Align Technology, Inc. $ALGN Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management S.A. reduced its stake in Align Technology, Inc. by 42.9%, owning 29,455 shares worth approximately $5.58 million after selling 22,088 shares during the second quarter.
• Align Technology recently reported earnings per share (EPS) of $2.49 for the quarter, which fell short of the consensus estimate of $2.57, and the company's revenue decreased by 1.6% compared to the same quarter last year.
• The company's board has authorized a stock repurchase plan allowing for up to $200 million in shares to be bought back, suggesting that the board believes the stock is undervalued.

Assenagon Asset Management S.A. cut its position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 42.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,455 shares of the medical equipment provider's stock after selling 22,088 shares during the period. Assenagon Asset Management S.A.'s holdings in Align Technology were worth $5,577,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in ALGN. Compagnie Lombard Odier SCmA acquired a new stake in shares of Align Technology in the first quarter valued at about $32,000. Center for Financial Planning Inc. purchased a new stake in Align Technology during the 1st quarter valued at about $35,000. SVB Wealth LLC acquired a new stake in Align Technology in the 1st quarter valued at about $36,000. Mather Group LLC. lifted its stake in Align Technology by 375.0% in the 1st quarter. Mather Group LLC. now owns 437 shares of the medical equipment provider's stock worth $69,000 after purchasing an additional 345 shares in the last quarter. Finally, Covestor Ltd boosted its holdings in shares of Align Technology by 18.8% during the 1st quarter. Covestor Ltd now owns 493 shares of the medical equipment provider's stock worth $78,000 after purchasing an additional 78 shares during the last quarter. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Align Technology Price Performance

Shares of ALGN stock opened at $128.18 on Thursday. Align Technology, Inc. has a 1-year low of $127.62 and a 1-year high of $259.01. The firm has a market cap of $9.29 billion, a PE ratio of 21.62, a price-to-earnings-growth ratio of 1.45 and a beta of 1.65. The company has a 50-day moving average of $149.94 and a two-hundred day moving average of $167.53.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The medical equipment provider reported $2.49 EPS for the quarter, missing the consensus estimate of $2.57 by ($0.08). Align Technology had a return on equity of 13.36% and a net margin of 11.04%.The company had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1.06 billion. During the same quarter in the prior year, the company posted $2.41 earnings per share. The business's revenue was down 1.6% compared to the same quarter last year. Align Technology has set its Q3 2025 guidance at EPS. Sell-side analysts anticipate that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology declared that its board has authorized a stock repurchase plan on Tuesday, August 5th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the medical equipment provider to repurchase up to 2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board of directors believes its stock is undervalued.

Analyst Ratings Changes

Several equities research analysts recently commented on ALGN shares. Zacks Research cut Align Technology from a "hold" rating to a "strong sell" rating in a report on Monday, September 1st. Mizuho set a $210.00 target price on Align Technology in a research note on Thursday, July 31st. Morgan Stanley reissued an "equal weight" rating and set a $154.00 price target (down previously from $249.00) on shares of Align Technology in a research report on Thursday, July 31st. Piper Sandler dropped their price objective on shares of Align Technology from $250.00 to $190.00 and set an "overweight" rating for the company in a report on Thursday, July 31st. Finally, Stifel Nicolaus reduced their target price on shares of Align Technology from $275.00 to $200.00 and set a "buy" rating on the stock in a research note on Thursday, July 31st. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $215.00.

Insider Buying and Selling at Align Technology

In other news, CEO Joseph M. Hogan acquired 7,576 shares of the business's stock in a transaction that occurred on Friday, August 1st. The shares were purchased at an average price of $131.49 per share, for a total transaction of $996,168.24. Following the acquisition, the chief executive officer owned 184,945 shares of the company's stock, valued at $24,318,418.05. This represents a 4.27% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.66% of the company's stock.

About Align Technology

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.

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