Two Sigma Investments LP Sells 3,020 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Two Sigma Investments LP lowered its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 27.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,900 shares of the medical equipment provider’s stock after selling 3,020 shares during the quarter. Two Sigma Investments LP’s holdings in Align Technology were worth $1,647,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of ALGN. Norges Bank bought a new position in shares of Align Technology during the 4th quarter valued at $190,792,000. Meridiem Investment Management Ltd. grew its stake in Align Technology by 63.7% in the 4th quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider’s stock valued at $159,470,000 after buying an additional 297,472 shares during the last quarter. Senvest Management LLC grew its stake in Align Technology by 58.1% in the 4th quarter. Senvest Management LLC now owns 726,243 shares of the medical equipment provider’s stock valued at $151,429,000 after buying an additional 267,000 shares during the last quarter. Resona Asset Management Co. Ltd. acquired a new position in Align Technology in the 4th quarter valued at $47,853,000. Finally, Raymond James Financial Inc. acquired a new position in Align Technology in the 4th quarter valued at $42,243,000. Institutional investors own 88.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Evercore ISI raised their target price 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. Hsbc Global Res lowered shares of Align Technology from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 25th. Mizuho lowered their target price 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. Wells Fargo & Company decreased their price target on shares of Align Technology from $255.00 to $246.00 and set an “overweight” rating on the stock in a research report on Thursday, May 1st. Finally, Morgan Stanley decreased their price target on shares of Align Technology from $280.00 to $272.00 and set an “overweight” rating on the stock in a research report on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $241.25.

Align Technology Stock Performance

Shares of Align Technology stock opened at $178.51 on Tuesday. The firm’s 50-day simple moving average is $172.21 and its 200-day simple moving average is $195.62. Align Technology, Inc. has a twelve month low of $141.74 and a twelve month high of $271.59. The firm has a market cap of $12.94 billion, a P/E ratio of 31.82, a price-to-earnings-growth ratio of 2.24 and a beta of 1.68.

Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $977.90 million. During the same period in the previous year, the business earned $2.14 EPS. The firm’s revenue was down 1.8% on a year-over-year basis. On average, equities analysts forecast that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Align Technology declared that its Board of Directors has initiated a stock 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 purchase up to 7.9% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its stock is undervalued.

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.