Modera Wealth Management LLC Buys 481 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Modera Wealth Management LLC raised its stake in Align Technology, Inc. (NASDAQ:ALGN) by 3.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 15,347 shares of the medical equipment provider’s stock after purchasing an additional 481 shares during the period. Modera Wealth Management LLC’s holdings in Align Technology were worth $2,438,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in ALGN. Ninety One UK Ltd grew its position in shares of Align Technology by 58.7% in the 1st quarter. Ninety One UK Ltd now owns 1,937,555 shares of the medical equipment provider’s stock worth $307,800,000 after buying an additional 716,954 shares during the last quarter. Federated Hermes Inc. boosted its stake in Align Technology by 510.3% in the first quarter. Federated Hermes Inc. now owns 707,514 shares of the medical equipment provider’s stock valued at $112,396,000 after acquiring an additional 591,588 shares in the last quarter. Mackenzie Financial Corp grew its holdings in Align Technology by 4,217.3% in the first quarter. Mackenzie Financial Corp now owns 426,205 shares of the medical equipment provider’s stock worth $67,707,000 after purchasing an additional 416,333 shares during the last quarter. Senvest Management LLC grew its holdings in Align Technology by 58.1% in the fourth quarter. Senvest Management LLC now owns 726,243 shares of the medical equipment provider’s stock worth $151,429,000 after purchasing an additional 267,000 shares during the last quarter. Finally, Resona Asset Management Co. Ltd. acquired a new position in shares of Align Technology during the fourth quarter worth $47,853,000. 88.43% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

ALGN has been the subject of several recent analyst reports. Needham & Company LLC reissued a “hold” rating 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 price target for the stock from $290.00 to $170.00 in a research report on Friday, April 25th. Mizuho cut their price objective on Align Technology from $250.00 to $245.00 and set an “outperform” rating on the stock in a report on Tuesday, April 29th. Hsbc Global Res downgraded Align Technology from a “strong-buy” rating to a “hold” rating in a report on Friday, April 25th. Finally, UBS Group dropped their target price on Align Technology from $240.00 to $215.00 and set a “neutral” rating on the stock in a research report on Thursday, April 24th. 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 given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $242.92.

Align Technology Trading Down 1.1%

Align Technology stock opened at $203.57 on Thursday. The firm has a market cap of $14.76 billion, a PE ratio of 37.08, a P/E/G ratio of 2.18 and a beta of 1.63. Align Technology, Inc. has a 12 month low of $141.74 and a 12 month high of $262.87. The stock’s 50 day simple moving average is $188.60 and its two-hundred day simple moving average is $186.70.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, July 30th. The medical equipment provider reported $2.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.57 by ($0.08). The firm had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1.06 billion. Align Technology had a return on equity of 13.52% and a net margin of 10.29%. The business’s quarterly revenue was down 1.6% on a year-over-year basis. During the same period last year, the company posted $2.41 earnings per share. On average, equities research analysts forecast 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 allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the medical equipment provider to reacquire up to 7.9% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership 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.