Mirae Asset Global Investments Co. Ltd. Increases Stock Position in Align Technology, Inc. (NASDAQ:ALGN)

Mirae Asset Global Investments Co. Ltd. lifted its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 16.6% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 12,094 shares of the medical equipment provider’s stock after purchasing an additional 1,725 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Align Technology were worth $1,925,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Covestor Ltd lifted its position in Align Technology by 14.6% during the fourth quarter. Covestor Ltd now owns 415 shares of the medical equipment provider’s stock valued at $87,000 after acquiring an additional 53 shares during the last quarter. Picton Mahoney Asset Management lifted 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 during the last quarter. Smartleaf Asset Management LLC lifted its position in Align Technology by 9.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 766 shares of the medical equipment provider’s stock valued at $158,000 after acquiring an additional 64 shares during the last quarter. Fulcrum Capital LLC lifted its position in Align Technology by 0.8% during the first quarter. Fulcrum Capital LLC now owns 9,282 shares of the medical equipment provider’s stock valued at $1,475,000 after acquiring an additional 70 shares during the last quarter. Finally, Motley Fool Asset Management LLC lifted its position in Align Technology by 6.9% during the fourth quarter. Motley Fool Asset Management LLC now owns 1,099 shares of the medical equipment provider’s stock valued at $229,000 after acquiring an additional 71 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Analysts Set New Price Targets

ALGN has been the subject of a number of analyst reports. UBS Group decreased their target price on shares of Align Technology from $240.00 to $215.00 and set a “neutral” rating for the company in a research report on Thursday, April 24th. Mizuho cut their price target on shares of Align Technology from $250.00 to $245.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 29th. Evercore ISI raised their price target on shares of Align Technology from $165.00 to $200.00 and gave the stock an “outperform” rating in a report on Thursday, May 1st. HSBC cut shares of Align Technology from a “buy” rating to a “hold” rating and decreased their price target for the stock from $290.00 to $170.00 in a report on Friday, April 25th. Finally, Hsbc Global Res cut shares of Align Technology from a “strong-buy” rating to a “hold” rating in a report on Friday, April 25th. One equities research 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’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $241.25.

Align Technology Price Performance

NASDAQ:ALGN opened at $196.93 on Friday. The firm has a market capitalization of $14.28 billion, a P/E ratio of 35.87, a PEG ratio of 2.09 and a beta of 1.63. Align Technology, Inc. has a 1-year low of $141.74 and a 1-year high of $263.24. The company’s fifty day moving average price is $181.98 and its 200-day moving average price is $188.61.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share for the quarter, topping analysts’ consensus estimates 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 net margin of 10.29% and a return on equity of 13.52%. The business’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.14 earnings per share. Equities analysts anticipate that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology announced that its board has approved a stock buyback plan on Tuesday, May 6th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the medical equipment provider to buy up to 7.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Align Technology 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.