Legacy Trust Trims Stock Holdings in Align Technology, Inc. $ALGN

Key Points

• Legacy Trust reduced its holdings in Align Technology, Inc. by 47.2%, selling 7,061 shares and ending with 7,883 shares valued at approximately $1.49 million.
• Multiple institutional investors have increased their stakes in Align Technology, with notable increases including Robeco Institutional Asset Management B.V. raising its holdings by 286.2% during the second quarter.
• Align Technology's recent quarterly earnings report showed an EPS of $2.49, missing estimates, and the company has initiated a $200 million stock buyback plan, indicating potential undervaluation of its stock.

Legacy Trust trimmed its holdings in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 47.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 7,883 shares of the medical equipment provider's stock after selling 7,061 shares during the quarter. Legacy Trust's holdings in Align Technology were worth $1,492,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. QRG Capital Management Inc. purchased a new stake in shares of Align Technology in the second quarter worth approximately $306,000. Ascent Group LLC raised its holdings in shares of Align Technology by 11.0% in the second quarter. Ascent Group LLC now owns 12,960 shares of the medical equipment provider's stock worth $2,454,000 after buying an additional 1,284 shares during the period. Cromwell Holdings LLC raised its holdings in shares of Align Technology by 2,900.0% in the second quarter. Cromwell Holdings LLC now owns 180 shares of the medical equipment provider's stock worth $34,000 after buying an additional 174 shares during the period. Robeco Institutional Asset Management B.V. raised its holdings in shares of Align Technology by 286.2% in the second quarter. Robeco Institutional Asset Management B.V. now owns 144,189 shares of the medical equipment provider's stock worth $27,299,000 after buying an additional 106,853 shares during the period. Finally, Ninety One North America Inc. raised its holdings in shares of Align Technology by 46.5% in the second quarter. Ninety One North America Inc. now owns 139,133 shares of the medical equipment provider's stock worth $26,342,000 after buying an additional 44,135 shares during the period. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Stifel Nicolaus reduced their price objective on Align Technology from $275.00 to $200.00 and set a "buy" rating on the stock in a report on Thursday, July 31st. Zacks Research upgraded Align Technology from a "strong sell" rating to a "hold" rating in a report on Tuesday, September 30th. Evercore ISI raised their price objective on Align Technology from $200.00 to $220.00 and gave the stock an "outperform" rating in a report on Wednesday, July 9th. Wells Fargo & Company reduced their price objective on Align Technology from $246.00 to $199.00 and set an "overweight" rating on the stock in a report on Thursday, July 31st. Finally, Piper Sandler reduced their price objective on Align Technology from $250.00 to $190.00 and set an "overweight" rating on the stock in a report on Thursday, July 31st. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $215.00.

Align Technology Stock Performance

Shares of ALGN opened at $132.17 on Friday. The stock has a 50-day moving average of $140.20 and a two-hundred day moving average of $165.71. Align Technology, Inc. has a one year low of $122.00 and a one year high of $246.19. The stock has a market cap of $9.58 billion, a P/E ratio of 22.29, a P/E/G ratio of 1.49 and a beta of 1.70.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The medical equipment provider reported $2.49 EPS for the quarter, missing analysts' consensus estimates of $2.57 by ($0.08). Align Technology had a return on equity of 13.36% and a net margin of 11.04%.The firm had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1.06 billion. During the same period in the prior year, the firm posted $2.41 EPS. The business's revenue was down 1.6% compared to the same quarter last year. Align Technology has set its Q3 2025 guidance at EPS. Analysts predict that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology declared that its Board of Directors has initiated a stock buyback plan on Tuesday, August 5th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the medical equipment provider to buy up to 2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's leadership believes its stock is undervalued.

Insider Buying and Selling

In other news, CEO Joseph M. Hogan purchased 7,576 shares of the stock in a transaction on Friday, August 1st. The stock was bought at an average price of $131.49 per share, with a total value of $996,168.24. Following the transaction, the chief executive officer owned 184,945 shares in the company, valued at $24,318,418.05. The trade was a 4.27% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.66% of the company's stock.

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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