Align Technology, Inc. (NASDAQ:ALGN) Shares Sold by Wealthfront Advisers LLC

Wealthfront Advisers LLC reduced its stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 72.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,263 shares of the medical equipment provider's stock after selling 6,006 shares during the quarter. Wealthfront Advisers LLC's holdings in Align Technology were worth $360,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. GKV Capital Management Co. Inc. purchased a new stake in shares of Align Technology during the fourth quarter worth about $31,000. Compagnie Lombard Odier SCmA purchased a new stake in Align Technology in the first quarter worth about $32,000. Aster Capital Management DIFC Ltd purchased a new stake in Align Technology in the fourth quarter worth about $35,000. Center for Financial Planning Inc. purchased a new stake in Align Technology in the first quarter worth about $35,000. Finally, Orion Capital Management LLC purchased a new stake in Align Technology in the fourth quarter worth about $42,000. 88.43% of the stock is owned by institutional investors.

Align Technology Price Performance

Shares of NASDAQ:ALGN traded down $2.04 during trading on Thursday, reaching $202.09. 372,250 shares of the company were exchanged, compared to its average volume of 1,026,448. The firm has a market capitalization of $14.65 billion, a PE ratio of 36.81, a P/E/G ratio of 2.05 and a beta of 1.63. The business's fifty day simple moving average is $186.40 and its 200-day simple moving average is $187.08. Align Technology, Inc. has a 12-month low of $141.74 and a 12-month high of $262.87.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 EPS for the quarter, beating analysts' consensus estimates of $2.00 by $0.13. Align Technology had a net margin of 10.29% and a return on equity of 13.52%. The company had revenue of $979.26 million during the quarter, compared to analysts' expectations of $977.90 million. During the same quarter in the prior year, the company posted $2.14 earnings per share. Align Technology's revenue for the quarter was down 1.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

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

Wall Street Analyst Weigh In

Several research firms have recently issued reports on ALGN. Evercore ISI lifted their target price on shares of Align Technology from $200.00 to $220.00 and gave the company an "outperform" rating in a report on Wednesday, July 9th. Piper Sandler reissued an "overweight" rating and set a $250.00 price objective (up previously from $235.00) on shares of Align Technology in a research report on Thursday, May 1st. Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a research report on Thursday, May 1st. Hsbc Global Res downgraded shares of Align Technology from a "strong-buy" rating to a "hold" rating in a report on Friday, April 25th. Finally, Wells Fargo & Company decreased their price target on shares of Align Technology from $255.00 to $246.00 and set an "overweight" rating on the stock in a research note on Thursday, May 1st. One analyst has rated the stock with a sell rating, four have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Align Technology has an average rating of "Moderate Buy" and an average target price of $242.92.

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.