GAMMA Investing LLC Has $126,000 Stock Position in Align Technology, Inc. (NASDAQ:ALGN)

GAMMA Investing LLC decreased its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 23.6% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 792 shares of the medical equipment provider’s stock after selling 245 shares during the quarter. GAMMA Investing LLC’s holdings in Align Technology were worth $126,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the stock. Pallas Capital Advisors LLC acquired a new position in shares of Align Technology during the 1st quarter worth approximately $480,000. Capital Investment Advisors LLC increased its position in shares of Align Technology by 21.0% during the 1st quarter. Capital Investment Advisors LLC now owns 6,067 shares of the medical equipment provider’s stock worth $964,000 after purchasing an additional 1,052 shares during the last quarter. Washington Capital Management Inc. increased its position in shares of Align Technology by 146.7% during the 1st quarter. Washington Capital Management Inc. now owns 3,700 shares of the medical equipment provider’s stock worth $588,000 after purchasing an additional 2,200 shares during the last quarter. Wedmont Private Capital boosted its stake in shares of Align Technology by 10.5% during the 1st quarter. Wedmont Private Capital now owns 1,466 shares of the medical equipment provider’s stock worth $241,000 after acquiring an additional 139 shares during the period. Finally, Gateway Investment Advisers LLC boosted its stake in shares of Align Technology by 20.8% during the 1st quarter. Gateway Investment Advisers LLC now owns 1,428 shares of the medical equipment provider’s stock worth $227,000 after acquiring an additional 246 shares during the period. Institutional investors and hedge funds own 88.43% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Piper Sandler reiterated an “overweight” rating and set a $250.00 target price (up from $235.00) on shares of Align Technology in a research note on Thursday, May 1st. Evercore ISI lifted their target price on Align Technology from $165.00 to $200.00 and gave the stock an “outperform” rating in a research note on Thursday, May 1st. Mizuho reduced their target price on Align Technology from $250.00 to $245.00 and set an “outperform” rating for the company in a research note on Tuesday, April 29th. Hsbc Global Res downgraded Align Technology from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 25th. Finally, UBS Group reduced their target price on Align Technology from $240.00 to $215.00 and set a “neutral” rating for the company in a research note on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $241.25.

Align Technology Price Performance

ALGN opened at $196.93 on Friday. The business has a fifty day simple moving average of $182.25 and a 200 day simple moving average of $188.22. The company has a market capitalization of $14.28 billion, a PE ratio of 35.87, a price-to-earnings-growth 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.

Align Technology (NASDAQ:ALGN) last released its earnings results 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 the consensus estimate of $977.90 million. Align Technology had a return on equity of 13.52% and a net margin of 10.29%. The company’s revenue was down 1.8% compared to the same quarter last year. During the same period in the prior year, the company posted $2.14 EPS. Equities analysts anticipate that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Align Technology announced that its board has authorized a share repurchase plan on Tuesday, May 6th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the medical equipment provider to repurchase up to 7.9% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its stock is 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.