Align Technology, Inc. (NASDAQ:ALGN) Shares Sold by Pacer Advisors Inc.

Pacer Advisors Inc. lowered its position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 35.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,619 shares of the medical equipment provider's stock after selling 2,005 shares during the period. Pacer Advisors Inc.'s holdings in Align Technology were worth $575,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. GKV Capital Management Co. Inc. purchased a new position in shares of Align Technology in the 4th quarter valued at about $31,000. Compagnie Lombard Odier SCmA purchased a new stake in shares of Align Technology in the first quarter valued at approximately $32,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Align Technology during the 4th quarter worth approximately $35,000. Center for Financial Planning Inc. acquired a new position in shares of Align Technology during the 1st quarter worth approximately $35,000. Finally, Orion Capital Management LLC purchased a new position in shares of Align Technology during the 4th quarter valued at approximately $42,000. 88.43% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on ALGN shares. Wells Fargo & Company cut their price target on shares of Align Technology from $246.00 to $199.00 and set an "overweight" rating for the company in a report on Thursday. Stifel Nicolaus cut their target price on shares of Align Technology from $275.00 to $200.00 and set a "buy" rating for the company in a research note on Thursday. Needham & Company LLC reaffirmed a "hold" rating on shares of Align Technology in a research note on Thursday, May 1st. Mizuho set a $210.00 price objective on Align Technology in a report on Thursday. Finally, HSBC cut Align Technology from a "buy" rating to a "hold" rating and reduced their target price for the company from $290.00 to $170.00 in a report on Friday, April 25th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $215.00.

Align Technology Stock Down 36.6%

Shares of ALGN opened at $129.01 on Friday. Align Technology, Inc. has a 52-week low of $127.70 and a 52-week high of $262.87. The stock has a fifty day simple moving average of $187.73 and a two-hundred day simple moving average of $186.11. The company has a market capitalization of $9.35 billion, a PE ratio of 21.76, a price-to-earnings-growth ratio of 2.15 and a beta of 1.63.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings data 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). Align Technology had a return on equity of 13.41% and a net margin of 11.04%. The firm had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1.06 billion. During the same quarter in the previous year, the business posted $2.41 earnings per share. Align Technology's revenue for the quarter was down 1.6% on a year-over-year basis. As a group, equities analysts anticipate that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

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

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