7.98 EPS for the current year.

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

Analysts Set New Price Targets

A number of equities analysts have weighed in on ALGN shares. HSBC lowered Align Technology from a “buy” rating to a “hold” rating and reduced their price objective for the company from $290.00 to $170.00 in a research note on Friday, April 25th. Piper Sandler reiterated an “overweight” rating and set a $250.00 price target (up from $235.00) on shares of Align Technology in a research report on Thursday, May 1st. Mizuho lowered their price objective on Align Technology from $250.00 to $245.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 29th. UBS Group dropped their price objective on shares of Align Technology from $240.00 to $215.00 and set a “neutral” rating on the stock in a research note on Thursday, April 24th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a report 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 issued a strong buy rating to the company. According to MarketBeat.com, Align Technology presently has an average rating of “Moderate Buy” and a consensus target price of $241.25.

Check Out Our Latest Research Report on Align Technology

Align Technology Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Align Technology (NASDAQ:ALGN)

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