Brown Advisory Inc. Lowers Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Brown Advisory Inc. lessened its stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 54.3% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 392,966 shares of the medical equipment provider's stock after selling 467,111 shares during the period. Brown Advisory Inc. owned approximately 0.54% of Align Technology worth $62,427,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Asset Management One Co. Ltd. boosted its stake in Align Technology by 14.5% during the 1st quarter. Asset Management One Co. Ltd. now owns 31,624 shares of the medical equipment provider's stock valued at $5,024,000 after purchasing an additional 4,009 shares during the last quarter. Giverny Capital Inc. boosted its stake in shares of Align Technology by 30.3% in the 4th quarter. Giverny Capital Inc. now owns 43,006 shares of the medical equipment provider's stock worth $8,967,000 after buying an additional 10,013 shares during the last quarter. Virtu Financial LLC purchased a new position in shares of Align Technology in the 4th quarter worth $3,115,000. Schonfeld Strategic Advisors LLC boosted its stake in shares of Align Technology by 1,679.5% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 35,110 shares of the medical equipment provider's stock worth $7,321,000 after buying an additional 33,137 shares during the last quarter. Finally, American Assets Inc. purchased a new position in shares of Align Technology in the 4th quarter worth $417,000. Institutional investors own 88.43% of the company's stock.

Wall Street Analyst Weigh In

ALGN has been the topic of a number of research reports. Evercore ISI raised their price target on Align Technology from $200.00 to $220.00 and gave the stock an "outperform" rating in a research note on Wednesday. Mizuho decreased their target price on Align Technology from $250.00 to $245.00 and set an "outperform" rating on the stock in a report on Tuesday, April 29th. Needham & Company LLC reaffirmed a "hold" rating on shares of Align Technology in a report on Thursday, May 1st. HSBC cut Align Technology from a "buy" rating to a "hold" rating and decreased their target price for the stock from $290.00 to $170.00 in a report on Friday, April 25th. Finally, Wells Fargo & Company decreased their target price on Align Technology from $255.00 to $246.00 and set an "overweight" rating on the stock in a report on Thursday, May 1st. One analyst has rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $242.92.

Align Technology Stock Down 1.1%

ALGN traded down $2.20 on Friday, hitting $202.28. The company had a trading volume of 793,190 shares, compared to its average volume of 919,536. The company has a market cap of $14.66 billion, a PE ratio of 36.85, a PEG ratio of 2.14 and a beta of 1.63. Align Technology, Inc. has a 12-month low of $141.74 and a 12-month high of $263.24. The business's fifty day simple moving average is $184.41 and its 200 day simple moving average is $187.78.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 EPS for the quarter, topping 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 during the quarter, compared to analyst estimates of $977.90 million. During the same quarter last year, the business posted $2.14 earnings per share. The firm's revenue was down 1.8% on a year-over-year basis. On average, analysts anticipate that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Align Technology declared that its Board of Directors has initiated a stock buyback plan on Tuesday, May 6th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the medical equipment provider to reacquire up to 7.9% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's board of directors believes its shares are undervalued.

Align Technology Company 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.