Riverbridge Partners LLC Sells 8,739 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Riverbridge Partners LLC reduced its stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 3.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 227,548 shares of the medical equipment provider's stock after selling 8,739 shares during the quarter. Riverbridge Partners LLC owned 0.31% of Align Technology worth $36,148,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. Geode Capital Management LLC lifted its position in Align Technology by 2.2% in the 4th quarter. Geode Capital Management LLC now owns 1,790,014 shares of the medical equipment provider's stock valued at $372,299,000 after acquiring an additional 39,209 shares in the last quarter. Invesco Ltd. lifted its position in Align Technology by 17.1% during the 4th quarter. Invesco Ltd. now owns 1,082,162 shares of the medical equipment provider's stock worth $225,642,000 after buying an additional 158,312 shares in the last quarter. Norges Bank bought a new stake in Align Technology during the 4th quarter worth about $190,792,000. Northern Trust Corp lifted its position in Align Technology by 13.3% during the 4th quarter. Northern Trust Corp now owns 736,936 shares of the medical equipment provider's stock worth $153,659,000 after buying an additional 86,493 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its position in Align Technology by 35.2% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 731,846 shares of the medical equipment provider's stock worth $152,597,000 after buying an additional 190,711 shares in the last quarter. 88.43% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Evercore ISI boosted their price target on shares of Align Technology from $165.00 to $200.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a research report on Thursday, May 1st. Wells Fargo & Company cut their price target on shares of Align Technology from $255.00 to $246.00 and set an "overweight" rating on the stock in a research report on Thursday, May 1st. UBS Group cut their price target on shares of Align Technology from $240.00 to $215.00 and set a "neutral" rating on the stock in a research report on Thursday, April 24th. Finally, Hsbc Global Res cut shares of Align Technology from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 25th. One analyst has rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $241.25.

Align Technology Stock Up 2.8%

Align Technology stock opened at $180.01 on Friday. The stock has a market cap of $13.05 billion, a P/E ratio of 32.79, a P/E/G ratio of 1.91 and a beta of 1.64. Align Technology, Inc. has a twelve month low of $141.74 and a twelve month high of $263.24. The company's 50-day moving average price is $178.35 and its two-hundred day moving average price is $191.72.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The medical equipment provider reported $2.13 EPS for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $977.90 million. During the same period in the prior year, the firm posted $2.14 EPS. The company's revenue for the quarter was down 1.8% on a year-over-year basis. Equities analysts anticipate that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Align Technology declared that its Board of Directors has approved a stock buyback program on Tuesday, May 6th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the medical equipment provider to purchase up to 7.9% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's management believes its shares are undervalued.

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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