Jefferies Financial Group Inc. Sells 2,500 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Jefferies Financial Group Inc. cut its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 30.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,710 shares of the medical equipment provider's stock after selling 2,500 shares during the quarter. Jefferies Financial Group Inc.'s holdings in Align Technology were worth $1,191,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Geode Capital Management LLC lifted its position in shares of Align Technology by 2.2% during the 4th quarter. Geode Capital Management LLC now owns 1,790,014 shares of the medical equipment provider's stock worth $372,299,000 after buying an additional 39,209 shares during the last quarter. Ninety One UK Ltd lifted its position in shares of Align Technology by 3.7% during the 4th quarter. Ninety One UK Ltd now owns 1,220,601 shares of the medical equipment provider's stock worth $254,508,000 after buying an additional 43,524 shares during the last quarter. Invesco Ltd. lifted its position in shares of Align Technology by 17.1% during the 4th quarter. Invesco Ltd. now owns 1,082,162 shares of the medical equipment provider's stock worth $225,642,000 after buying an additional 158,312 shares during the last quarter. Norges Bank bought a new stake in shares of Align Technology during the 4th quarter worth $190,792,000. Finally, Meridiem Investment Management Ltd. lifted its position in shares of Align Technology by 63.7% during the 4th quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider's stock worth $159,470,000 after buying an additional 297,472 shares during the last quarter. 88.43% of the stock is owned by institutional investors.

Align Technology Price Performance

NASDAQ ALGN traded down $2.43 during mid-day trading on Monday, reaching $178.51. 1,178,823 shares of the stock were exchanged, compared to its average volume of 922,534. Align Technology, Inc. has a one year low of $141.74 and a one year high of $271.59. The stock has a 50 day simple moving average of $172.21 and a 200-day simple moving average of $195.62. The stock has a market cap of $12.94 billion, a P/E ratio of 31.82, a P/E/G ratio of 2.24 and a beta of 1.68.

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 for the quarter, topping analysts' consensus estimates of $2.00 by $0.13. The business had revenue of $979.26 million during the quarter, compared to the consensus estimate of $977.90 million. Align Technology had a net margin of 10.54% and a return on equity of 13.84%. Align Technology's quarterly revenue was down 1.8% on a year-over-year basis. During the same quarter last year, the firm earned $2.14 earnings per share. Sell-side analysts anticipate that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

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

Analyst Upgrades and Downgrades

Several brokerages recently commented on ALGN. Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a research note on Thursday, May 1st. Piper Sandler reissued an "overweight" rating and issued a $250.00 price objective (up previously from $235.00) on shares of Align Technology in a research note on Thursday, May 1st. HSBC downgraded shares of Align Technology from a "buy" rating to a "hold" rating and dropped their price objective for the company from $290.00 to $170.00 in a research note on Friday, April 25th. UBS Group dropped their target price on Align Technology from $240.00 to $215.00 and set a "neutral" rating for the company in a research report on Thursday, April 24th. Finally, Mizuho reduced their price target on Align Technology from $250.00 to $245.00 and set an "outperform" rating on the stock in a report on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target 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.