Align Technology, Inc. (NASDAQ:ALGN) Shares Sold by LPL Financial LLC

Key Points

• LPL Financial LLC has reduced its stake in Align Technology, Inc. (NASDAQ: ALGN) by 19.5%, selling 7,555 shares and ending the quarter with 31,229 shares valued at approximately $4.96 million.
• Research analysts have adjusted their price targets for Align Technology, with Wells Fargo lowering it from $246.00 to $199.00 and Morgan Stanley from $249.00 to $154.00, while the consensus rating remains a "Moderate Buy" with an average price target of $215.00.
• CEO Joseph M. Hogan purchased 7,576 shares of Align Technology stock for about $996,168 on August 1, increasing his ownership by 4.27% to a total of 184,945 shares valued at approximately $24.32 million.

LPL Financial LLC reduced its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 19.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,229 shares of the medical equipment provider's stock after selling 7,555 shares during the period. LPL Financial LLC's holdings in Align Technology were worth $4,961,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in ALGN. Teacher Retirement System of Texas bought a new stake in Align Technology during the first quarter valued at $1,647,000. Asset Management One Co. Ltd. increased its stake in Align Technology by 14.5% in 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 buying an additional 4,009 shares during the last quarter. Schonfeld Strategic Advisors LLC increased its stake in 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 valued at $7,321,000 after buying an additional 33,137 shares during the last quarter. American Assets Inc. purchased a new stake in shares of Align Technology during the 4th quarter worth approximately $417,000. Finally, Janney Montgomery Scott LLC boosted its holdings in Align Technology by 48.9% in the 1st quarter. Janney Montgomery Scott LLC now owns 10,120 shares of the medical equipment provider's stock worth $1,608,000 after buying an additional 3,325 shares during the period. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have commented on ALGN. HSBC downgraded shares of Align Technology from a "buy" rating to a "hold" rating and cut their price target for the company from $290.00 to $170.00 in a report on Friday, April 25th. Stifel Nicolaus decreased their price objective on shares of Align Technology from $275.00 to $200.00 and set a "buy" rating on the stock in a research report on Thursday, July 31st. Piper Sandler cut their price objective on shares of Align Technology from $250.00 to $190.00 and set an "overweight" rating on the stock in a report on Thursday, July 31st. Wells Fargo & Company dropped their target price on shares of Align Technology from $246.00 to $199.00 and set an "overweight" rating on the stock in a research note on Thursday, July 31st. Finally, Mizuho set a $210.00 price objective on shares of Align Technology in a report on Thursday, July 31st. One analyst has rated the stock with a sell rating, five have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $215.00.

Align Technology Trading Down 0.3%

Shares of NASDAQ:ALGN traded down $0.45 during midday trading on Friday, reaching $142.43. 1,110,144 shares of the company were exchanged, compared to its average volume of 2,439,051. Align Technology, Inc. has a one year low of $127.70 and a one year high of $262.87. The business's fifty day moving average is $179.19 and its two-hundred day moving average is $179.62. The stock has a market cap of $10.32 billion, a PE ratio of 24.02, a price-to-earnings-growth ratio of 1.61 and a beta of 1.61.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its earnings results on Wednesday, July 30th. The medical equipment provider reported $2.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.57 by ($0.08). The firm had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1.06 billion. Align Technology had a return on equity of 13.36% and a net margin of 11.04%. Align Technology's revenue was down 1.6% compared to the same quarter last year. During the same quarter last year, the business posted $2.41 EPS. As a group, sell-side analysts expect that Align Technology, Inc. will post 7.98 EPS for the current year.

Align Technology announced that its board has approved a share repurchase program on Tuesday, May 6th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the medical equipment provider to repurchase up to 7.9% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's leadership believes its shares are undervalued.

Insider Buying and Selling

In other Align Technology news, CEO Joseph M. Hogan bought 7,576 shares of the business's stock in a transaction on Friday, August 1st. The shares were acquired at an average price of $131.49 per share, with a total value of $996,168.24. Following the transaction, the chief executive officer 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 position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.66% of the company's stock.

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.