Envestnet Asset Management Inc. Sells 33,935 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Envestnet Asset Management Inc. trimmed its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 30.4% in the first quarter, according to its most recent filing with the SEC. The firm owned 77,680 shares of the medical equipment provider's stock after selling 33,935 shares during the period. Envestnet Asset Management Inc. owned approximately 0.11% of Align Technology worth $12,340,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. GKV Capital Management Co. Inc. acquired a new position in Align Technology in the fourth quarter worth $31,000. Compagnie Lombard Odier SCmA bought a new stake in Align Technology during the 1st quarter worth about $32,000. Aster Capital Management DIFC Ltd acquired a new stake in Align Technology in the 4th quarter valued at about $35,000. Center for Financial Planning Inc. bought a new position in shares of Align Technology in the first quarter worth about $35,000. Finally, Orion Capital Management LLC acquired a new position in shares of Align Technology during the fourth quarter worth approximately $42,000. 88.43% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ALGN has been the subject of several research analyst reports. Hsbc Global Res cut shares of Align Technology from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 25th. 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 research report on Thursday, May 1st. Piper Sandler reiterated an "overweight" rating and issued a $250.00 price target (up previously from $235.00) on shares of Align Technology in a report on Thursday, May 1st. UBS Group dropped their price objective on Align Technology from $240.00 to $215.00 and set a "neutral" rating for the company in a report on Thursday, April 24th. Finally, HSBC cut shares of Align Technology from a "buy" rating to a "hold" rating and lowered their price target for the stock from $290.00 to $170.00 in a research report on Friday, April 25th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $242.92.

Align Technology Price Performance

NASDAQ ALGN traded down $1.75 during trading on Monday, reaching $189.02. 491,553 shares of the company's stock were exchanged, compared to its average volume of 920,597. Align Technology, Inc. has a fifty-two week low of $141.74 and a fifty-two week high of $262.87. The stock has a market capitalization of $13.70 billion, a P/E ratio of 34.43, a PEG ratio of 2.02 and a beta of 1.63. The business has a 50 day moving average price of $186.00 and a 200-day moving average price of $187.04.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 EPS for the quarter, beating the consensus estimate of $2.00 by $0.13. The company had revenue of $979.26 million for the quarter, compared to the consensus estimate of $977.90 million. Align Technology had a return on equity of 13.52% and a net margin of 10.29%. The firm's revenue for the quarter was down 1.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.14 earnings per share. On average, analysts forecast that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Align Technology announced that its board has authorized a stock buyback plan on Tuesday, May 6th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the medical equipment provider to reacquire up to 7.9% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's leadership believes its stock is undervalued.

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.