KBC Group NV Trims Stake in Align Technology, Inc. (NASDAQ:ALGN)

KBC Group NV reduced its position in Align Technology, Inc. (NASDAQ:ALGN) by 75.7% in the 1st quarter, Holdings Channel reports. The firm owned 11,767 shares of the medical equipment provider’s stock after selling 36,575 shares during the period. KBC Group NV’s holdings in Align Technology were worth $1,869,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in ALGN. Sumitomo Mitsui Trust Group Inc. increased its position in Align Technology by 3.8% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 164,499 shares of the medical equipment provider’s stock valued at $26,132,000 after acquiring an additional 5,996 shares during the period. Allspring Global Investments Holdings LLC increased its position in Align Technology by 2.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 173,070 shares of the medical equipment provider’s stock valued at $27,359,000 after acquiring an additional 3,429 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in Align Technology by 16.6% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,094 shares of the medical equipment provider’s stock worth $1,925,000 after purchasing an additional 1,725 shares during the period. Achmea Investment Management B.V. increased its position in Align Technology by 38.1% during the 1st quarter. Achmea Investment Management B.V. now owns 11,538 shares of the medical equipment provider’s stock worth $1,833,000 after purchasing an additional 3,183 shares during the period. Finally, Diversified Trust Co acquired a new position in Align Technology during the 1st quarter worth approximately $906,000. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Stock Performance

ALGN stock opened at $196.93 on Friday. Align Technology, Inc. has a 1 year low of $141.74 and a 1 year high of $263.24. The stock’s 50 day moving average price is $181.98 and its 200 day moving average price is $188.61. The firm has a market cap of $14.28 billion, a P/E ratio of 35.87, a PEG ratio of 2.09 and a beta of 1.63.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.00 by $0.13. Align Technology had a return on equity of 13.52% and a net margin of 10.29%. The firm had revenue of $979.26 million for the quarter, compared to analyst estimates of $977.90 million. During the same quarter in the prior year, the company earned $2.14 EPS. Align Technology’s revenue was down 1.8% on a year-over-year basis. On average, research analysts predict that Align Technology, Inc. will post 7.98 earnings per share for the current year.

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

Analyst Ratings Changes

Several research firms have issued reports on ALGN. Piper Sandler reiterated an “overweight” rating and set a $250.00 target price (up previously from $235.00) on shares of Align Technology in a research report on Thursday, May 1st. Evercore ISI boosted their target price on Align Technology from $165.00 to $200.00 and gave the stock an “outperform” rating in a research report on Thursday, May 1st. UBS Group dropped their target price on Align Technology from $240.00 to $215.00 and set a “neutral” rating on the stock in a research report on Thursday, April 24th. Hsbc Global Res cut Align Technology from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 25th. Finally, HSBC cut Align Technology from a “buy” rating to a “hold” rating and lowered their price target for the stock from $290.00 to $170.00 in a report on Friday, April 25th. 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 issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $241.25.

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.