Align Technology, Inc. (NASDAQ:ALGN) Shares Sold by Fifth Third Bancorp

Fifth Third Bancorp trimmed its stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 28.3% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,653 shares of the medical equipment provider's stock after selling 1,442 shares during the period. Fifth Third Bancorp's holdings in Align Technology were worth $580,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Norges Bank purchased a new position in shares of Align Technology in the 4th quarter worth $190,792,000. Senvest Management LLC grew its stake in shares of Align Technology by 58.1% in the 4th quarter. Senvest Management LLC now owns 726,243 shares of the medical equipment provider's stock worth $151,429,000 after buying an additional 267,000 shares in the last quarter. Resona Asset Management Co. Ltd. purchased a new position in shares of Align Technology in the 4th quarter worth $47,853,000. Raymond James Financial Inc. purchased a new position in shares of Align Technology in the 4th quarter worth $42,243,000. Finally, Bank of America Corp DE boosted its stake in shares of Align Technology by 77.3% during the 4th quarter. Bank of America Corp DE now owns 460,028 shares of the medical equipment provider's stock worth $95,920,000 after purchasing an additional 200,492 shares during the period. 88.43% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Evercore ISI lifted their price target on shares of Align Technology from $165.00 to $200.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. Mizuho dropped their price target on shares of Align Technology from $250.00 to $245.00 and set an "outperform" rating for the company in a research note on Tuesday, April 29th. Piper Sandler reaffirmed an "overweight" rating and set a $250.00 price target (up from $235.00) on shares of Align Technology in a research note on Thursday, May 1st. HSBC lowered shares of Align Technology from a "buy" rating to a "hold" rating and decreased their price objective for the company from $290.00 to $170.00 in a report on Friday, April 25th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a report on Thursday, May 1st. One analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $241.25.

Align Technology Stock Up 1.0%

Shares of NASDAQ ALGN traded up $1.78 during trading hours on Friday, hitting $181.79. 1,275,883 shares of the stock were exchanged, compared to its average volume of 914,976. The company has a market cap of $13.18 billion, a PE ratio of 33.11, a PEG ratio of 1.93 and a beta of 1.64. The firm has a fifty day moving average price of $178.71 and a 200-day moving average price of $191.06. Align Technology, Inc. has a 12 month low of $141.74 and a 12 month high of $263.24.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share for the quarter, topping 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 net margin of 10.29% and a return on equity of 13.52%. Align Technology's revenue was down 1.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.14 EPS. As a group, equities analysts anticipate that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Align Technology announced that its board has approved a stock repurchase plan on Tuesday, May 6th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the medical equipment provider to purchase up to 7.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its shares are undervalued.

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.