Jefferies Financial Group Inc. Lowers Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Jefferies Financial Group Inc. lessened its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 30.5% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund 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 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in ALGN. Norges Bank purchased a new stake in Align Technology during the 4th quarter valued at about $190,792,000. Meridiem Investment Management Ltd. lifted its holdings in shares of Align Technology by 63.7% in the 4th quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider's stock valued at $159,470,000 after buying an additional 297,472 shares during the period. Senvest Management LLC lifted its holdings 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 valued at $151,429,000 after buying an additional 267,000 shares during the period. Resona Asset Management Co. Ltd. acquired a new position in shares of Align Technology in the 4th quarter valued at about $47,853,000. Finally, Raymond James Financial Inc. acquired a new position in shares of Align Technology in the 4th quarter valued at about $42,243,000. Hedge funds and other institutional investors own 88.43% of the company's stock.

Align Technology Stock Down 1.3%

Shares of Align Technology stock traded down $2.30 during mid-day trading on Friday, reaching $180.75. 1,194,786 shares of the stock traded hands, compared to its average volume of 921,940. The business has a 50-day moving average of $171.97 and a 200 day moving average of $196.24. The stock has a market capitalization of $13.10 billion, a PE ratio of 32.22, a PEG ratio of 2.24 and a beta of 1.68. Align Technology, Inc. has a fifty-two week low of $141.74 and a fifty-two week high of $271.59.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.00 by $0.13. The business had revenue of $979.26 million during the quarter, compared to analyst estimates of $977.90 million. Align Technology had a return on equity of 13.84% and a net margin of 10.54%. The business's revenue was down 1.8% compared to the same quarter last year. During the same period in the prior year, the business earned $2.14 earnings per share. On average, equities research analysts expect that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology announced that its board has initiated a share 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 stock through open market purchases. Stock repurchase plans are typically a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ALGN. Evercore ISI boosted their price objective on Align Technology from $165.00 to $200.00 and gave the company an "outperform" rating in a report 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 report on Thursday, May 1st. Wells Fargo & Company decreased their price objective on Align Technology from $255.00 to $246.00 and set an "overweight" rating for the company in a report on Thursday, May 1st. Needham & Company LLC reaffirmed a "hold" rating on shares of Align Technology in a report on Thursday, May 1st. Finally, HSBC cut Align Technology from a "buy" rating to a "hold" rating and reduced their price target for the stock from $290.00 to $170.00 in a report on Friday, April 25th. One research analyst has rated the stock with a sell rating, four have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average 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.