Banque Pictet & Cie SA Sells 1,599 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Banque Pictet & Cie SA reduced its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 9.9% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 14,559 shares of the medical equipment provider's stock after selling 1,599 shares during the quarter. Banque Pictet & Cie SA's holdings in Align Technology were worth $2,313,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Ninety One UK Ltd grew its stake in shares of Align Technology by 58.7% during the 1st quarter. Ninety One UK Ltd now owns 1,937,555 shares of the medical equipment provider's stock valued at $307,800,000 after acquiring an additional 716,954 shares during the period. Geode Capital Management LLC grew its stake in shares of Align Technology by 2.2% during the 4th quarter. Geode Capital Management LLC now owns 1,790,014 shares of the medical equipment provider's stock valued at $372,299,000 after acquiring an additional 39,209 shares during the period. Invesco Ltd. grew its stake in shares of Align Technology by 17.1% during the 4th quarter. Invesco Ltd. now owns 1,082,162 shares of the medical equipment provider's stock valued at $225,642,000 after acquiring an additional 158,312 shares during the period. Norges Bank bought a new position in shares of Align Technology during the 4th quarter valued at approximately $190,792,000. Finally, Northern Trust Corp grew its stake in shares of Align Technology by 13.3% during the 4th quarter. Northern Trust Corp now owns 736,936 shares of the medical equipment provider's stock valued at $153,659,000 after acquiring an additional 86,493 shares during the period. 88.43% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ALGN. Mizuho cut their price objective on Align Technology from $250.00 to $245.00 and set an "outperform" rating for the company in a research note on Tuesday, April 29th. Wells Fargo & Company lowered their price target on Align Technology from $255.00 to $246.00 and set an "overweight" rating on the stock in a report on Thursday, May 1st. Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a report on Thursday, May 1st. Piper Sandler reissued an "overweight" rating and issued a $250.00 price target (up from $235.00) on shares of Align Technology in a report on Thursday, May 1st. Finally, Evercore ISI boosted their price target on Align Technology from $200.00 to $220.00 and gave the stock an "outperform" rating in a report on Wednesday. One analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $242.92.

Align Technology Trading Up 2.0%

NASDAQ:ALGN traded up $4.00 during midday trading on Thursday, hitting $204.48. 697,853 shares of the company traded hands, compared to its average volume of 920,650. The firm's fifty day moving average is $183.40 and its 200-day moving average is $188.06. Align Technology, Inc. has a 12-month low of $141.74 and a 12-month high of $263.24. The firm has a market capitalization of $14.82 billion, a P/E ratio of 37.25, a P/E/G ratio of 2.07 and a beta of 1.63.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share for the quarter, beating the consensus estimate of $2.00 by $0.13. Align Technology had a return on equity of 13.52% and a net margin of 10.29%. The company had revenue of $979.26 million for the quarter, compared to analyst estimates of $977.90 million. During the same quarter in the prior year, the firm posted $2.14 EPS. Align Technology's quarterly revenue was down 1.8% compared to the same quarter last year. On average, research analysts expect that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology announced that its board has authorized a stock buyback plan on Tuesday, May 6th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the medical equipment provider to reacquire up to 7.9% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board believes its stock is 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.