GRIMES & Co WEALTH MANAGEMENT LLC Cuts Stock Position in Align Technology, Inc. $ALGN

Key Points

• GRIMES & Co. Wealth Management reduced its stake in Align Technology by 36.7% in the fourth quarter, selling 14,670 shares and ending with 25,346 shares valued at about $3.96 million.
• Align Technology reported better-than-expected quarterly results, with EPS of $2.58 versus estimates of $2.26 and revenue of $1.04 billion versus $1.02 billion expected. Revenue rose 6.2% year over year.
• The company’s board approved a $200 million share buyback plan, while analysts currently rate the stock a consensus Moderate Buy with an average price target of $205.85.

GRIMES & Co WEALTH MANAGEMENT LLC cut its holdings in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 36.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 25,346 shares of the medical equipment provider's stock after selling 14,670 shares during the quarter. GRIMES & Co WEALTH MANAGEMENT LLC's holdings in Align Technology were worth $3,958,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Virtus Family Office LLC purchased a new stake in shares of Align Technology in the fourth quarter valued at approximately $391,000. Crestwood Advisors Group LLC purchased a new stake in shares of Align Technology in the fourth quarter valued at approximately $200,000. Allegiance Financial Group Advisory Services LLC purchased a new stake in shares of Align Technology in the fourth quarter valued at approximately $219,000. Sequoia Financial Advisors LLC increased its position in shares of Align Technology by 320.1% in the fourth quarter. Sequoia Financial Advisors LLC now owns 7,986 shares of the medical equipment provider's stock valued at $1,247,000 after buying an additional 6,085 shares in the last quarter. Finally, K.J. Harrison & Partners Inc increased its position in shares of Align Technology by 781.3% in the fourth quarter. K.J. Harrison & Partners Inc now owns 14,100 shares of the medical equipment provider's stock valued at $2,202,000 after buying an additional 12,500 shares in the last quarter. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Align Technology news, EVP John Morici sold 7,969 shares of Align Technology stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $189.31, for a total value of $1,508,611.39. Following the sale, the executive vice president owned 8,237 shares in the company, valued at $1,559,346.47. The trade was a 49.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.75% of the stock is owned by corporate insiders.

Align Technology Stock Performance

NASDAQ ALGN opened at $168.78 on Friday. The stock's fifty day moving average is $178.11 and its two-hundred day moving average is $165.34. The firm has a market capitalization of $12.09 billion, a P/E ratio of 28.32, a price-to-earnings-growth ratio of 1.74 and a beta of 1.70. Align Technology, Inc. has a fifty-two week low of $122.00 and a fifty-two week high of $208.30.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share for the quarter, topping analysts' consensus estimates of $2.26 by $0.32. The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.02 billion. Align Technology had a return on equity of 15.82% and a net margin of 10.50%.The firm's revenue for the quarter was up 6.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.13 earnings per share. As a group, sell-side analysts forecast that Align Technology, Inc. will post 9.43 EPS for the current year.

Align Technology announced that its board has approved a share buyback plan on Wednesday, April 29th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the medical equipment provider to buy up to 1.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Barclays raised Align Technology from an "equal weight" rating to an "overweight" rating and set a $200.00 price target on the stock in a research note on Tuesday, March 17th. Morgan Stanley lifted their price target on Align Technology from $169.00 to $188.00 and gave the stock an "equal weight" rating in a research note on Friday, April 24th. UBS Group lifted their price target on Align Technology from $175.00 to $185.00 and gave the stock a "neutral" rating in a research note on Thursday, February 5th. Citigroup assumed coverage on Align Technology in a research note on Wednesday, April 15th. They issued a "buy" rating and a $240.00 price target on the stock. Finally, Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Align Technology in a research note on Wednesday, April 15th. Eight investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $205.85.

About Align Technology

Align Technology, Inc NASDAQ: ALGN pioneered the use of digital technology in orthodontics through the development of the Invisalign system, a series of clear, removable aligners that provide an alternative to traditional metal braces. Since its founding in 1997 by Zia Chishti and Kelsey Wirth, the Tempe, Arizona–based company has expanded its focus to include intraoral scanners, CAD/CAM software for dental laboratories and comprehensive digital dentistry solutions.

The company's signature Invisalign system leverages 3D imaging and computer-aided design (CAD) to create customized aligners that gradually reposition teeth, improving patient comfort and treatment predictability.

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