Fifth Third Bancorp Decreases Stake in Align Technology, Inc. (NASDAQ:ALGN)

Fifth Third Bancorp cut its holdings 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 Securities and Exchange Commission (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 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of ALGN. Empowered Funds LLC increased its holdings in shares of Align Technology by 32.4% in the 4th quarter. Empowered Funds LLC now owns 1,280 shares of the medical equipment provider's stock valued at $267,000 after acquiring an additional 313 shares during the last quarter. Van ECK Associates Corp bought a new position in Align Technology during the fourth quarter worth $2,415,000. Asset Management One Co. Ltd. boosted its holdings in Align Technology by 0.9% in the fourth quarter. Asset Management One Co. Ltd. now owns 27,615 shares of the medical equipment provider's stock worth $5,839,000 after purchasing an additional 246 shares during the period. Principal Securities Inc. increased its stake in Align Technology by 34.5% during the fourth quarter. Principal Securities Inc. now owns 1,881 shares of the medical equipment provider's stock valued at $392,000 after purchasing an additional 483 shares during the last quarter. Finally, Allworth Financial LP increased its stake in Align Technology by 1,479.1% during the fourth quarter. Allworth Financial LP now owns 2,416 shares of the medical equipment provider's stock valued at $504,000 after purchasing an additional 2,263 shares during the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Stock Performance

NASDAQ ALGN opened at $175.16 on Wednesday. The stock has a market capitalization of $12.70 billion, a P/E ratio of 31.91, a P/E/G ratio of 1.93 and a beta of 1.64. The business's fifty day moving average is $177.66 and its two-hundred day moving average is $192.18. Align Technology, Inc. has a 1 year low of $141.74 and a 1 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 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 analysts' expectations of $977.90 million. Align Technology had a net margin of 10.29% and a return on equity of 13.52%. The business's revenue for the quarter was down 1.8% on a year-over-year basis. During the same period last year, the company posted $2.14 earnings per share. On average, research analysts forecast that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Align Technology declared that its board has authorized a share buyback program on Tuesday, May 6th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the medical equipment provider to purchase up to 7.9% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

A number of research firms have recently issued reports on ALGN. Mizuho reduced their price target on shares of Align Technology from $250.00 to $245.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 29th. Piper Sandler reissued an "overweight" rating and issued a $250.00 target price (up previously from $235.00) on shares of Align Technology in a report on Thursday, May 1st. Evercore ISI upped their target price on Align Technology from $165.00 to $200.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. UBS Group dropped their price target on Align Technology from $240.00 to $215.00 and set a "neutral" rating on the stock in a research report on Thursday, April 24th. Finally, HSBC lowered Align Technology from a "buy" rating to a "hold" rating and reduced their price objective for the company from $290.00 to $170.00 in a research report on Friday, April 25th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Align Technology presently has an average rating of "Moderate Buy" and a consensus target price of $241.25.

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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