Nisa Investment Advisors LLC Lowers Stock Position in Align Technology, Inc. (NASDAQ:ALGN)

Nisa Investment Advisors LLC decreased its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 31.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,081 shares of the medical equipment provider's stock after selling 6,032 shares during the quarter. Nisa Investment Advisors LLC's holdings in Align Technology were worth $2,078,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of ALGN. Picton Mahoney Asset Management boosted its stake in Align Technology by 69.9% in the fourth quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider's stock worth $30,000 after buying an additional 58 shares in the last quarter. GKV Capital Management Co. Inc. purchased a new stake in shares of Align Technology during the fourth quarter valued at approximately $31,000. Aster Capital Management DIFC Ltd purchased a new stake in shares of Align Technology during the fourth quarter valued at approximately $35,000. Orion Capital Management LLC purchased a new stake in Align Technology in the fourth quarter worth $42,000. Finally, Compagnie Lombard Odier SCmA purchased a new stake in Align Technology in the first quarter worth $32,000. Hedge funds and other institutional investors own 88.43% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on ALGN. Wells Fargo & Company dropped their price target on Align Technology from $255.00 to $246.00 and set an "overweight" rating for the company in a research note on Thursday, May 1st. Evercore ISI increased 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. Hsbc Global Res downgraded Align Technology from a "strong-buy" rating to a "hold" rating in a report on Friday, April 25th. Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a report on Thursday, May 1st. Finally, 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. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Align Technology currently has a consensus rating of "Moderate Buy" and a consensus price target of $242.92.

Align Technology Trading Up 1.5%

ALGN stock traded up $2.83 on Thursday, hitting $193.07. The company had a trading volume of 127,877 shares, compared to its average volume of 920,718. The stock's 50-day simple moving average is $185.59 and its 200 day simple moving average is $187.56. The stock has a market cap of $13.99 billion, a price-to-earnings ratio of 35.12, a P/E/G ratio of 2.04 and a beta of 1.63. Align Technology, Inc. has a 12-month low of $141.74 and a 12-month high of $263.24.

Align Technology (NASDAQ:ALGN - Get Free Report) last released 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 the consensus estimate of $977.90 million. Align Technology had a return on equity of 13.52% and a net margin of 10.29%. The business's quarterly revenue was down 1.8% compared to the same quarter last year. During the same period in the previous year, the company posted $2.14 EPS. Research analysts forecast that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Align Technology announced that its board has initiated a share buyback plan on Tuesday, May 6th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the medical equipment provider to repurchase up to 7.9% of its stock through open market purchases. Stock buyback plans are often an indication that the company's leadership believes its stock is undervalued.

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.