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

Private Wealth Partners LLC trimmed its stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 73.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor 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 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in ALGN. Covestor Ltd boosted its position in Align Technology by 14.6% during the fourth quarter. Covestor Ltd now owns 415 shares of the medical equipment provider's stock valued at $87,000 after purchasing an additional 53 shares during the last quarter. Picton Mahoney Asset Management raised its stake in shares of Align Technology by 69.9% during the 4th quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider's stock worth $30,000 after purchasing an additional 58 shares in the last quarter. Smartleaf Asset Management LLC raised its stake in shares of Align Technology by 9.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 766 shares of the medical equipment provider's stock worth $158,000 after purchasing an additional 64 shares in the last quarter. New York Life Investment Management LLC lifted its holdings in shares of Align Technology by 0.7% during the 4th quarter. New York Life Investment Management LLC now owns 9,406 shares of the medical equipment provider's stock valued at $1,961,000 after buying an additional 68 shares during the last quarter. Finally, Fulcrum Capital LLC grew its stake in shares of Align Technology by 0.8% in the 1st quarter. Fulcrum Capital LLC now owns 9,282 shares of the medical equipment provider's stock valued at $1,475,000 after buying an additional 70 shares in the last quarter. 88.43% of the stock is owned by institutional investors and hedge funds.

Align Technology Stock Up 2.8%

Shares of ALGN opened at $180.01 on Friday. The stock's 50-day moving average price is $178.35 and its 200 day moving average price is $191.72. The firm has a market capitalization of $13.05 billion, a price-to-earnings ratio of 32.79, a P/E/G ratio of 1.91 and a beta of 1.64. Align Technology, Inc. has a 12-month low of $141.74 and a 12-month high of $263.24.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share for the quarter, topping the consensus estimate of $2.00 by $0.13. The company had revenue of $979.26 million for the quarter, compared to analyst estimates of $977.90 million. Align Technology had a return on equity of 13.52% and a net margin of 10.29%. Align Technology's revenue for the quarter was down 1.8% compared to the same quarter last year. During the same quarter last year, the firm earned $2.14 EPS. Equities research analysts expect that Align Technology, Inc. will post 7.98 EPS for the current year.

Align Technology announced that its board has authorized a share buyback 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 buy up to 7.9% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's leadership believes its stock is undervalued.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ALGN. UBS Group cut their price target on shares of Align Technology from $240.00 to $215.00 and set a "neutral" rating on the stock in a report on Thursday, April 24th. Evercore ISI raised their price objective on Align Technology from $165.00 to $200.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. Piper Sandler reaffirmed an "overweight" rating and set a $250.00 target price (up previously from $235.00) on shares of Align Technology in a research report on Thursday, May 1st. Hsbc Global Res downgraded Align Technology from a "strong-buy" rating to a "hold" rating in a report on Friday, April 25th. Finally, Mizuho reduced their price objective on shares of Align Technology from $250.00 to $245.00 and set an "outperform" rating for the company in a research note on Tuesday, April 29th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus 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.

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