Gotham Asset Management LLC Acquires 1,161 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Gotham Asset Management LLC grew its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 9.5% during the 4th quarter, HoldingsChannel reports. 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 reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Covestor Ltd increased its stake in shares of Align Technology by 14.6% in the 4th quarter. Covestor Ltd now owns 415 shares of the medical equipment provider’s stock valued at $87,000 after purchasing an additional 53 shares during the last quarter. Picton Mahoney Asset Management increased its stake 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 valued at $30,000 after purchasing an additional 58 shares during the last quarter. Smartleaf Asset Management LLC increased its stake in shares of Align Technology by 9.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 766 shares of the medical equipment provider’s stock valued at $158,000 after purchasing an additional 64 shares during the last quarter. Beech Hill Advisors Inc. increased its stake in shares of 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 stake in shares of 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. Institutional investors own 88.43% of the company’s stock.

Align Technology Price Performance

Shares of Align Technology stock opened at $186.72 on Friday. Align Technology, Inc. has a one year low of $141.74 and a one year high of $283.00. The stock’s 50-day moving average is $169.37 and its 200 day moving average is $199.06. The firm has a market cap of $13.53 billion, a price-to-earnings ratio of 33.28, a PEG 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 EPS for the quarter, beating the consensus estimate of $2.00 by $0.13. Align Technology had a return on equity of 13.84% and a net margin of 10.54%. The company had revenue of $979.26 million for the quarter, compared to analyst estimates of $977.90 million. During the same quarter in the prior year, the company earned $2.14 EPS. The firm’s revenue for the quarter was down 1.8% compared to the same quarter last year. On average, sell-side analysts expect that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology announced that its Board of Directors has approved a stock repurchase plan on Tuesday, May 6th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the medical equipment provider to reacquire up to 7.9% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

ALGN has been the subject of a number of recent research reports. Piper Sandler reaffirmed 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. HSBC cut Align Technology from a “buy” rating to a “hold” rating and lowered their target price for the stock from $290.00 to $170.00 in a report on Friday, April 25th. Evercore ISI upped their target price on Align Technology from $165.00 to $200.00 and gave the stock an “outperform” rating in a report 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 report on Tuesday, April 29th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a report on Thursday, May 1st. One analyst has rated the stock with a sell rating, four have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average 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.