Bank of New York Mellon Corp Sells 90,883 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Bank of New York Mellon Corp reduced its stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 8.5% in the first quarter, according to its most recent filing with the SEC. The fund 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 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Geode Capital Management LLC lifted its stake in Align Technology by 2.2% in the fourth quarter. Geode Capital Management LLC now owns 1,790,014 shares of the medical equipment provider's stock worth $372,299,000 after purchasing an additional 39,209 shares during the last quarter. Invesco Ltd. lifted its stake in Align Technology by 17.1% in the fourth quarter. Invesco Ltd. now owns 1,082,162 shares of the medical equipment provider's stock worth $225,642,000 after purchasing an additional 158,312 shares during the last quarter. Norges Bank bought a new stake in Align Technology in the fourth quarter worth $190,792,000. Northern Trust Corp lifted its stake in Align Technology by 13.3% in the fourth quarter. Northern Trust Corp now owns 736,936 shares of the medical equipment provider's stock worth $153,659,000 after purchasing an additional 86,493 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its stake in Align Technology by 35.2% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 731,846 shares of the medical equipment provider's stock worth $152,597,000 after purchasing an additional 190,711 shares during the last quarter. 88.43% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. HSBC downgraded 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 note on Friday, April 25th. Needham & Company LLC restated a "hold" rating on shares of Align Technology in a research report on Thursday, May 1st. Evercore ISI boosted their price objective on shares of Align Technology from $200.00 to $220.00 and gave the company an "outperform" rating in a research report on Wednesday. Piper Sandler restated an "overweight" rating and issued a $250.00 price objective (up previously from $235.00) on shares of Align Technology in a research report on Thursday, May 1st. Finally, Hsbc Global Res cut shares of Align Technology from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 25th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $242.92.

Align Technology Stock Performance

Shares of NASDAQ ALGN traded down $2.20 during midday trading on Friday, hitting $202.28. 793,190 shares of the company traded hands, compared to its average volume of 920,142. Align Technology, Inc. has a 12-month low of $141.74 and a 12-month high of $263.24. The stock has a 50-day moving average price of $183.96 and a 200 day moving average price of $188.04. The firm has a market cap of $14.66 billion, a P/E ratio of 36.85, a P/E/G ratio of 2.13 and a beta of 1.63.

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 analysts' consensus estimates of $2.00 by $0.13. The business had revenue of $979.26 million for the quarter, compared to analysts' expectations of $977.90 million. Align Technology had a net margin of 10.29% and a return on equity of 13.52%. The business's revenue was down 1.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.14 earnings per share. As a group, equities analysts expect that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Align Technology announced that its Board of Directors has authorized a share buyback program 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 stock through open market purchases. Stock repurchase programs are typically an indication that the company's board believes its shares are 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.