Align Technology, Inc. $ALGN Shares Sold by Edgestream Partners L.P.

Key Points

• Edgestream Partners L.P. cut its Align Technology stake by 76.4% in the first quarter, selling 12,473 shares and retaining 3,854 shares valued at approximately $661,000. Institutional investors and hedge funds collectively own 88.43% of the company.
• Analysts maintain a generally positive outlook, with Align receiving a “Moderate Buy” consensus rating and an average price target of $206.36. Recent targets range from $188 to $235 per share.
• Align reported quarterly revenue of $1.06 billion and earnings of $2.64 per share, slightly exceeding estimates, while revenue grew 4.3% year over year. The company also authorized a $200 million share-repurchase plan, covering up to 1.6% of outstanding shares.

Edgestream Partners L.P. trimmed its stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 76.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,854 shares of the medical equipment provider's stock after selling 12,473 shares during the quarter. Edgestream Partners L.P.'s holdings in Align Technology were worth $661,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Blue Trust Inc. increased its stake in shares of Align Technology by 77.5% during the first quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider's stock valued at $27,000 after acquiring an additional 69 shares during the period. Sunbelt Securities Inc. lifted its position in Align Technology by 222.4% in the fourth quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider's stock worth $25,000 after purchasing an additional 109 shares during the period. Independence Bank of Kentucky boosted its stake in Align Technology by 77.7% during the 4th quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider's stock valued at $29,000 after purchasing an additional 80 shares in the last quarter. CYBER HORNET ETFs LLC acquired a new position in shares of Align Technology during the 2nd quarter valued at $36,000. Finally, Tobam bought a new stake in shares of Align Technology in the 4th quarter worth $30,000. 88.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on ALGN shares. Weiss Ratings cut Align Technology from a "hold (c)" rating to a "hold (c-)" rating in a research note on Monday. Piper Sandler boosted their price target on shares of Align Technology from $220.00 to $235.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 21st. Evercore upped their price target on shares of Align Technology from $200.00 to $220.00 in a report on Thursday, April 30th. Morgan Stanley raised their price objective on shares of Align Technology from $169.00 to $188.00 and gave the company an "equal weight" rating in a research report on Friday, April 24th. Finally, Wall Street Zen cut shares of Align Technology from a "strong-buy" rating to a "buy" rating in a research note on Saturday. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $206.36.

Align Technology Stock Performance

Shares of NASDAQ:ALGN opened at $173.27 on Wednesday. The firm has a 50 day simple moving average of $174.93 and a 200 day simple moving average of $175.28. Align Technology, Inc. has a 52 week low of $122.00 and a 52 week high of $200.43. The company has a market cap of $12.41 billion, a PE ratio of 30.13, a price-to-earnings-growth ratio of 1.82 and a beta of 1.65.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share for the quarter, topping the consensus estimate of $2.62 by $0.02. Align Technology had a net margin of 9.99% and a return on equity of 15.86%. The firm had revenue of $1.06 billion for the quarter, compared to analysts' expectations of $1.05 billion. During the same period in the previous year, the company posted $2.49 EPS. The company's quarterly revenue was up 4.3% compared to the same quarter last year. On average, equities analysts predict that Align Technology, Inc. will post 9.48 earnings per share for the current year.

Align Technology declared that its board has authorized a stock repurchase plan on Wednesday, April 29th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the medical equipment provider to purchase up to 1.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's management believes its shares are undervalued.

About Align Technology

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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