Rafferty Asset Management LLC Acquires 453 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Rafferty Asset Management LLC lifted its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 5.3% in the 4th quarter, HoldingsChannel.com reports. The fund owned 9,079 shares of the medical equipment provider’s stock after purchasing 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 filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in ALGN. Norges Bank bought a new stake in Align Technology in the 4th quarter valued at $190,792,000. Meridiem Investment Management Ltd. boosted its stake in Align Technology by 63.7% in the 4th quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider’s stock valued at $159,470,000 after purchasing an additional 297,472 shares during the period. Senvest Management LLC boosted its stake in Align Technology by 58.1% in the 4th quarter. Senvest Management LLC now owns 726,243 shares of the medical equipment provider’s stock valued at $151,429,000 after purchasing an additional 267,000 shares during the period. Resona Asset Management Co. Ltd. bought a new stake in Align Technology in the 4th quarter valued at $47,853,000. Finally, Raymond James Financial Inc. bought a new stake in Align Technology in the 4th quarter valued at $42,243,000. 88.43% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ALGN. UBS Group reduced their price target 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. Morgan Stanley reduced their price target on Align Technology from $280.00 to $272.00 and set an “overweight” rating for the company in a research note on Thursday, February 6th. Evercore ISI boosted their price target on Align Technology from $165.00 to $200.00 and gave the company an “outperform” rating in a research note on Thursday, May 1st. Mizuho cut their target price on Align Technology from $250.00 to $245.00 and set an “outperform” rating for the company in a research report on Tuesday, April 29th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a research report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $241.25.

Align Technology Stock Down 1.2%

Shares of ALGN opened at $182.58 on Wednesday. Align Technology, Inc. has a 12-month low of $141.74 and a 12-month high of $271.59. The business has a 50-day simple moving average of $170.68 and a two-hundred day simple moving average of $198.48. The stock has a market cap of $13.23 billion, a PE ratio of 32.55, a PEG ratio of 2.24 and a beta of 1.68.

Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.00 by $0.13. The business had revenue of $979.26 million during the quarter, compared to analysts’ expectations of $977.90 million. Align Technology had a return on equity of 13.84% and a net margin of 10.54%. The business’s revenue for the quarter was down 1.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.14 EPS. On average, equities research analysts expect that Align Technology, Inc. will post 7.98 EPS for the current year.

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

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.