Align Technology, Inc. (NASDAQ:ALGN) Shares Sold by Private Wealth Partners LLC

Private Wealth Partners LLC cut its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 73.7% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,560 shares of the medical equipment provider's stock after selling 4,380 shares during the quarter. Private Wealth Partners LLC's holdings in Align Technology were worth $248,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of ALGN. Norges Bank purchased a new stake in Align Technology during the 4th quarter worth approximately $190,792,000. Senvest Management LLC increased its holdings in Align Technology by 58.1% during the 4th quarter. Senvest Management LLC now owns 726,243 shares of the medical equipment provider's stock worth $151,429,000 after purchasing an additional 267,000 shares during the last quarter. Resona Asset Management Co. Ltd. purchased a new stake in Align Technology during the 4th quarter worth approximately $47,853,000. Raymond James Financial Inc. purchased a new stake in Align Technology during the 4th quarter worth approximately $42,243,000. Finally, Bank of America Corp DE increased its holdings in Align Technology by 77.3% during the 4th quarter. Bank of America Corp DE now owns 460,028 shares of the medical equipment provider's stock worth $95,920,000 after purchasing an additional 200,492 shares during the last quarter. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Align Technology Price Performance

NASDAQ:ALGN traded up $1.63 during midday trading on Monday, reaching $183.42. 716,687 shares of the company traded hands, compared to its average volume of 914,188. Align Technology, Inc. has a twelve month low of $141.74 and a twelve month high of $263.24. The company has a fifty day moving average price of $179.06 and a 200 day moving average price of $190.46. The firm has a market capitalization of $13.30 billion, a price-to-earnings ratio of 33.41, a price-to-earnings-growth ratio of 1.93 and a beta of 1.64.

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 (EPS) for the quarter, topping analysts' consensus estimates 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 in the previous year, the firm posted $2.14 EPS. The firm's quarterly revenue was down 1.8% on a year-over-year basis. On average, equities research analysts forecast 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 share buyback program on Tuesday, May 6th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the medical equipment provider to buy up to 7.9% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board believes its stock is undervalued.

Wall Street Analyst Weigh In

ALGN has been the subject of a number of research analyst reports. Hsbc Global Res downgraded Align Technology from a "strong-buy" rating to a "hold" rating in a report on Friday, April 25th. Piper Sandler reiterated an "overweight" rating and issued a $250.00 price target (up from $235.00) on shares of Align Technology in a report on Thursday, May 1st. Mizuho lowered their price target on Align Technology from $250.00 to $245.00 and set an "outperform" rating for the company in a report on Tuesday, April 29th. UBS Group lowered their price target on Align Technology from $240.00 to $215.00 and set a "neutral" rating for the company in a report on Thursday, April 24th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $241.25.

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.