Align Technology, Inc. (NASDAQ:ALGN) Shares Purchased by Washington Capital Management Inc.

Washington Capital Management Inc. lifted its stake in Align Technology, Inc. (NASDAQ:ALGN) by 146.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,700 shares of the medical equipment provider’s stock after purchasing an additional 2,200 shares during the quarter. Washington Capital Management Inc.’s holdings in Align Technology were worth $588,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in ALGN. Norges Bank acquired a new stake in shares of Align Technology in the fourth quarter valued at approximately $190,792,000. Meridiem Investment Management Ltd. increased its holdings in shares of Align Technology by 63.7% in the fourth quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider’s stock valued at $159,470,000 after purchasing an additional 297,472 shares during the last quarter. Senvest Management LLC increased its holdings in shares of Align Technology by 58.1% in the fourth quarter. Senvest Management LLC now owns 726,243 shares of the medical equipment provider’s stock valued at $151,429,000 after purchasing an additional 267,000 shares during the last quarter. Resona Asset Management Co. Ltd. acquired a new stake in shares of Align Technology in the fourth quarter valued at approximately $47,853,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of Align Technology in the fourth quarter valued at approximately $42,243,000. Institutional investors and hedge funds own 88.43% of the company’s stock.

Align Technology Stock Performance

Shares of ALGN stock opened at $180.62 on Friday. The stock has a market capitalization of $13.09 billion, a P/E ratio of 32.20, a price-to-earnings-growth ratio of 2.24 and a beta of 1.64. The company has a 50 day moving average price of $173.80 and a 200 day moving average price of $194.56. Align Technology, Inc. has a fifty-two week low of $141.74 and a fifty-two week high of $271.59.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share 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 analysts’ expectations of $977.90 million. Align Technology had a net margin of 10.54% and a return on equity of 13.84%. The business’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.14 earnings per share. On average, research analysts forecast that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology declared that its Board of Directors has authorized a share repurchase 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 buy up to 7.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Mizuho cut their price target on Align Technology from $250.00 to $245.00 and set an “outperform” rating for the company in a report on Tuesday, April 29th. Evercore ISI raised their price objective on Align Technology from $165.00 to $200.00 and gave the stock an “outperform” rating in a research report on Thursday, May 1st. Hsbc Global Res cut shares of Align Technology from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 25th. Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a research note on Thursday, May 1st. Finally, HSBC downgraded shares of Align Technology from a “buy” rating to a “hold” rating and reduced their price target for the company from $290.00 to $170.00 in a research note on Friday, April 25th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Align Technology presently has an average rating of “Moderate Buy” and an average target price 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.