Align Technology, Inc. (NASDAQ:ALGN) Shares Sold by Banque Pictet & Cie SA

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

Other institutional investors and hedge funds have also bought and sold shares of the company. Picton Mahoney Asset Management lifted its stake in Align Technology by 69.9% in the 4th quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider's stock valued at $30,000 after purchasing an additional 58 shares during the last quarter. GKV Capital Management Co. Inc. acquired a new stake in shares of Align Technology during the fourth quarter worth $31,000. Compagnie Lombard Odier SCmA bought a new position in Align Technology during the first quarter worth $32,000. Aster Capital Management DIFC Ltd bought a new position in shares of Align Technology in the fourth quarter valued at $35,000. Finally, Center for Financial Planning Inc. bought a new position in shares of Align Technology in the first quarter valued at $35,000. Institutional investors and hedge funds own 88.43% of the company's stock.

Analyst Ratings Changes

A number of analysts recently issued reports on ALGN shares. Wells Fargo & Company decreased their price objective on shares of Align Technology from $255.00 to $246.00 and set an "overweight" rating for the company in a report on Thursday, May 1st. HSBC lowered shares of Align Technology from a "buy" rating to a "hold" rating and lowered their price objective for the stock from $290.00 to $170.00 in a report on Friday, April 25th. UBS Group lowered their price target on shares of Align Technology from $240.00 to $215.00 and set a "neutral" rating for the company in a report on Thursday, April 24th. Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a research report on Thursday, May 1st. Finally, Mizuho reduced their target price on shares of Align Technology from $250.00 to $245.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 29th. One research analyst has rated the stock with a sell rating, four have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Align Technology presently has an average rating of "Moderate Buy" and an average target price of $242.92.

Align Technology Trading Down 1.4%

Align Technology stock traded down $2.86 during midday trading on Friday, hitting $201.62. 336,800 shares of the stock were exchanged, compared to its average volume of 918,397. Align Technology, Inc. has a fifty-two week low of $141.74 and a fifty-two week high of $263.24. The stock has a market capitalization of $14.62 billion, a price-to-earnings ratio of 36.73, a PEG ratio of 2.13 and a beta of 1.63. The stock's 50-day simple moving average is $183.96 and its 200 day simple moving average is $188.04.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share for the quarter, beating analysts' consensus estimates of $2.00 by $0.13. Align Technology had a net margin of 10.29% and a return on equity of 13.52%. The business had revenue of $979.26 million during the quarter, compared to analysts' expectations of $977.90 million. During the same period last year, the business earned $2.14 earnings per share. The business's revenue for the quarter was down 1.8% on a year-over-year basis. Equities analysts anticipate 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 stock repurchase program on Tuesday, May 6th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the medical equipment provider to reacquire up to 7.9% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's board believes its stock is undervalued.

About Align Technology

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.