Marathon Asset Management Ltd Lowers Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Marathon Asset Management Ltd decreased its stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 7.7% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 191,714 shares of the medical equipment provider's stock after selling 16,102 shares during the quarter. Marathon Asset Management Ltd owned approximately 0.26% of Align Technology worth $30,455,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of ALGN. Norges Bank purchased a new stake in shares of Align Technology in the fourth quarter worth about $190,792,000. Senvest Management LLC boosted its stake in shares of Align Technology by 58.1% in the fourth quarter. Senvest Management LLC now owns 726,243 shares of the medical equipment provider's stock worth $151,429,000 after buying an additional 267,000 shares during the last quarter. Resona Asset Management Co. Ltd. purchased a new stake in shares of Align Technology in the fourth quarter worth about $47,853,000. Raymond James Financial Inc. purchased a new stake in shares of Align Technology in the fourth quarter worth about $42,243,000. Finally, Bank of America Corp DE raised its holdings in Align Technology by 77.3% in the 4th quarter. Bank of America Corp DE now owns 460,028 shares of the medical equipment provider's stock worth $95,920,000 after purchasing an additional 200,492 shares during the period. Hedge funds and other institutional investors own 88.43% of the company's stock.

Align Technology Price Performance

Shares of Align Technology stock opened at $188.52 on Friday. Align Technology, Inc. has a 12 month low of $141.74 and a 12 month high of $263.24. The stock has a market capitalization of $13.67 billion, a P/E ratio of 34.34, a PEG ratio of 1.99 and a beta of 1.64. The business has a 50 day simple moving average of $180.58 and a two-hundred day simple moving average of $189.73.

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

Align Technology announced that its board has approved 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 reacquire up to 7.9% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its shares are undervalued.

Analyst Ratings Changes

A number of equities analysts recently weighed in on ALGN shares. UBS Group reduced their price target on Align Technology from $240.00 to $215.00 and set a "neutral" rating for the company in a report on Thursday, April 24th. Piper Sandler reaffirmed an "overweight" rating and issued a $250.00 price target (up previously from $235.00) on shares of Align Technology in a report on Thursday, May 1st. Mizuho reduced their price target on Align Technology from $250.00 to $245.00 and set an "outperform" rating for the company in a report on Tuesday, April 29th. Hsbc Global Res cut Align Technology from a "strong-buy" rating to a "hold" rating in a report on Friday, April 25th. Finally, Evercore ISI upped their price target on Align Technology from $165.00 to $200.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. One analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently 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.

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