Orion Capital Management LLC Makes New Investment in Align Technology, Inc. (NASDAQ:ALGN)

Orion Capital Management LLC purchased a new position in Align Technology, Inc. (NASDAQ:ALGN) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 200 shares of the medical equipment provider’s stock, valued at approximately $42,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Picton Mahoney Asset Management grew its position 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 worth $30,000 after buying an additional 58 shares during the last quarter. GKV Capital Management Co. Inc. acquired a new position in Align Technology in the fourth quarter worth approximately $31,000. Aster Capital Management DIFC Ltd acquired a new position in Align Technology in the fourth quarter worth approximately $35,000. Private Trust Co. NA grew its position in Align Technology by 113.4% in the fourth quarter. Private Trust Co. NA now owns 175 shares of the medical equipment provider’s stock worth $36,000 after buying an additional 93 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. acquired a new position in Align Technology in the fourth quarter worth approximately $52,000. Institutional investors and hedge funds own 88.43% of the company’s stock.

Wall Street Analyst Weigh In

ALGN has been the subject of a number of recent analyst reports. Jefferies Financial Group decreased their price objective on shares of Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a research note on Thursday, January 23rd. Morgan Stanley decreased their price objective on shares of 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 lowered shares of Align Technology from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 25th. Evercore ISI raised their price objective on shares of Align Technology from $165.00 to $200.00 and gave the stock an “outperform” rating in a research note on Thursday, May 1st. Finally, Mizuho decreased their price objective on shares of Align Technology from $250.00 to $245.00 and set an “outperform” rating for the company in a research note on Tuesday, April 29th. One 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’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $241.25.

Align Technology Trading Down 5.8%

Align Technology stock opened at $171.91 on Thursday. The company has a market capitalization of $12.46 billion, a P/E ratio of 30.64, a P/E/G ratio of 2.24 and a beta of 1.68. The firm’s fifty day simple moving average is $170.79 and its 200-day simple moving average is $198.30. Align Technology, Inc. has a 1-year low of $141.74 and a 1-year high of $271.59.

Align Technology (NASDAQ:ALGN) last released its quarterly 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 for the quarter, compared to the consensus estimate of $977.90 million. Align Technology had a net margin of 10.54% and a return on equity of 13.84%. Align Technology’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same quarter last year, the firm earned $2.14 EPS. On average, equities research analysts predict that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Align Technology declared that its board has authorized a share 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 a sign that the company’s management believes its shares are 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.