111 Capital Buys Shares of 1,530 Align Technology, Inc. (NASDAQ:ALGN)

111 Capital bought a new stake in Align Technology, Inc. (NASDAQ:ALGN) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 1,530 shares of the medical equipment provider’s stock, valued at approximately $319,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Picton Mahoney Asset Management grew its stake in shares of 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 acquiring an additional 58 shares in the last quarter. GKV Capital Management Co. Inc. acquired a new position in shares of Align Technology in the fourth quarter worth $31,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Align Technology in the fourth quarter worth $35,000. Private Trust Co. NA grew its stake in shares of 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 acquiring an additional 93 shares in the last quarter. Finally, Orion Capital Management LLC acquired a new position in shares of Align Technology in the fourth quarter worth $42,000. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Morgan Stanley lowered their target price 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. UBS Group lowered their target price on shares of Align Technology from $240.00 to $215.00 and set a “neutral” rating for the company in a research note on Thursday, April 24th. Piper Sandler reiterated an “overweight” rating and set a $250.00 target price (up previously from $235.00) on shares of Align Technology in a research note on Thursday, May 1st. HSBC downgraded shares of 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 research note on Friday, April 25th. Finally, Wells Fargo & Company lowered their target price on shares of Align Technology from $255.00 to $246.00 and set an “overweight” rating for the company in a research note on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Align Technology presently has a consensus rating of “Moderate Buy” and an average target price of $241.25.

Align Technology Stock Performance

NASDAQ ALGN opened at $183.05 on Friday. Align Technology, Inc. has a one year low of $141.74 and a one year high of $271.59. The company has a 50-day simple moving average of $171.75 and a 200-day simple moving average of $196.51. The firm has a market capitalization of $13.27 billion, a PE ratio of 32.63, a price-to-earnings-growth ratio of 2.24 and a beta of 1.68.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.00 by $0.13. Align Technology had a net margin of 10.54% and a return on equity of 13.84%. The firm had revenue of $979.26 million during the quarter, compared to analyst estimates of $977.90 million. During the same period in the previous year, the business posted $2.14 EPS. Align Technology’s revenue was down 1.8% on a year-over-year basis. Equities analysts forecast that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Align Technology declared that its Board of Directors has approved a share buyback plan on Tuesday, May 6th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the medical equipment provider to repurchase up to 7.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

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.