Align Technology, Inc. $ALGN Shares Sold by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments Co. Ltd. has reduced its stake in Align Technology by 27.9%, holding 8,724 shares after selling 3,370 shares during the 2nd quarter, valued at approximately $1.65 million.
• Several analysts have lowered their price targets for Align Technology, with Piper Sandler revising their target from $250 to $190, and an average price target now at $210.
• Align Technology's Board of Directors has initiated a $200 million share buyback plan, indicating confidence in the company's valuation amidst recent stock performance challenges.

Mirae Asset Global Investments Co. Ltd. reduced its stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 27.9% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 8,724 shares of the medical equipment provider's stock after selling 3,370 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Align Technology were worth $1,652,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in ALGN. Compagnie Lombard Odier SCmA acquired a new stake in shares of Align Technology in the 1st quarter valued at $32,000. Center for Financial Planning Inc. acquired a new position in Align Technology in the 1st quarter valued at about $35,000. SVB Wealth LLC acquired a new position in Align Technology in the 1st quarter valued at $36,000. Farther Finance Advisors LLC increased its stake in shares of Align Technology by 42.2% during the second quarter. Farther Finance Advisors LLC now owns 310 shares of the medical equipment provider's stock worth $59,000 after acquiring an additional 92 shares during the period. Finally, Mather Group LLC. grew its holdings in Align Technology by 375.0% during the first quarter. Mather Group LLC. now owns 437 shares of the medical equipment provider's stock worth $69,000 after acquiring an additional 345 shares during the period. Institutional investors and hedge funds own 88.43% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on ALGN shares. Piper Sandler lowered their target price on Align Technology from $250.00 to $190.00 and set an "overweight" rating on the stock in a report on Thursday, July 31st. Wells Fargo & Company decreased their price target on shares of Align Technology from $246.00 to $199.00 and set an "overweight" rating on the stock in a research note on Thursday, July 31st. Morgan Stanley reissued an "equal weight" rating and issued a $154.00 price target (down from $249.00) on shares of Align Technology in a research note on Thursday, July 31st. Stifel Nicolaus reduced their price objective on Align Technology from $275.00 to $200.00 and set a "buy" rating on the stock in a research note on Thursday, July 31st. Finally, Evercore ISI reduced their price objective on Align Technology from $170.00 to $160.00 and set an "outperform" rating on the stock in a research note on Wednesday. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $210.00.

Insider Activity

In other Align Technology news, CEO Joseph M. Hogan acquired 7,576 shares of Align Technology stock in a transaction dated Friday, August 1st. The stock was bought at an average cost of $131.49 per share, with a total value of $996,168.24. Following the completion of the transaction, the chief executive officer owned 184,945 shares of the company's stock, valued at $24,318,418.05. The trade was a 4.27% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.66% of the company's stock.

Align Technology Stock Up 2.0%

ALGN stock opened at $133.09 on Thursday. The firm's 50-day simple moving average is $135.77 and its 200 day simple moving average is $164.97. Align Technology, Inc. has a fifty-two week low of $122.00 and a fifty-two week high of $246.19. The stock has a market cap of $9.65 billion, a PE ratio of 22.44, a price-to-earnings-growth ratio of 1.48 and a beta of 1.70.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its earnings results on Wednesday, July 30th. The medical equipment provider reported $2.49 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.57 by ($0.08). The firm had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1.06 billion. Align Technology had a return on equity of 13.36% and a net margin of 11.04%.Align Technology's revenue was down 1.6% on a year-over-year basis. During the same period in the previous year, the firm earned $2.41 earnings per share. Align Technology has set its Q3 2025 guidance at EPS. Equities analysts forecast that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology declared that its Board of Directors has initiated a share buyback plan on Tuesday, August 5th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the medical equipment provider to repurchase up to 2% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's board believes its shares are undervalued.

Align Technology 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.

Want to see what other hedge funds are holding ALGN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Align Technology, Inc. (NASDAQ:ALGN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.