Scientech Research LLC Purchases Shares of 7,368 Align Technology, Inc. (NASDAQ:ALGN)

Scientech Research LLC purchased a new stake in Align Technology, Inc. (NASDAQ:ALGN) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 7,368 shares of the medical equipment provider’s stock, valued at approximately $1,536,000. Align Technology makes up approximately 0.4% of Scientech Research LLC’s investment portfolio, making the stock its 24th biggest holding.

A number of other hedge funds have also recently bought and sold shares of the stock. Covestor Ltd grew its stake in Align Technology by 14.6% in the fourth quarter. Covestor Ltd now owns 415 shares of the medical equipment provider’s stock valued at $87,000 after purchasing an additional 53 shares in the last quarter. Picton Mahoney Asset Management grew its stake in Align Technology by 69.9% in the fourth 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 in the last quarter. Smartleaf Asset Management LLC grew its stake in Align Technology by 9.1% in the fourth 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 in the last quarter. New York Life Investment Management LLC grew its stake in Align Technology by 0.7% in the fourth 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 in the last quarter. Finally, Motley Fool Asset Management LLC grew its stake in Align Technology by 6.9% in the fourth quarter. Motley Fool Asset Management LLC now owns 1,099 shares of the medical equipment provider’s stock valued at $229,000 after purchasing an additional 71 shares in the last quarter. 88.43% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on ALGN shares. Evercore ISI lifted their target price on Align Technology from $165.00 to $200.00 and gave the stock an “outperform” rating in a research note on Thursday, May 1st. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a research note on Thursday, May 1st. Morgan Stanley reduced their target price 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. Hsbc Global Res downgraded Align Technology from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 25th. Finally, HSBC downgraded Align Technology from a “buy” rating to a “hold” rating and reduced their target price for the stock from $290.00 to $170.00 in a research note on Friday, April 25th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $241.25.

Align Technology Price Performance

Shares of NASDAQ ALGN opened at $188.29 on Friday. The stock has a market capitalization of $13.65 billion, a PE ratio of 33.56, a P/E/G ratio of 2.24 and a beta of 1.68. The business has a fifty day moving average price of $169.83 and a two-hundred day moving average price of $198.89. Align Technology, Inc. has a fifty-two week low of $141.74 and a fifty-two week high of $274.70.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share for the quarter, beating the consensus estimate of $2.00 by $0.13. The firm 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 company’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.14 EPS. On average, equities analysts expect that Align Technology, Inc. will post 7.98 EPS for the current year.

Align Technology declared that its Board of Directors has authorized a stock buyback 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 repurchase up to 7.9% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Align Technology Company 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.