Align Technology, Inc. (NASDAQ:ALGN) Shares Sold by Ensign Peak Advisors Inc

Ensign Peak Advisors Inc lessened its stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 13.9% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 33,972 shares of the medical equipment provider's stock after selling 5,506 shares during the quarter. Ensign Peak Advisors Inc's holdings in Align Technology were worth $7,084,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Geode Capital Management LLC lifted its stake in Align Technology by 2.2% in the fourth quarter. Geode Capital Management LLC now owns 1,790,014 shares of the medical equipment provider's stock valued at $372,299,000 after buying an additional 39,209 shares during the last quarter. Ninety One UK Ltd grew its holdings in Align Technology by 3.7% during the fourth quarter. Ninety One UK Ltd now owns 1,220,601 shares of the medical equipment provider's stock worth $254,508,000 after acquiring an additional 43,524 shares during the period. Invesco Ltd. grew its holdings in Align Technology by 17.1% in the fourth quarter. Invesco Ltd. now owns 1,082,162 shares of the medical equipment provider's stock valued at $225,642,000 after purchasing an additional 158,312 shares during the last quarter. Norges Bank acquired a new stake in Align Technology in the fourth quarter valued at $190,792,000. Finally, Meridiem Investment Management Ltd. grew its holdings in Align Technology by 63.7% in the fourth quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider's stock valued at $159,470,000 after purchasing an additional 297,472 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Mizuho reduced their price objective on Align Technology from $250.00 to $245.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 29th. 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 research report on Thursday, April 24th. Morgan Stanley cut their price objective on Align Technology from $280.00 to $272.00 and set an "overweight" rating on the stock in a report on Thursday, February 6th. Wells Fargo & Company cut their price objective on Align Technology from $255.00 to $246.00 and set an "overweight" rating on the stock in a report on Thursday, May 1st. Finally, Piper Sandler reiterated an "overweight" rating and set a $250.00 target price (up from $235.00) on shares of Align Technology in a report on Thursday, May 1st. 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. According to MarketBeat.com, Align Technology currently has a consensus rating of "Moderate Buy" and a consensus target price of $241.25.

Align Technology Stock Up 0.8%

Shares of ALGN traded up $1.57 during mid-day trading on Friday, hitting $188.29. The stock had a trading volume of 751,856 shares, compared to its average volume of 919,675. The company has a market cap of $13.65 billion, a PE ratio of 33.56, a PEG ratio of 2.24 and a beta of 1.68. The company's fifty day simple moving average is $169.83 and its two-hundred day simple moving average is $198.89. Align Technology, Inc. has a fifty-two week low of $141.74 and a fifty-two week high of $274.70.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings data 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 13.84% and a net margin of 10.54%. The business had revenue of $979.26 million during the quarter, compared to analyst estimates of $977.90 million. During the same quarter in the previous year, the firm posted $2.14 EPS. The business's revenue for the quarter was down 1.8% compared to the same quarter last year. Equities analysts expect that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Align Technology declared that its board has initiated a share buyback plan on Tuesday, May 6th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the medical equipment provider to reacquire up to 7.9% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

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.