Caxton Associates LLP Lowers Stock Holdings in Align Technology, Inc. $ALGN

Key Points

• Caxton Associates cut its Align Technology stake by 96.2% in the first quarter, selling 133,639 shares and retaining 5,271 shares valued at approximately $904,000.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and an average price target of $206.36, although Zacks Research recently downgraded the stock to “Hold.”
• Align reported quarterly earnings of $2.58 per share and revenue of $1.04 billion, exceeding estimates, while also authorizing a $200 million share-repurchase program.

Caxton Associates LLP lowered its stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 96.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,271 shares of the medical equipment provider's stock after selling 133,639 shares during the period. Caxton Associates LLP's holdings in Align Technology were worth $904,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of ALGN. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Align Technology by 4.8% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,222 shares of the medical equipment provider's stock valued at $1,624,000 after buying an additional 469 shares during the period. Focus Partners Wealth lifted its stake in shares of Align Technology by 5.2% in the 1st quarter. Focus Partners Wealth now owns 3,062 shares of the medical equipment provider's stock worth $486,000 after acquiring an additional 151 shares during the period. Sivia Capital Partners LLC purchased a new stake in shares of Align Technology in the second quarter valued at about $204,000. EverSource Wealth Advisors LLC boosted its holdings in shares of Align Technology by 55.7% in the second quarter. EverSource Wealth Advisors LLC now owns 531 shares of the medical equipment provider's stock valued at $101,000 after acquiring an additional 190 shares in the last quarter. Finally, First Trust Advisors LP boosted its holdings in shares of Align Technology by 201.7% in the second quarter. First Trust Advisors LP now owns 88,270 shares of the medical equipment provider's stock valued at $16,712,000 after acquiring an additional 59,010 shares in the last quarter. Hedge funds and other institutional investors own 88.43% of the company's stock.

Analyst Ratings Changes

Several research firms recently issued reports on ALGN. BMO Capital Markets started coverage on shares of Align Technology in a report on Wednesday, July 8th. They set an "outperform" rating and a $209.00 price target for the company. Piper Sandler lifted their price objective on Align Technology from $220.00 to $235.00 and gave the company an "overweight" rating in a report on Tuesday, April 21st. Wall Street Zen upgraded Align Technology from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 4th. Weiss Ratings raised Align Technology from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, July 17th. Finally, Zacks Research cut Align Technology from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $206.36.

Align Technology Stock Down 0.0%

Shares of NASDAQ ALGN opened at $167.01 on Monday. The stock has a market capitalization of $11.96 billion, a price-to-earnings ratio of 28.02, a price-to-earnings-growth ratio of 1.71 and a beta of 1.67. Align Technology, Inc. has a 52 week low of $122.00 and a 52 week high of $208.30. The firm has a 50-day moving average price of $173.31 and a 200 day moving average price of $175.11.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share for the quarter, topping the consensus estimate of $2.26 by $0.32. Align Technology had a net margin of 10.50% and a return on equity of 15.82%. The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.02 billion. During the same period in the prior year, the business posted $2.13 earnings per share. The firm's revenue for the quarter was up 6.2% compared to the same quarter last year. Equities research analysts expect that Align Technology, Inc. will post 9.48 EPS for the current fiscal year.

Align Technology declared that its board has authorized a stock repurchase plan on Wednesday, April 29th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the medical equipment provider to purchase up to 1.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its stock is undervalued.

About Align Technology

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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