Envestnet Portfolio Solutions Inc. Decreases Position in Align Technology, Inc. (NASDAQ:ALGN)

Envestnet Portfolio Solutions Inc. lowered its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 59.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,270 shares of the medical equipment provider's stock after selling 3,390 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Align Technology were worth $361,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Picton Mahoney Asset Management boosted its position in Align Technology by 69.9% during the 4th quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider's stock worth $30,000 after acquiring an additional 58 shares during the period. GKV Capital Management Co. Inc. bought a new position in shares of Align Technology in the 4th quarter valued at approximately $31,000. Compagnie Lombard Odier SCmA bought a new stake in Align Technology during the first quarter valued at about $32,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Align Technology in the fourth quarter worth $35,000. Finally, Private Trust Co. NA increased its stake in Align Technology by 113.4% during the fourth quarter. Private Trust Co. NA now owns 175 shares of the medical equipment provider's stock valued at $36,000 after acquiring an additional 93 shares during the period. Institutional investors and hedge funds own 88.43% of the company's stock.

Align Technology Stock Performance

Align Technology stock traded up $1.19 during mid-day trading on Wednesday, hitting $195.47. 518,682 shares of the company traded hands, compared to its average volume of 911,642. The stock has a fifty day moving average price of $181.33 and a 200-day moving average price of $188.78. The stock has a market cap of $14.17 billion, a price-to-earnings ratio of 35.63, a price-to-earnings-growth ratio of 2.01 and a beta of 1.63. Align Technology, Inc. has a one year low of $141.74 and a one year high of $263.24.

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

Align Technology announced that its board has authorized a share buyback program on Tuesday, May 6th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the medical equipment provider to buy up to 7.9% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research firms have commented on ALGN. Evercore ISI boosted their price target on shares of Align Technology from $165.00 to $200.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. HSBC cut Align Technology from a "buy" rating to a "hold" rating and cut their target price for the company from $290.00 to $170.00 in a research note on Friday, April 25th. Mizuho lowered their target price on shares of Align Technology from $250.00 to $245.00 and set an "outperform" rating on the stock in a report on Tuesday, April 29th. UBS Group lowered their price target on shares of Align Technology from $240.00 to $215.00 and set a "neutral" rating on the stock in a report on Thursday, April 24th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a research note on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $241.25.

About Align Technology

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.