Raiffeisen Bank International AG Makes New $4.13 Million Investment in Align Technology, Inc. (NASDAQ:ALGN)

Raiffeisen Bank International AG acquired a new position in shares of Align Technology, Inc. (NASDAQ:ALGN) during the 4th quarter, Holdings Channel.com reports. The fund acquired 20,000 shares of the medical equipment provider’s stock, valued at approximately $4,132,000.

Other large investors have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC grew its stake in Align Technology by 119.6% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 169,641 shares of the medical equipment provider’s stock worth $35,368,000 after buying an additional 92,407 shares during the last quarter. Swedbank AB grew its stake in Align Technology by 25.0% during the fourth quarter. Swedbank AB now owns 486,267 shares of the medical equipment provider’s stock worth $101,392,000 after buying an additional 97,152 shares during the last quarter. Principal Securities Inc. grew its stake in Align Technology by 34.5% during the fourth quarter. Principal Securities Inc. now owns 1,881 shares of the medical equipment provider’s stock worth $392,000 after buying an additional 483 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in Align Technology by 1.2% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 7,799 shares of the medical equipment provider’s stock worth $1,626,000 after buying an additional 91 shares during the last quarter. Finally, Allworth Financial LP grew its stake in Align Technology by 1,479.1% during the fourth quarter. Allworth Financial LP now owns 2,416 shares of the medical equipment provider’s stock worth $504,000 after buying an additional 2,263 shares during the last quarter. 88.43% of the stock is owned by institutional investors.

Align Technology Price Performance

Shares of NASDAQ ALGN opened at $186.72 on Friday. The company’s 50 day simple moving average is $169.37 and its 200 day simple moving average is $199.06. Align Technology, Inc. has a fifty-two week low of $141.74 and a fifty-two week high of $283.00. The firm has a market capitalization of $13.53 billion, a P/E ratio of 33.28, a P/E/G 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 EPS 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 firm had revenue of $979.26 million during the quarter, compared to the consensus estimate of $977.90 million. During the same quarter in the prior year, the firm earned $2.14 earnings per share. The business’s quarterly revenue was down 1.8% on a year-over-year basis. Sell-side analysts expect that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology announced that its Board of Directors has approved a stock buyback plan on Tuesday, May 6th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the medical equipment provider to reacquire up to 7.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

Several analysts have weighed in on ALGN shares. Wells Fargo & Company decreased their price objective on shares of Align Technology from $255.00 to $246.00 and set an “overweight” rating on the stock in a research note on Thursday, May 1st. HSBC lowered shares of Align Technology from a “buy” rating to a “hold” rating and reduced their target price for the stock from $290.00 to $170.00 in a research report on Friday, April 25th. Mizuho reduced 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 report on Tuesday, April 29th. Hsbc Global Res lowered shares of Align Technology from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 25th. Finally, Evercore ISI upped their target price on shares of Align Technology from $165.00 to $200.00 and gave the stock an “outperform” rating in a research report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target 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.