Trust Point Inc. Lowers Stock Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Trust Point Inc. lessened its stake in Align Technology, Inc. (NASDAQ:ALGN) by 6.6% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,621 shares of the medical equipment provider’s stock after selling 115 shares during the period. Trust Point Inc.’s holdings in Align Technology were worth $258,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Covestor Ltd increased its holdings in shares of Align Technology by 14.6% in the fourth quarter. Covestor Ltd now owns 415 shares of the medical equipment provider’s stock valued at $87,000 after purchasing an additional 53 shares during the period. Picton Mahoney Asset Management grew its position in Align Technology by 69.9% in the 4th quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider’s stock valued at $30,000 after buying an additional 58 shares during the last quarter. Smartleaf Asset Management LLC increased its stake in Align Technology by 9.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 766 shares of the medical equipment provider’s stock valued at $158,000 after buying an additional 64 shares during the period. New York Life Investment Management LLC raised its position in Align Technology by 0.7% during the 4th quarter. New York Life Investment Management LLC now owns 9,406 shares of the medical equipment provider’s stock worth $1,961,000 after buying an additional 68 shares during the last quarter. Finally, Fulcrum Capital LLC lifted its stake in shares of Align Technology by 0.8% in the 1st quarter. Fulcrum Capital LLC now owns 9,282 shares of the medical equipment provider’s stock worth $1,475,000 after acquiring an additional 70 shares during the period. 88.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ALGN has been the subject of several analyst reports. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a report on Thursday, May 1st. HSBC cut Align Technology from a “buy” rating to a “hold” rating and dropped their target price for the stock from $290.00 to $170.00 in a research report on Friday, April 25th. Evercore ISI raised their price target on Align Technology from $165.00 to $200.00 and gave the company an “outperform” rating in a report on Thursday, May 1st. Hsbc Global Res lowered Align Technology from a “strong-buy” rating to a “hold” rating in a report on Friday, April 25th. Finally, Wells Fargo & Company cut their price objective on Align Technology from $255.00 to $246.00 and set an “overweight” rating for the company in a research report on Thursday, May 1st. One analyst has rated the stock with a sell rating, four have given 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.com, the company currently has an average rating of “Moderate Buy” and an average target price of $241.25.

Align Technology Price Performance

Shares of ALGN opened at $175.16 on Wednesday. Align Technology, Inc. has a 1-year low of $141.74 and a 1-year high of $263.24. The stock has a market cap of $12.70 billion, a price-to-earnings ratio of 31.91, a price-to-earnings-growth ratio of 1.93 and a beta of 1.64. The firm has a 50 day simple moving average of $177.66 and a 200-day simple moving average of $192.18.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share for the quarter, topping the consensus estimate of $2.00 by $0.13. Align Technology had a return on equity of 13.52% and a net margin of 10.29%. The company had revenue of $979.26 million during the quarter, compared to the consensus estimate of $977.90 million. During the same quarter last year, the business posted $2.14 earnings per share. Align Technology’s revenue was down 1.8% compared to the same quarter last year. On average, equities analysts expect that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Align Technology announced that its Board of Directors has approved a share repurchase program 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 stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is 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.