Bank of America Corp DE Lowers Holdings in Align Technology, Inc. $ALGN

Key Points

• Bank of America cut its Align Technology stake by 47.7% in the first quarter, selling 439,567 shares and retaining 482,381 shares worth approximately $82.7 million. Institutional investors collectively own 88.43% of the company.
• Align Technology exceeded quarterly expectations, reporting $2.64 in adjusted earnings per share and $1.06 billion in revenue, with revenue up 4.3% year over year.
• The company authorized a $200 million share-repurchase program, while analysts maintain a “Moderate Buy” consensus rating and an average price target of $206.36 versus the stock’s $173.66 opening price.

Bank of America Corp DE lowered its stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 47.7% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 482,381 shares of the medical equipment provider's stock after selling 439,567 shares during the period. Bank of America Corp DE owned about 0.67% of Align Technology worth $82,695,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of ALGN. Capital International Investors grew its position in shares of Align Technology by 52.2% during the 4th quarter. Capital International Investors now owns 4,643,221 shares of the medical equipment provider's stock valued at $725,039,000 after acquiring an additional 1,592,848 shares during the period. Invesco Ltd. boosted its position in Align Technology by 37.4% during the third quarter. Invesco Ltd. now owns 1,497,535 shares of the medical equipment provider's stock worth $187,521,000 after purchasing an additional 407,559 shares in the last quarter. Capital World Investors grew its holdings in Align Technology by 13.2% in the fourth quarter. Capital World Investors now owns 1,490,503 shares of the medical equipment provider's stock valued at $232,742,000 after purchasing an additional 173,641 shares during the period. Ruane Cunniff & Goldfarb L.P. acquired a new stake in Align Technology in the fourth quarter valued at approximately $190,899,000. Finally, AQR Capital Management LLC increased its position in shares of Align Technology by 65.8% in the fourth quarter. AQR Capital Management LLC now owns 1,196,428 shares of the medical equipment provider's stock valued at $186,822,000 after buying an additional 474,756 shares in the last quarter. Hedge funds and other institutional investors own 88.43% of the company's stock.

Align Technology Price Performance

Shares of Align Technology stock opened at $173.66 on Monday. Align Technology, Inc. has a 52 week low of $122.00 and a 52 week high of $200.43. The business's fifty day simple moving average is $175.06 and its 200-day simple moving average is $175.30. The firm has a market cap of $12.44 billion, a PE ratio of 30.20, a price-to-earnings-growth ratio of 1.85 and a beta of 1.65.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share for the quarter, topping analysts' consensus estimates of $2.62 by $0.02. The business had revenue of $1.06 billion during the quarter, compared to analysts' expectations of $1.05 billion. Align Technology had a return on equity of 15.86% and a net margin of 9.99%.The company's revenue was up 4.3% compared to the same quarter last year. During the same period in the prior year, the business posted $2.49 EPS. As a group, equities analysts expect that Align Technology, Inc. will post 9.38 earnings per share for the current year.

Align Technology announced that its board has initiated a share repurchase plan on Wednesday, April 29th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the medical equipment provider to repurchase up to 1.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several brokerages recently commented on ALGN. Leerink Partners boosted their price target on shares of Align Technology from $225.00 to $230.00 in a report on Thursday, April 30th. Piper Sandler increased their price objective on shares of Align Technology from $220.00 to $235.00 and gave the company an "overweight" rating in a report on Tuesday, April 21st. UBS Group reissued a "neutral" rating and set a $189.00 target price on shares of Align Technology in a research note on Thursday, July 23rd. Wall Street Zen downgraded shares of Align Technology from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 1st. Finally, Weiss Ratings lowered shares of Align Technology from a "hold (c)" rating to a "hold (c-)" rating in a research note on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, Align Technology currently has an average rating of "Moderate Buy" and a consensus target price of $206.36.

Align Technology Company Profile

Align Technology, Inc NASDAQ: ALGN pioneered the use of digital technology in orthodontics through the development of the Invisalign system, a series of clear, removable aligners that provide an alternative to traditional metal braces. Since its founding in 1997 by Zia Chishti and Kelsey Wirth, the Tempe, Arizona–based company has expanded its focus to include intraoral scanners, CAD/CAM software for dental laboratories and comprehensive digital dentistry solutions.

The company's signature Invisalign system leverages 3D imaging and computer-aided design (CAD) to create customized aligners that gradually reposition teeth, improving patient comfort and treatment predictability.

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