Align Technology, Inc. $ALGN Shares Sold by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management cut its position in Align by 64.0% in Q4, selling 27,562 shares and retaining 15,473 shares valued at $2.416 million.
• Align beat estimates with $2.58 EPS (vs. $2.26 expected) and reported revenue of $1.04 billion, a 6.2% year-over-year increase.
• The board approved a $200 million share buyback (about 1.6% of outstanding shares), indicating management views the stock as undervalued.

Pictet Asset Management Holding SA trimmed its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 64.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,473 shares of the medical equipment provider's stock after selling 27,562 shares during the period. Pictet Asset Management Holding SA's holdings in Align Technology were worth $2,416,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Align Technology by 0.7% during the 3rd quarter. Vanguard Group Inc. now owns 8,301,611 shares of the medical equipment provider's stock valued at $1,039,528,000 after purchasing an additional 58,546 shares in the last quarter. Capital International Investors grew its holdings in Align Technology by 88.6% during the 3rd quarter. Capital International Investors now owns 3,050,373 shares of the medical equipment provider's stock valued at $381,968,000 after purchasing an additional 1,433,393 shares in the last quarter. Invesco Ltd. grew its holdings in Align Technology by 37.4% during the 3rd quarter. Invesco Ltd. now owns 1,497,535 shares of the medical equipment provider's stock valued at $187,521,000 after purchasing an additional 407,559 shares in the last quarter. Holocene Advisors LP acquired a new stake in Align Technology during the 3rd quarter valued at $179,035,000. Finally, Bank of America Corp DE grew its holdings in Align Technology by 72.0% during 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 in the last quarter. 88.43% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Align Technology

In other news, EVP John Morici sold 7,969 shares of Align Technology stock in a transaction dated 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 transaction, the executive vice president directly owned 8,237 shares of the company's stock, valued at approximately $1,559,346.47. The trade was a 49.17% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.75% of the company's stock.

Align Technology Price Performance

NASDAQ ALGN opened at $171.88 on Tuesday. Align Technology, Inc. has a 12 month low of $122.00 and a 12 month high of $208.30. The company has a market capitalization of $12.31 billion, a price-to-earnings ratio of 28.84, a price-to-earnings-growth ratio of 1.90 and a beta of 1.70. The company's fifty day moving average price is $179.02 and its two-hundred day moving average price is $164.48.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The medical equipment provider reported $2.58 EPS for the quarter, topping analysts' consensus estimates of $2.26 by $0.32. The firm had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.02 billion. Align Technology had a net margin of 10.50% and a return on equity of 15.82%. The firm's revenue was up 6.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.13 earnings per share. As a group, analysts anticipate that Align Technology, Inc. will post 9.15 EPS for the current year.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Barclays raised shares of Align Technology from an "equal weight" rating to an "overweight" rating and set a $200.00 price target for the company in a report on Tuesday, March 17th. Wall Street Zen upgraded shares of Align Technology from a "buy" rating to a "strong-buy" rating in a research note on Saturday, March 7th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Align Technology in a research note on Wednesday, April 15th. Morgan Stanley increased 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 note on Friday, April 24th. Finally, UBS Group increased 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. Eight analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $205.85.

Align Technology Company 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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