22,967 Shares in Align Technology, Inc. (NASDAQ:ALGN) Purchased by Sone Capital Management LLC

Sone Capital Management LLC acquired a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 22,967 shares of the medical equipment provider’s stock, valued at approximately $4,789,000.

Several other large investors also recently added to or reduced their stakes in ALGN. Picton Mahoney Asset Management raised its stake in shares of Align Technology by 69.9% during the fourth quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider’s stock valued at $30,000 after acquiring an additional 58 shares in the last quarter. GKV Capital Management Co. Inc. purchased a new position in Align Technology during the 4th quarter worth $31,000. Aster Capital Management DIFC Ltd bought a new stake in Align Technology during the 4th quarter valued at $35,000. Private Trust Co. NA lifted its holdings in shares of Align Technology by 113.4% in the 4th 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 period. Finally, Newbridge Financial Services Group Inc. bought a new position in shares of Align Technology during the 4th quarter worth $52,000. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Stock Performance

Shares of NASDAQ ALGN opened at $188.29 on Monday. Align Technology, Inc. has a fifty-two week low of $141.74 and a fifty-two week high of $272.17. The company has a market cap 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 50-day simple moving average of $169.83 and a two-hundred day simple moving average of $198.76.

Align Technology (NASDAQ:ALGN) last released its earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 EPS for the quarter, topping 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 company had revenue of $979.26 million during the quarter, compared to analysts’ expectations of $977.90 million. During the same period last year, the business earned $2.14 EPS. Align Technology’s revenue for the quarter was down 1.8% on a year-over-year basis. On average, sell-side analysts predict that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Align Technology declared that its board has initiated a stock repurchase plan on Tuesday, May 6th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the medical equipment provider to purchase up to 7.9% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

ALGN has been the subject of a number of research reports. Wells Fargo & Company lowered their price objective 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. Evercore ISI upped their price target on shares of Align Technology from $165.00 to $200.00 and gave the stock an “outperform” rating in a research report on Thursday, May 1st. Mizuho dropped their price objective on shares of Align Technology from $250.00 to $245.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 29th. HSBC lowered shares of Align Technology from a “buy” rating to a “hold” rating and cut their price objective for the company from $290.00 to $170.00 in a report on Friday, April 25th. Finally, Hsbc Global Res lowered Align Technology from a “strong-buy” rating to a “hold” rating in a report on Friday, April 25th. One equities research 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 stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $241.25.

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.