Align Technology, Inc. (NASDAQ:ALGN) Shares Sold by Point72 Asset Management L.P.

Point72 Asset Management L.P. lowered its stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 88.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 76,364 shares of the medical equipment provider's stock after selling 597,955 shares during the period. Point72 Asset Management L.P. owned 0.10% of Align Technology worth $15,923,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Covestor Ltd boosted its stake in shares of Align Technology by 14.6% in the fourth quarter. Covestor Ltd now owns 415 shares of the medical equipment provider's stock worth $87,000 after buying an additional 53 shares during the last quarter. Picton Mahoney Asset Management boosted its holdings in Align Technology by 69.9% in the 4th 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 during the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of Align Technology by 9.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 766 shares of the medical equipment provider's stock worth $158,000 after acquiring an additional 64 shares during the last quarter. New York Life Investment Management LLC grew its holdings in shares of Align Technology by 0.7% during the fourth quarter. New York Life Investment Management LLC now owns 9,406 shares of the medical equipment provider's stock worth $1,961,000 after buying an additional 68 shares in the last quarter. Finally, Motley Fool Asset Management LLC raised its holdings in Align Technology by 6.9% in the 4th quarter. Motley Fool Asset Management LLC now owns 1,099 shares of the medical equipment provider's stock valued at $229,000 after acquiring an additional 71 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company's stock.

Align Technology Stock Performance

NASDAQ:ALGN traded down $2.26 during mid-day trading on Tuesday, reaching $182.58. The stock had a trading volume of 569,833 shares, compared to its average volume of 918,393. The business has a 50 day simple moving average of $170.68 and a 200 day simple moving average of $198.48. Align Technology, Inc. has a twelve month low of $141.74 and a twelve month high of $271.59. The firm has a market capitalization of $13.23 billion, a price-to-earnings ratio of 32.55, a PEG ratio of 2.24 and a beta of 1.68.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its quarterly earnings data 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. The firm had revenue of $979.26 million during the quarter, compared to analysts' expectations of $977.90 million. Align Technology had a net margin of 10.54% and a return on equity of 13.84%. The business's revenue for the quarter was down 1.8% compared to the same quarter last year. During the same quarter last year, the business earned $2.14 earnings per share. As a group, sell-side analysts expect that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Align Technology announced that its Board of Directors has approved a share buyback plan on Tuesday, May 6th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the medical equipment provider to repurchase up to 7.9% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's management believes its shares are undervalued.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Mizuho lowered their price target on shares of Align Technology from $250.00 to $245.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 29th. HSBC lowered shares of Align Technology from a "buy" rating to a "hold" rating and reduced their target price for the stock from $290.00 to $170.00 in a report on Friday, April 25th. Jefferies Financial Group cut their target price on shares of Align Technology from $285.00 to $260.00 and set a "buy" rating on the stock in a research note on Thursday, January 23rd. Hsbc Global Res downgraded Align Technology from a "strong-buy" rating to a "hold" rating in a report on Friday, April 25th. Finally, Needham & Company LLC restated a "hold" rating on shares of Align Technology in a research note on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $241.25.

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.