Deutsche Bank AG Grows Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Key Points

• Deutsche Bank AG increased its holdings in Align Technology by 33.1%, owning approximately 491,908 shares valued at $78,145,000 as of the last reporting period.
• Align Technology's stock price targets have been revised, with Wells Fargo lowering it from $246.00 to $199.00, while Evercore ISI raised it from $200.00 to $220.00, reflecting diverse analyst outlooks.
• The company's CEO, Joseph M. Hogan, purchased 7,576 shares valued at nearly $1 million, indicating confidence in the company's future performance.

Deutsche Bank AG raised its position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 33.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 491,908 shares of the medical equipment provider's stock after purchasing an additional 122,283 shares during the period. Deutsche Bank AG owned about 0.67% of Align Technology worth $78,145,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. GKV Capital Management Co. Inc. purchased a new position in shares of Align Technology during the 4th quarter worth about $31,000. Compagnie Lombard Odier SCmA acquired a new stake in Align Technology during the 1st quarter worth approximately $32,000. Center for Financial Planning Inc. acquired a new stake in Align Technology during the 1st quarter worth approximately $35,000. Orion Capital Management LLC acquired a new stake in Align Technology during the 4th quarter worth approximately $42,000. Finally, Mather Group LLC. grew its position in Align Technology by 375.0% in the first quarter. Mather Group LLC. now owns 437 shares of the medical equipment provider's stock valued at $69,000 after acquiring an additional 345 shares in the last quarter. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ALGN has been the subject of several recent research reports. Wells Fargo & Company lowered their price objective on shares of Align Technology from $246.00 to $199.00 and set an "overweight" rating for the company in a research report on Thursday, July 31st. Piper Sandler lowered their target price on shares of Align Technology from $250.00 to $190.00 and set an "overweight" rating for the company in a research note on Thursday, July 31st. Hsbc Global Res lowered shares of Align Technology from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 25th. UBS Group reduced their price target on shares of Align Technology from $240.00 to $215.00 and set a "neutral" rating for the company in a report on Thursday, April 24th. Finally, Evercore ISI upped their price objective on shares of Align Technology from $200.00 to $220.00 and gave the stock an "outperform" rating in a report on Wednesday, July 9th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Align Technology has an average rating of "Moderate Buy" and a consensus target price of $215.00.

Align Technology Stock Performance

Shares of NASDAQ:ALGN opened at $139.88 on Monday. Align Technology, Inc. has a twelve month low of $127.70 and a twelve month high of $262.87. The firm has a market cap of $10.14 billion, a PE ratio of 23.59, a price-to-earnings-growth ratio of 1.58 and a beta of 1.61. The business has a fifty day moving average of $183.04 and a 200-day moving average of $182.01.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The medical equipment provider reported $2.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.57 by ($0.08). Align Technology had a net margin of 11.04% and a return on equity of 13.36%. The firm had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1.06 billion. During the same quarter in the prior year, the business earned $2.41 EPS. Align Technology's revenue was down 1.6% on a year-over-year basis. On average, 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 approved a share repurchase plan on Tuesday, May 6th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the medical equipment provider to purchase up to 7.9% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling at Align Technology

In other news, CEO Joseph M. Hogan bought 7,576 shares of the company's stock in a transaction that occurred on Friday, August 1st. The shares were acquired at an average price of $131.49 per share, with a total value of $996,168.24. Following the transaction, the chief executive officer owned 184,945 shares in the company, valued at $24,318,418.05. This represents a 4.27% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.66% of the stock is owned by company insiders.

Align Technology Company 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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