Align Technology, Inc. (NASDAQ:ALGN) Shares Sold by Trust Point Inc.

Trust Point Inc. lessened its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 6.6% during the first quarter, HoldingsChannel reports. The firm owned 1,621 shares of the medical equipment provider’s stock after selling 115 shares during the quarter. Trust Point Inc.’s holdings in Align Technology were worth $258,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in ALGN. Geode Capital Management LLC lifted its position in Align Technology by 2.2% during the fourth quarter. Geode Capital Management LLC now owns 1,790,014 shares of the medical equipment provider’s stock worth $372,299,000 after buying an additional 39,209 shares during the period. Invesco Ltd. increased its stake in shares of Align Technology by 17.1% during the 4th quarter. Invesco Ltd. now owns 1,082,162 shares of the medical equipment provider’s stock valued at $225,642,000 after acquiring an additional 158,312 shares during the last quarter. Norges Bank purchased a new position in shares of Align Technology during the 4th quarter worth about $190,792,000. Northern Trust Corp boosted its position in shares of Align Technology by 13.3% in the fourth quarter. Northern Trust Corp now owns 736,936 shares of the medical equipment provider’s stock worth $153,659,000 after acquiring an additional 86,493 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its position in shares of Align Technology by 35.2% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 731,846 shares of the medical equipment provider’s stock worth $152,597,000 after acquiring an additional 190,711 shares during the last quarter. Institutional investors and hedge funds own 88.43% of the company’s stock.

Align Technology Trading Down 4.0%

NASDAQ ALGN opened at $175.16 on Wednesday. The stock has a market cap of $12.70 billion, a P/E ratio of 31.91, a PEG ratio of 1.93 and a beta of 1.64. The company’s fifty day simple moving average is $177.66 and its 200-day simple moving average is $192.18. Align Technology, Inc. has a 52 week low of $141.74 and a 52 week high of $263.24.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, April 30th. The medical equipment provider reported $2.13 EPS 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 firm’s revenue was down 1.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.14 EPS. On average, research analysts expect that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology announced that its board has initiated a stock repurchase program 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 repurchase up to 7.9% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

ALGN has been the topic of a number of recent analyst reports. Hsbc Global Res downgraded shares of Align Technology from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 25th. HSBC cut shares of Align Technology from a “buy” rating to a “hold” rating and lowered their price objective for the company from $290.00 to $170.00 in a research note on Friday, April 25th. UBS Group reduced their target price on Align Technology from $240.00 to $215.00 and set a “neutral” rating on the stock in a report on Thursday, April 24th. Evercore ISI boosted their price target 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, Mizuho cut their price objective on Align Technology from $250.00 to $245.00 and set an “outperform” rating on the stock in a report on Tuesday, April 29th. One equities research analyst has rated the stock with a sell rating, four have issued 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 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.