Align Technology, Inc. $ALGN Shares Sold by Danske Bank A S

Key Points

• Danske Bank A/S cut its stake in Align Technology by 96.2% in Q4, selling 28,185 shares and leaving it with 1,120 shares worth $175,000, even though institutional investors still own about 88.43% of the stock.
• Align beat quarterly expectations, reporting $2.58 EPS versus a $2.26 estimate and $1.04B in revenue (up 6.2% year-over-year), and its board authorized a $200 million share repurchase program (about 1.6% of shares).
• EVP John Morici sold 7,969 shares for roughly $1.51M, reducing his holdings by 49.17%, while analysts maintain a "Moderate Buy" consensus with a $205.85 average target price.

Danske Bank A S reduced its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 96.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,120 shares of the medical equipment provider's stock after selling 28,185 shares during the period. Danske Bank A S's holdings in Align Technology were worth $175,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of ALGN. Independence Bank of Kentucky raised its holdings in Align Technology by 77.7% in the 4th quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider's stock valued at $29,000 after acquiring an additional 80 shares during the last quarter. Sentry Investment Management LLC boosted its holdings in shares of Align Technology by 73.1% during the third quarter. Sentry Investment Management LLC now owns 187 shares of the medical equipment provider's stock worth $25,000 after purchasing an additional 79 shares during the last quarter. CYBER HORNET ETFs LLC acquired a new stake in shares of Align Technology during the second quarter worth $36,000. Miller Global Investments LLC purchased a new stake in shares of Align Technology in the fourth quarter valued at $31,000. Finally, MUFG Securities EMEA plc purchased a new stake in shares of Align Technology in the second quarter valued at $38,000. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Align Technology Trading Up 3.1%

ALGN stock opened at $173.94 on Thursday. The company has a market cap of $12.46 billion, a PE ratio of 29.18, a price-to-earnings-growth ratio of 1.74 and a beta of 1.70. The stock has a 50-day moving average price of $178.45 and a two-hundred day moving average price of $165.08. Align Technology, Inc. has a 12-month low of $122.00 and a 12-month high of $208.30.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.26 by $0.32. The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.02 billion. Align Technology had a return on equity of 15.82% and a net margin of 10.50%.The company's revenue was up 6.2% compared to the same quarter last year. During the same period in the previous year, the company posted $2.13 EPS. Equities analysts forecast that Align Technology, Inc. will post 9.43 EPS for the current fiscal year.

Align Technology announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, April 29th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the medical equipment provider to repurchase up to 1.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's management believes its shares are undervalued.

Insider Transactions at Align Technology

In other news, EVP John Morici sold 7,969 shares of the stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $189.31, for a total value of $1,508,611.39. Following the completion of the sale, the executive vice president owned 8,237 shares of the company's stock, valued at $1,559,346.47. This represents a 49.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.75% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ALGN. Weiss Ratings reiterated a "hold (c-)" rating on shares of Align Technology in a research report on Wednesday, April 15th. UBS Group upped their price objective on shares of Align Technology from $175.00 to $185.00 and gave the company a "neutral" rating in a research note on Thursday, February 5th. Mizuho increased their price objective on shares of Align Technology from $200.00 to $215.00 and gave the stock an "outperform" rating in a report on Thursday, February 5th. Jefferies Financial Group raised their target price on shares of Align Technology from $155.00 to $185.00 and gave the stock a "hold" rating in a research report on Thursday, February 5th. Finally, Citigroup initiated coverage on shares of Align Technology in a report on Wednesday, April 15th. They issued a "buy" rating and a $240.00 target price for the company. Eight analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $205.85.

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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