Cetera Investment Advisers Sells 2,028 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Key Points

• Cetera Investment Advisers reduced its ownership of Align Technology shares by 18.3%, selling 2,028 shares and holding 9,077 shares valued at approx. $1,442,000.
• Institutional investors own a significant majority, with 88.43% of Align Technology's stock held by funds like Ninety One UK Ltd, which increased its position by 58.7%.
• Align Technology missed earnings expectations with $2.49 earnings per share, below the $2.57 consensus, and its revenue was down 1.6% year-over-year, leading to analysts adjusting target prices for the stock.

Cetera Investment Advisers lessened its position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 18.3% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 9,077 shares of the medical equipment provider's stock after selling 2,028 shares during the period. Cetera Investment Advisers' holdings in Align Technology were worth $1,442,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Avantax Advisory Services Inc. increased its holdings in Align Technology by 22.2% during the 1st quarter. Avantax Advisory Services Inc. now owns 3,221 shares of the medical equipment provider's stock valued at $512,000 after acquiring an additional 586 shares in the last quarter. Machina Capital S.A.S. acquired a new position in Align Technology during the first quarter valued at approximately $417,000. Oak Thistle LLC acquired a new position in Align Technology during the first quarter valued at approximately $468,000. Universal Beteiligungs und Servicegesellschaft mbH lifted its position in Align Technology by 33.8% during the first quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 151,883 shares of the medical equipment provider's stock valued at $24,128,000 after buying an additional 38,410 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd lifted its position in Align Technology by 19.9% during the first quarter. Y Intercept Hong Kong Ltd now owns 2,962 shares of the medical equipment provider's stock valued at $471,000 after buying an additional 491 shares in the last quarter. Institutional investors and hedge funds own 88.43% of the company's stock.

Insider Buying and Selling at Align Technology

In other Align Technology news, CEO Joseph M. Hogan bought 7,576 shares of the company's stock in a transaction dated Friday, August 1st. The shares were bought at an average price of $131.49 per share, for a total transaction of $996,168.24. Following the acquisition, the chief executive officer directly owned 184,945 shares of the company's stock, valued at approximately $24,318,418.05. This trade represents a 4.27% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.66% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

ALGN has been the topic of a number of recent research reports. Morgan Stanley reiterated an "equal weight" rating and set a $154.00 price objective (down previously from $249.00) on shares of Align Technology in a research note on Thursday, July 31st. HSBC lowered shares of Align Technology from a "buy" rating to a "hold" rating and dropped their price objective for the company from $290.00 to $170.00 in a research note on Friday, April 25th. UBS Group dropped their price objective on shares of Align Technology from $240.00 to $215.00 and set a "neutral" rating on the stock in a research note on Thursday, April 24th. Hsbc Global Res lowered shares of Align Technology from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 25th. Finally, Evercore ISI lifted their price objective on shares of Align Technology from $200.00 to $220.00 and gave the company an "outperform" rating in a research note on Wednesday, July 9th. One research analyst has rated the stock with a sell rating, five have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Align Technology presently has a consensus rating of "Moderate Buy" and an average price target of $215.00.

Align Technology Stock Performance

NASDAQ ALGN traded down $2.60 on Thursday, reaching $143.14. The company's stock had a trading volume of 572,801 shares, compared to its average volume of 1,217,190. Align Technology, Inc. has a twelve month low of $127.70 and a twelve month high of $262.87. The stock has a market cap of $10.38 billion, a PE ratio of 24.15, a PEG ratio of 1.58 and a beta of 1.61. The firm's 50 day moving average is $180.70 and its two-hundred day moving average is $180.79.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The medical equipment provider reported $2.49 EPS for the quarter, missing analysts' consensus estimates of $2.57 by ($0.08). Align Technology had a net margin of 11.04% and a return on equity of 13.36%. The firm had revenue of $1.01 billion for the quarter, compared to analysts' expectations of $1.06 billion. During the same period in the prior year, the company posted $2.41 earnings per share. Align Technology's quarterly revenue was down 1.6% compared to the same quarter last year. Equities research analysts anticipate that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology declared that its board has approved a share repurchase program on Tuesday, May 6th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the medical equipment provider to buy up to 7.9% of its stock through open market purchases. Stock repurchase programs are usually 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.