Assenagon Asset Management S.A. Reduces Position in Align Technology, Inc. (NASDAQ:ALGN)

Assenagon Asset Management S.A. trimmed its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 72.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,543 shares of the medical equipment provider's stock after selling 137,479 shares during the period. Assenagon Asset Management S.A. owned approximately 0.07% of Align Technology worth $8,188,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of ALGN. Allspring Global Investments Holdings LLC increased its stake in Align Technology by 119.6% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 169,641 shares of the medical equipment provider's stock worth $35,368,000 after purchasing an additional 92,407 shares during the period. Principal Securities Inc. raised its stake in Align Technology by 34.5% in the fourth quarter. Principal Securities Inc. now owns 1,881 shares of the medical equipment provider's stock valued at $392,000 after buying an additional 483 shares during the last quarter. Allworth Financial LP raised its stake in Align Technology by 1,479.1% in the fourth quarter. Allworth Financial LP now owns 2,416 shares of the medical equipment provider's stock valued at $504,000 after buying an additional 2,263 shares during the last quarter. Giverny Capital Inc. raised its stake in shares of Align Technology by 30.3% in the fourth quarter. Giverny Capital Inc. now owns 43,006 shares of the medical equipment provider's stock worth $8,967,000 after purchasing an additional 10,013 shares during the last quarter. Finally, Virtu Financial LLC purchased a new position in shares of Align Technology in the fourth quarter worth about $3,115,000. Hedge funds and other institutional investors own 88.43% of the company's stock.

Analyst Ratings Changes

Several analysts recently commented on the company. Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a research report on Thursday, May 1st. Wells Fargo & Company dropped their target price on Align Technology from $255.00 to $246.00 and set an "overweight" rating for the company in a report on Thursday, May 1st. HSBC cut Align Technology from a "buy" rating to a "hold" rating and dropped their target price for the company from $290.00 to $170.00 in a report on Friday, April 25th. Mizuho dropped their target price on Align Technology from $250.00 to $245.00 and set an "outperform" rating for the company in a report on Tuesday, April 29th. Finally, Hsbc Global Res cut Align Technology from a "strong-buy" rating to a "hold" rating in a report on Friday, April 25th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $241.25.

Align Technology Trading Down 2.1%

ALGN traded down $3.84 during mid-day trading on Friday, hitting $177.85. 779,343 shares of the stock were exchanged, compared to its average volume of 912,277. The firm's fifty day moving average is $176.69 and its two-hundred day moving average is $192.91. Align Technology, Inc. has a 1-year low of $141.74 and a 1-year high of $263.24. The company has a market cap of $12.89 billion, a PE ratio of 31.70, a PEG ratio of 2.24 and a beta of 1.64.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 13.84% and a net margin of 10.54%. 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 company earned $2.14 EPS. As a group, research analysts anticipate that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Align Technology declared that its board has approved a share repurchase 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 reacquire up to 7.9% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's board believes its stock is 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.