Align Technology, Inc. (NASDAQ:ALGN) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp cut its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 8.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 974,663 shares of the medical equipment provider's stock after selling 90,883 shares during the period. Bank of New York Mellon Corp owned approximately 1.33% of Align Technology worth $154,835,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Jones Financial Companies Lllp boosted its position in Align Technology by 60.8% in the 4th quarter. Jones Financial Companies Lllp now owns 648 shares of the medical equipment provider's stock valued at $135,000 after buying an additional 245 shares during the period. Proficio Capital Partners LLC purchased a new stake in Align Technology in the 4th quarter valued at about $15,782,000. Raymond James Financial Inc. purchased a new stake in Align Technology in the 4th quarter valued at about $42,243,000. Amundi lifted its position in shares of Align Technology by 77.6% in the 4th quarter. Amundi now owns 360,813 shares of the medical equipment provider's stock worth $77,708,000 after purchasing an additional 157,654 shares during the period. Finally, AlphaQuest LLC lifted its position in shares of Align Technology by 49.3% in the 4th quarter. AlphaQuest LLC now owns 2,038 shares of the medical equipment provider's stock worth $425,000 after purchasing an additional 673 shares during the period. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Stock Up 1.7%

Shares of NASDAQ ALGN traded up $3.43 during trading hours on Thursday, hitting $203.91. 172,888 shares of the stock were exchanged, compared to its average volume of 917,926. The company has a market cap of $14.78 billion, a PE ratio of 37.14, a PEG ratio of 2.07 and a beta of 1.63. The firm has a fifty day moving average price of $183.40 and a 200-day moving average price of $188.06. 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 posted its quarterly earnings data on Wednesday, April 30th. The medical equipment provider reported $2.13 EPS for the quarter, topping the consensus estimate of $2.00 by $0.13. Align Technology had a net margin of 10.29% and a return on equity of 13.52%. The firm 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 business posted $2.14 EPS. Align Technology's revenue was down 1.8% 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 of Directors has initiated a share buyback plan on Tuesday, May 6th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the medical equipment provider to buy up to 7.9% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

ALGN has been the subject of several research reports. Needham & Company LLC reaffirmed a "hold" rating on shares of Align Technology in a research report on Thursday, May 1st. HSBC cut shares of Align Technology from a "buy" rating to a "hold" rating and lowered their price target for the stock from $290.00 to $170.00 in a research report on Friday, April 25th. Wells Fargo & Company lowered their price target on shares of Align Technology from $255.00 to $246.00 and set an "overweight" rating for the company in a research report on Thursday, May 1st. Mizuho lowered their price target on shares of Align Technology from $250.00 to $245.00 and set an "outperform" rating for the company in a research report on Tuesday, April 29th. Finally, Evercore ISI upped their price target on shares of Align Technology from $200.00 to $220.00 and gave the stock an "outperform" rating in a research report on Wednesday. One equities research 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 data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus 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.