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

Xponance Inc. reduced its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 0.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,985 shares of the medical equipment provider’s stock after selling 86 shares during the period. Xponance Inc.’s holdings in Align Technology were worth $2,222,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Picton Mahoney Asset Management grew its holdings in Align Technology by 69.9% during the fourth quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider’s stock worth $30,000 after acquiring an additional 58 shares during the period. GKV Capital Management Co. Inc. acquired a new position in Align Technology during the fourth quarter worth about $31,000. Aster Capital Management DIFC Ltd acquired a new position in Align Technology during the fourth quarter worth about $35,000. Orion Capital Management LLC acquired a new position in Align Technology during the fourth quarter worth about $42,000. Finally, Compagnie Lombard Odier SCmA acquired a new position in Align Technology during the first quarter worth about $32,000. 88.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the company. UBS Group dropped their price target on Align Technology from $240.00 to $215.00 and set a “neutral” rating on the stock in a research note on Thursday, April 24th. Hsbc Global Res cut Align Technology from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 25th. HSBC cut Align Technology from a “buy” rating to a “hold” rating and dropped their price target for the stock from $290.00 to $170.00 in a research note on Friday, April 25th. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a research note on Thursday, May 1st. Finally, Evercore ISI lifted their price target on Align Technology from $200.00 to $220.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 9th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $242.92.

Align Technology Price Performance

NASDAQ:ALGN opened at $199.31 on Tuesday. Align Technology, Inc. has a fifty-two week low of $141.74 and a fifty-two week high of $263.24. The stock’s 50-day moving average is $184.84 and its two-hundred day moving average is $187.50. The stock has a market cap of $14.45 billion, a PE ratio of 36.30, a price-to-earnings-growth ratio of 2.14 and a beta of 1.63.

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

Align Technology announced that its Board of Directors has initiated a stock buyback plan on Tuesday, May 6th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits 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 of directors believes its shares are 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.