Loring Wolcott & Coolidge Fiduciary Advisors LLP MA Sells 15,356 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Loring Wolcott & Coolidge Fiduciary Advisors LLP MA cut its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 8.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 175,090 shares of the medical equipment provider's stock after selling 15,356 shares during the quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA owned approximately 0.24% of Align Technology worth $27,815,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in ALGN. 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 in the last quarter. Invesco Ltd. increased its position in shares of Align Technology by 17.1% during the fourth quarter. Invesco Ltd. now owns 1,082,162 shares of the medical equipment provider's stock valued at $225,642,000 after acquiring an additional 158,312 shares during the last quarter. Norges Bank bought a new stake in Align Technology during the fourth quarter worth $190,792,000. Northern Trust Corp boosted its position in Align Technology by 13.3% in the fourth quarter. Northern Trust Corp now owns 736,936 shares of the medical equipment provider's stock worth $153,659,000 after purchasing an additional 86,493 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its position in Align Technology by 35.2% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 731,846 shares of the medical equipment provider's stock worth $152,597,000 after purchasing an additional 190,711 shares during the last quarter. 88.43% of the stock is owned by institutional investors.

Align Technology Trading Up 0.3%

Align Technology stock opened at $187.74 on Friday. The firm has a 50 day simple moving average of $180.24 and a 200 day simple moving average of $190.07. Align Technology, Inc. has a 1-year low of $141.74 and a 1-year high of $263.24. The firm has a market capitalization of $13.61 billion, a price-to-earnings ratio of 34.20, a P/E/G ratio of 1.98 and a beta of 1.64.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share for the quarter, beating the consensus estimate of $2.00 by $0.13. The company had revenue of $979.26 million during the quarter, compared to analysts' expectations of $977.90 million. Align Technology had a return on equity of 13.52% and a net margin of 10.29%. The firm's quarterly revenue was down 1.8% compared to the same quarter last year. During the same period in the previous year, the business earned $2.14 earnings per share. On average, equities research analysts forecast that Align Technology, Inc. will post 7.98 EPS for the current year.

Align Technology announced that its Board of Directors has initiated a share repurchase program on Tuesday, May 6th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the medical equipment provider to purchase up to 7.9% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Evercore ISI raised their target price on Align Technology from $165.00 to $200.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. HSBC downgraded shares of Align Technology from a "buy" rating to a "hold" rating and decreased their price objective for the stock from $290.00 to $170.00 in a report on Friday, April 25th. Mizuho dropped their target price on shares of Align Technology from $250.00 to $245.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 29th. UBS Group reduced their target price on shares of 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, Needham & Company LLC restated a "hold" rating on shares of Align Technology in a research note on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $241.25.

Align Technology 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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