Wealth Enhancement Advisory Services LLC Buys 2,881 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Wealth Enhancement Advisory Services LLC grew its stake in Align Technology, Inc. (NASDAQ:ALGN) by 44.3% in the 1st quarter, Holdings Channel.com reports. The firm owned 9,380 shares of the medical equipment provider’s stock after purchasing an additional 2,881 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Align Technology were worth $1,490,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. New York Life Investment Management LLC lifted its position in Align Technology by 0.7% in the fourth quarter. New York Life Investment Management LLC now owns 9,406 shares of the medical equipment provider’s stock worth $1,961,000 after buying an additional 68 shares during the last quarter. Versor Investments LP purchased a new stake in shares of Align Technology in the fourth quarter valued at $395,000. 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 acquiring an additional 93 shares during the last quarter. Fisher Asset Management LLC boosted its stake in shares of Align Technology by 20.9% during the 4th quarter. Fisher Asset Management LLC now owns 127,900 shares of the medical equipment provider’s stock worth $26,668,000 after purchasing an additional 22,130 shares during the period. Finally, Metis Global Partners LLC grew its holdings in Align Technology by 3.5% during the 4th quarter. Metis Global Partners LLC now owns 2,878 shares of the medical equipment provider’s stock valued at $600,000 after purchasing an additional 98 shares during the last quarter. 88.43% of the stock is owned by institutional investors.

Align Technology Stock Up 0.4%

Shares of NASDAQ ALGN opened at $189.33 on Tuesday. Align Technology, Inc. has a twelve month low of $141.74 and a twelve month high of $263.24. The firm has a market cap of $13.72 billion, a PE ratio of 34.49, a price-to-earnings-growth ratio of 2.00 and a beta of 1.64. The business has a fifty day simple moving average of $180.92 and a two-hundred day simple moving average of $188.74.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 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 analyst estimates of $977.90 million. Align Technology had a return on equity of 13.52% and a net margin of 10.29%. The business’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same quarter last year, the firm posted $2.14 earnings per share. On average, research analysts expect that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Align Technology declared that its board has approved a share repurchase plan on Tuesday, May 6th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the medical equipment provider to buy up to 7.9% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Mizuho reduced 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 report on Tuesday, April 29th. UBS Group reduced their price target on Align Technology from $240.00 to $215.00 and set a “neutral” rating on the stock in a 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. Evercore ISI upped their price objective on Align Technology from $165.00 to $200.00 and gave the company an “outperform” rating in a research report on Thursday, May 1st. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a research report on Thursday, May 1st. One equities research 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 company’s stock. According to data from MarketBeat, Align Technology has an average rating of “Moderate Buy” and a consensus 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.