State of Wyoming Increases Stake in Align Technology, Inc. (NASDAQ:ALGN)

State of Wyoming boosted its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 65.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,789 shares of the medical equipment provider’s stock after acquiring an additional 1,108 shares during the quarter. State of Wyoming’s holdings in Align Technology were worth $582,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of ALGN. Picton Mahoney Asset Management raised its position in 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 stake in shares of Align Technology in the fourth quarter valued at approximately $31,000. Aster Capital Management DIFC Ltd purchased a new stake in shares of Align Technology in the fourth quarter valued at approximately $35,000. Private Trust Co. NA increased its position 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 valued at $36,000 after buying an additional 93 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. purchased a new stake in shares of Align Technology in the fourth quarter valued at approximately $52,000. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Align Technology Trading Up 0.8%

ALGN stock opened at $188.29 on Monday. The company 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. Align Technology, Inc. has a 12-month low of $141.74 and a 12-month high of $272.17. The business’s fifty day moving average price is $169.83 and its 200 day moving average price is $198.76.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings data on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.00 by $0.13. The firm had revenue of $979.26 million for the quarter, compared to the consensus estimate 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 quarter in the previous year, the business earned $2.14 EPS. Research analysts predict that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology announced that its board has initiated a stock buyback 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 reacquire up to 7.9% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. HSBC cut 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 research report on Friday, April 25th. UBS Group cut their price objective on Align Technology from $240.00 to $215.00 and set a “neutral” rating for the company in a research report on Thursday, April 24th. Hsbc Global Res lowered Align Technology from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 25th. Mizuho lowered their price target on Align Technology from $250.00 to $245.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 29th. Finally, Jefferies Financial Group lowered their price target on Align Technology from $285.00 to $260.00 and set a “buy” rating on the stock in a research note on Thursday, January 23rd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $241.25.

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.