UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Buys 65,033 Shares of Align Technology, Inc. (NASDAQ:ALGN)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Align Technology, Inc. (NASDAQ:ALGN) by 11.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 629,697 shares of the medical equipment provider’s stock after acquiring an additional 65,033 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.84% of Align Technology worth $131,298,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ALGN. Allspring Global Investments Holdings LLC boosted its holdings in Align Technology by 119.6% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 169,641 shares of the medical equipment provider’s stock valued at $35,368,000 after acquiring an additional 92,407 shares during the period. Swedbank AB raised its holdings in Align Technology by 25.0% in the 4th quarter. Swedbank AB now owns 486,267 shares of the medical equipment provider’s stock valued at $101,392,000 after acquiring an additional 97,152 shares in the last quarter. Principal Securities Inc. lifted its position in shares of Align Technology by 34.5% in the 4th quarter. Principal Securities Inc. now owns 1,881 shares of the medical equipment provider’s stock worth $392,000 after acquiring an additional 483 shares during the period. Allworth Financial LP lifted its position in Align Technology by 1,479.1% in the fourth quarter. Allworth Financial LP now owns 2,416 shares of the medical equipment provider’s stock worth $504,000 after purchasing an additional 2,263 shares during the period. Finally, Merit Financial Group LLC bought a new position in shares of Align Technology during the 4th quarter worth about $325,000. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Align Technology Price Performance

Shares of NASDAQ:ALGN opened at $170.80 on Friday. The firm’s 50 day simple moving average is $170.98 and its 200 day simple moving average is $197.75. Align Technology, Inc. has a fifty-two week low of $141.74 and a fifty-two week high of $271.59. The company has a market capitalization of $12.38 billion, a price-to-earnings ratio of 30.45, a P/E/G ratio of 2.24 and a beta of 1.68.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Wednesday, April 30th. The medical equipment provider reported $2.13 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 business had revenue of $979.26 million during the quarter, compared to analysts’ expectations of $977.90 million. During the same quarter in the prior year, the company earned $2.14 EPS. The firm’s quarterly revenue was down 1.8% on a year-over-year basis. Equities research analysts expect that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Align Technology announced that its Board of Directors has approved a share repurchase program 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 purchase up to 7.9% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Piper Sandler reaffirmed an “overweight” rating and issued a $250.00 price target (up previously from $235.00) on shares of Align Technology in a research note on Thursday, May 1st. HSBC cut Align Technology from a “buy” rating to a “hold” rating and cut their price target for the company from $290.00 to $170.00 in a report on Friday, April 25th. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a research report on Thursday, May 1st. Morgan Stanley lowered their price target on shares of Align Technology from $280.00 to $272.00 and set an “overweight” rating for the company in a report on Thursday, February 6th. Finally, Mizuho dropped 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 report on Tuesday, April 29th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $241.25.

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.