Bessemer Group Inc. Sells 339 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Bessemer Group Inc. cut its position in Align Technology, Inc. (NASDAQ:ALGN) by 32.4% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 706 shares of the medical equipment provider’s stock after selling 339 shares during the period. Bessemer Group Inc.’s holdings in Align Technology were worth $112,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Picton Mahoney Asset Management boosted its position 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 purchasing an additional 58 shares during the period. GKV Capital Management Co. Inc. bought a new position in Align Technology during the fourth quarter worth $31,000. Compagnie Lombard Odier SCmA bought a new position in Align Technology during the first quarter worth $32,000. Aster Capital Management DIFC Ltd bought a new position in Align Technology during the fourth quarter worth $35,000. Finally, Center for Financial Planning Inc. bought a new position in Align Technology during the first quarter worth $35,000. 88.43% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Piper Sandler reaffirmed an “overweight” rating and set a $250.00 price objective (up from $235.00) on shares of Align Technology in a research report on Thursday, May 1st. Hsbc Global Res cut shares of Align Technology from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 25th. HSBC cut shares of Align Technology from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $290.00 to $170.00 in a research report on Friday, April 25th. Wells Fargo & Company reduced their price objective on shares of Align Technology from $255.00 to $246.00 and set an “overweight” rating for the company in a research report on Thursday, May 1st. Finally, Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a research report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $241.25.

Align Technology Stock Performance

Shares of Align Technology stock opened at $196.93 on Friday. The firm has a 50-day moving average of $181.98 and a 200-day moving average of $188.61. The stock has a market cap of $14.28 billion, a PE ratio of 35.87, a PEG ratio of 2.09 and a beta of 1.63. Align Technology, Inc. has a 52-week low of $141.74 and a 52-week high of $263.24.

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

Align Technology declared that its board has approved a share buyback plan on Tuesday, May 6th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the medical equipment provider to buy up to 7.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership 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.