DAVENPORT & Co LLC Sells 37,426 Shares of Align Technology, Inc. $ALGN

Key Points

• DAVENPORT & Co LLC reduced its stake in Align Technology by 6.3%, selling 37,426 shares in the second quarter, which brought their ownership to approximately $104.9 million.
• Several institutional investors, including Ninety One UK Ltd and Federated Hermes Inc, significantly increased their positions in Align Technology, with increases of 58.7% and 510.3% respectively during the same period.
• The company's CEO, Joseph M. Hogan, purchased 7,576 shares at around $131.49 per share, indicating insider confidence despite a recent earnings miss.

DAVENPORT & Co LLC decreased its stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 6.3% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 555,269 shares of the medical equipment provider's stock after selling 37,426 shares during the quarter. DAVENPORT & Co LLC owned about 0.77% of Align Technology worth $104,936,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Ninety One UK Ltd increased its position in shares of Align Technology by 58.7% during the 1st quarter. Ninety One UK Ltd now owns 1,937,555 shares of the medical equipment provider's stock valued at $307,800,000 after purchasing an additional 716,954 shares during the last quarter. Federated Hermes Inc. increased its position in Align Technology by 510.3% during the first quarter. Federated Hermes Inc. now owns 707,514 shares of the medical equipment provider's stock valued at $112,396,000 after acquiring an additional 591,588 shares during the last quarter. Mackenzie Financial Corp increased its position in Align Technology by 4,217.3% during the first quarter. Mackenzie Financial Corp now owns 426,205 shares of the medical equipment provider's stock valued at $67,707,000 after acquiring an additional 416,333 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of Align Technology by 104.2% in the first quarter. AQR Capital Management LLC now owns 404,310 shares of the medical equipment provider's stock valued at $63,133,000 after acquiring an additional 206,308 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Align Technology by 32.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 832,313 shares of the medical equipment provider's stock worth $132,221,000 after acquiring an additional 202,616 shares during the last quarter. 88.43% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO Joseph M. Hogan bought 7,576 shares of Align Technology stock in a transaction that occurred on Friday, August 1st. The stock was bought at an average price of $131.49 per share, for a total transaction of $996,168.24. Following the purchase, the chief executive officer directly owned 184,945 shares of the company's stock, valued at approximately $24,318,418.05. The trade was a 4.27% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.66% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several brokerages recently commented on ALGN. Weiss Ratings reiterated a "hold (c-)" rating on shares of Align Technology in a report on Saturday, September 27th. Stifel Nicolaus cut their target price on Align Technology from $275.00 to $200.00 and set a "buy" rating on the stock in a research note on Thursday, July 31st. Piper Sandler decreased their price target on Align Technology from $250.00 to $190.00 and set an "overweight" rating for the company in a research note on Thursday, July 31st. Evercore ISI upped their price objective on Align Technology from $200.00 to $220.00 and gave the company an "outperform" rating in a research report on Wednesday, July 9th. Finally, Morgan Stanley reiterated an "equal weight" rating and set a $154.00 target price (down from $249.00) on shares of Align Technology in a research report on Thursday, July 31st. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $215.00.

Align Technology Stock Up 2.7%

ALGN opened at $132.17 on Monday. The company has a market cap of $9.58 billion, a P/E ratio of 22.29, a price-to-earnings-growth ratio of 1.49 and a beta of 1.70. The firm's 50-day moving average price is $140.20 and its 200-day moving average price is $165.69. Align Technology, Inc. has a 52-week low of $122.00 and a 52-week high of $246.19.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its earnings results on Wednesday, July 30th. The medical equipment provider reported $2.49 earnings per share for the quarter, missing the consensus estimate of $2.57 by ($0.08). Align Technology had a return on equity of 13.36% and a net margin of 11.04%.The company had revenue of $1.01 billion for the quarter, compared to analysts' expectations of $1.06 billion. During the same period in the prior year, the firm posted $2.41 EPS. The firm's revenue for the quarter was down 1.6% on a year-over-year basis. Align Technology has set its Q3 2025 guidance at EPS. On average, research analysts anticipate that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology declared that its Board of Directors has initiated a stock repurchase program on Tuesday, August 5th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the medical equipment provider to repurchase up to 2% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's leadership 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.

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