Kovitz Investment Group Partners LLC cut its position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 21.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,557 shares of the medical equipment provider's stock after selling 1,775 shares during the period. Kovitz Investment Group Partners LLC's holdings in Align Technology were worth $1,042,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in the company. American Assets Inc. bought a new stake in Align Technology during the 4th quarter valued at $417,000. Guggenheim Capital LLC grew its holdings in shares of Align Technology by 9.9% during the fourth quarter. Guggenheim Capital LLC now owns 5,329 shares of the medical equipment provider's stock valued at $1,111,000 after buying an additional 481 shares during the last quarter. Forum Financial Management LP acquired a new position in shares of Align Technology during the fourth quarter valued at about $295,000. First Trust Advisors LP increased its position in shares of Align Technology by 2.9% during the fourth quarter. First Trust Advisors LP now owns 21,659 shares of the medical equipment provider's stock worth $4,516,000 after acquiring an additional 616 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Align Technology by 36.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 354,725 shares of the medical equipment provider's stock worth $73,961,000 after acquiring an additional 95,393 shares during the last quarter. 88.43% of the stock is owned by institutional investors and hedge funds.
Align Technology Trading Up 6.3%
Shares of NASDAQ:ALGN traded up $8.90 during midday trading on Friday, reaching $149.57. The company had a trading volume of 1,502,605 shares, compared to its average volume of 2,609,758. The stock has a market cap of $10.84 billion, a P/E ratio of 25.22, a P/E/G ratio of 1.59 and a beta of 1.61. The company's 50 day moving average price is $175.36 and its 200 day moving average price is $177.02. Align Technology, Inc. has a 52-week low of $127.70 and a 52-week high of $262.87.
Align Technology (NASDAQ:ALGN - Get Free Report) last released its earnings results on Wednesday, July 30th. The medical equipment provider reported $2.49 earnings per share for the quarter, missing analysts' consensus estimates of $2.57 by ($0.08). The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1.06 billion. Align Technology had a net margin of 11.04% and a return on equity of 13.36%. The firm's revenue was down 1.6% on a year-over-year basis. During the same period in the prior year, the company earned $2.41 earnings per share. Align Technology has set its Q3 2025 guidance at EPS. Research analysts forecast that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.
Align Technology announced that its board has approved a stock buyback plan on Tuesday, May 6th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the medical equipment provider to repurchase up to 7.9% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's leadership believes its shares are undervalued.
Wall Street Analyst Weigh In
ALGN has been the subject of a number of recent research reports. Mizuho set a $210.00 price objective on Align Technology in a report on Thursday, July 31st. Hsbc Global Res downgraded Align Technology from a "strong-buy" rating to a "hold" rating in a report on Friday, April 25th. Evercore ISI increased their price target on Align Technology from $200.00 to $220.00 and gave the company an "outperform" rating in a research report on Wednesday, July 9th. Piper Sandler cut their price objective on shares of Align Technology from $250.00 to $190.00 and set an "overweight" rating on the stock in a report on Thursday, July 31st. Finally, Morgan Stanley reiterated an "equal weight" rating and issued a $154.00 target price (down previously from $249.00) on shares of Align Technology in a research note on Thursday, July 31st. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $215.00.
Check Out Our Latest Research Report on ALGN
Insider Transactions at Align Technology
In other news, CEO Joseph M. Hogan bought 7,576 shares of the stock in a transaction on Friday, August 1st. The shares were purchased at an average cost of $131.49 per share, for a total transaction of $996,168.24. Following the completion of the purchase, the chief executive officer directly owned 184,945 shares in the company, valued at $24,318,418.05. This represents a 4.27% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.66% of the stock is owned by corporate insiders.
Align Technology Company Profile
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Free Report)
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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