30,400 Shares in Align Technology, Inc. (NASDAQ:ALGN) Bought by Point72 Hong Kong Ltd

Point72 Hong Kong Ltd purchased a new position in Align Technology, Inc. (NASDAQ:ALGN) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor 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 added to or reduced their stakes in ALGN. Principal Financial Group Inc. grew its stake in Align Technology by 2.7% in the third quarter. Principal Financial Group Inc. now owns 82,020 shares of the medical equipment provider’s stock worth $20,859,000 after purchasing an additional 2,168 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Align Technology by 1.2% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 7,799 shares of the medical equipment provider’s stock valued at $1,626,000 after purchasing an additional 91 shares in the last quarter. Czech National Bank lifted its holdings in shares of Align Technology by 6.4% during the fourth quarter. Czech National Bank now owns 15,216 shares of the medical equipment provider’s stock valued at $3,173,000 after purchasing an additional 913 shares in the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of Align Technology by 54.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 189,022 shares of the medical equipment provider’s stock valued at $39,413,000 after purchasing an additional 66,756 shares in the last quarter. Finally, Beech Hill Advisors Inc. lifted its holdings in shares of Align Technology by 0.6% during the fourth 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 in the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Stock Down 1.5%

Shares of NASDAQ ALGN opened at $187.65 on Thursday. The business has a fifty day simple moving average of $168.90 and a two-hundred day simple moving average of $199.26. The firm has a market cap of $13.60 billion, a PE ratio of 33.45, a price-to-earnings-growth ratio of 2.24 and a beta of 1.68. Align Technology, Inc. has a twelve month low of $141.74 and a twelve month high of $283.00.

Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share for the quarter, beating analysts’ consensus estimates of $2.00 by $0.13. The business had revenue of $979.26 million during 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 was down 1.8% on a year-over-year basis. During the same period in the previous year, the company posted $2.14 EPS. On average, research analysts expect that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Align Technology announced that its Board of Directors has authorized a share buyback plan on Tuesday, May 6th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the medical equipment provider to purchase up to 7.9% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

ALGN has been the topic of a number of recent research reports. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a report on Thursday, May 1st. Evercore ISI increased their target price on Align Technology from $165.00 to $200.00 and gave the stock an “outperform” rating in a research report on Thursday, May 1st. Mizuho cut their price target on Align Technology from $250.00 to $245.00 and set an “outperform” rating for the company in a report on Tuesday, April 29th. Morgan Stanley cut their price target on Align Technology from $280.00 to $272.00 and set an “overweight” rating for the company in a report on Thursday, February 6th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $250.00 target price (up previously from $235.00) 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 given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Align Technology has a consensus rating of “Moderate Buy” and a consensus target price 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.