Worldquant Millennium Advisors LLC Purchases 131,514 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Worldquant Millennium Advisors LLC increased its stake in Align Technology, Inc. (NASDAQ:ALGN) by 1,193.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 142,532 shares of the medical equipment provider’s stock after purchasing an additional 131,514 shares during the quarter. Worldquant Millennium Advisors LLC owned approximately 0.19% of Align Technology worth $29,719,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Picton Mahoney Asset Management raised its holdings in shares of Align Technology by 69.9% in the 4th quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider’s stock worth $30,000 after purchasing an additional 58 shares during the period. GKV Capital Management Co. Inc. bought a new stake in shares of Align Technology in the 4th quarter worth approximately $31,000. Aster Capital Management DIFC Ltd bought a new stake in shares of Align Technology in the 4th quarter worth approximately $35,000. Private Trust Co. NA raised 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 purchasing an additional 93 shares during the period. Finally, Newbridge Financial Services Group Inc. bought a new stake in shares of Align Technology in the 4th quarter worth approximately $52,000. Institutional investors own 88.43% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently commented on ALGN. Hsbc Global Res cut shares of Align Technology from a “strong-buy” rating to a “hold” rating in a report on Friday, April 25th. HSBC cut shares of 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 report on Friday, April 25th. Jefferies Financial Group lowered their price target on shares of Align Technology from $285.00 to $260.00 and set a “buy” rating on the stock in a report on Thursday, January 23rd. Wells Fargo & Company reduced 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. Finally, Evercore ISI lifted their price objective on shares of Align Technology from $165.00 to $200.00 and gave the company an “outperform” rating in a research note on Thursday, May 1st. One analyst has rated the stock with a sell rating, four have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $241.25.

Align Technology Trading Down 1.2%

Align Technology stock opened at $182.58 on Wednesday. The firm has a 50 day simple moving average of $170.68 and a 200 day simple moving average of $198.48. The firm has a market capitalization of $13.23 billion, a price-to-earnings ratio of 32.55, a P/E/G ratio of 2.24 and a beta of 1.68. Align Technology, Inc. has a 1-year low of $141.74 and a 1-year high of $271.59.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results 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. The firm had revenue of $979.26 million during the quarter, compared to analyst estimates of $977.90 million. Align Technology had a net margin of 10.54% and a return on equity of 13.84%. The business’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same period in the previous year, the business earned $2.14 EPS. 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 has approved a share repurchase plan on Tuesday, May 6th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the medical equipment provider to repurchase up to 7.9% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

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.