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

Key Points

• Assenagon Asset Management cut its Align Technology stake by 36.2% in the second quarter, selling 358,235 shares and retaining 631,153 shares valued at approximately $106.5 million.
• Align Technology reported quarterly EPS of $2.64, slightly above estimates, while revenue rose 4.3% year over year to $1.06 billion. The company also authorized a $200 million share-repurchase program.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $206.36, compared with the stock’s cited price of $173.66; institutional investors collectively own 88.43% of shares.

Assenagon Asset Management S.A. lessened its holdings in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 36.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 631,153 shares of the medical equipment provider's stock after selling 358,235 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.88% of Align Technology worth $106,450,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Capital International Investors boosted its holdings in Align Technology by 52.2% in the fourth quarter. Capital International Investors now owns 4,643,221 shares of the medical equipment provider's stock valued at $725,039,000 after purchasing an additional 1,592,848 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Align Technology by 37.4% during the third quarter. Invesco Ltd. now owns 1,497,535 shares of the medical equipment provider's stock worth $187,521,000 after purchasing an additional 407,559 shares during the last quarter. Capital World Investors increased its position in shares of Align Technology by 13.2% during the fourth quarter. Capital World Investors now owns 1,490,503 shares of the medical equipment provider's stock worth $232,742,000 after purchasing an additional 173,641 shares in the last quarter. Bank of America Corp DE lifted its holdings in shares of Align Technology by 72.0% in the 3rd quarter. Bank of America Corp DE now owns 1,353,125 shares of the medical equipment provider's stock valued at $169,438,000 after purchasing an additional 566,488 shares during the last quarter. Finally, Ruane Cunniff & Goldfarb L.P. purchased a new stake in shares of Align Technology in the 4th quarter valued at about $190,899,000. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Align Technology Stock Up 2.7%

NASDAQ:ALGN opened at $173.66 on Friday. Align Technology, Inc. has a 52-week low of $122.00 and a 52-week high of $200.43. The company has a market capitalization of $12.44 billion, a PE ratio of 30.20, a price-to-earnings-growth ratio of 1.80 and a beta of 1.65. The stock has a fifty day simple moving average of $175.06 and a 200-day simple moving average of $175.27.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.62 by $0.02. Align Technology had a return on equity of 15.86% and a net margin of 9.99%.The firm had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.05 billion. During the same quarter in the prior year, the company earned $2.49 EPS. Align Technology's revenue was up 4.3% on a year-over-year basis. As a group, equities analysts anticipate that Align Technology, Inc. will post 9.38 earnings per share for the current year.

Align Technology announced that its Board of Directors has approved a share repurchase program on Wednesday, April 29th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the medical equipment provider to purchase up to 1.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's board of directors believes its stock is undervalued.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. BMO Capital Markets initiated coverage on shares of Align Technology in a report on Wednesday, July 8th. They issued an "outperform" rating and a $209.00 target price on the stock. UBS Group reiterated a "neutral" rating and set a $189.00 price target on shares of Align Technology in a research note on Thursday, July 23rd. Morgan Stanley raised their price objective on shares of Align Technology from $169.00 to $188.00 and gave the stock an "equal weight" rating in a research report on Friday, April 24th. Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a research note on Thursday, July 30th. Finally, Leerink Partners upped their price objective on Align Technology from $225.00 to $230.00 in a research note on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, Align Technology has a consensus rating of "Moderate Buy" and an average price target of $206.36.

Align Technology Profile

Align Technology, Inc NASDAQ: ALGN pioneered the use of digital technology in orthodontics through the development of the Invisalign system, a series of clear, removable aligners that provide an alternative to traditional metal braces. Since its founding in 1997 by Zia Chishti and Kelsey Wirth, the Tempe, Arizona–based company has expanded its focus to include intraoral scanners, CAD/CAM software for dental laboratories and comprehensive digital dentistry solutions.

The company's signature Invisalign system leverages 3D imaging and computer-aided design (CAD) to create customized aligners that gradually reposition teeth, improving patient comfort and treatment predictability.

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