Sequoia Financial Advisors LLC Has $1.25 Million Stock Position in Align Technology, Inc. $ALGN

Key Points

• Sequoia Financial Advisors increased its stake in Align Technology by 320.1% in the fourth quarter, ending with 7,986 shares valued at about $1.25 million.
• Align Technology reported better-than-expected quarterly results, with EPS of $2.58 versus estimates of $2.26 and revenue of $1.04 billion, up 6.2% year over year.
• The company’s board approved a $200 million share buyback, while analysts maintain a Moderate Buy consensus with an average price target of $205.85.

Sequoia Financial Advisors LLC raised its stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 320.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,986 shares of the medical equipment provider's stock after purchasing an additional 6,085 shares during the quarter. Sequoia Financial Advisors LLC's holdings in Align Technology were worth $1,247,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Capital International Investors boosted its holdings in shares of Align Technology by 88.6% in the 3rd quarter. Capital International Investors now owns 3,050,373 shares of the medical equipment provider's stock worth $381,968,000 after acquiring an additional 1,433,393 shares in the last quarter. Holocene Advisors LP acquired a new position in Align Technology during the 3rd quarter worth $179,035,000. Bank of America Corp DE lifted its holdings in Align Technology by 72.0% during the 3rd quarter. Bank of America Corp DE now owns 1,353,125 shares of the medical equipment provider's stock worth $169,438,000 after buying an additional 566,488 shares in the last quarter. Invesco Ltd. lifted its holdings in Align Technology by 37.4% during the 3rd quarter. Invesco Ltd. now owns 1,497,535 shares of the medical equipment provider's stock worth $187,521,000 after buying an additional 407,559 shares in the last quarter. Finally, UBS Group AG lifted its holdings in Align Technology by 122.4% during the 3rd quarter. UBS Group AG now owns 581,307 shares of the medical equipment provider's stock worth $72,791,000 after buying an additional 319,908 shares in the last quarter. 88.43% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Align Technology news, EVP John Morici sold 7,969 shares of the stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $189.31, for a total value of $1,508,611.39. Following the transaction, the executive vice president directly owned 8,237 shares of the company's stock, valued at $1,559,346.47. This represents a 49.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.75% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Morgan Stanley upped their price objective on Align Technology from $169.00 to $188.00 and gave the stock an "equal weight" rating in a report on Friday, April 24th. Barclays raised Align Technology from an "equal weight" rating to an "overweight" rating and set a $200.00 price objective on the stock in a report on Tuesday, March 17th. Mizuho upped their price objective on Align Technology from $200.00 to $215.00 and gave the stock an "outperform" rating in a report on Thursday, February 5th. Jefferies Financial Group upped their target price on shares of Align Technology from $155.00 to $185.00 and gave the company a "hold" rating in a research report on Thursday, February 5th. Finally, Robert W. Baird set a $218.00 target price on shares of Align Technology in a research report on Thursday, February 5th. Eight investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Align Technology has a consensus rating of "Moderate Buy" and a consensus target price of $205.85.

Align Technology Price Performance

Align Technology stock opened at $165.79 on Wednesday. The firm has a 50-day moving average of $176.74 and a 200-day moving average of $166.00. Align Technology, Inc. has a one year low of $122.00 and a one year high of $208.30. The company has a market cap of $11.87 billion, a price-to-earnings ratio of 27.82, a P/E/G ratio of 1.69 and a beta of 1.70.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The medical equipment provider reported $2.58 EPS for the quarter, topping analysts' consensus estimates of $2.26 by $0.32. Align Technology had a net margin of 10.50% and a return on equity of 15.82%. The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.02 billion. During the same period in the prior year, the business posted $2.13 EPS. The company's quarterly revenue was up 6.2% on a year-over-year basis. As a group, sell-side analysts expect that Align Technology, Inc. will post 9.47 earnings per share for the current year.

Align Technology declared that its Board of Directors has approved a stock buyback program on Wednesday, April 29th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the medical equipment provider to purchase up to 1.6% 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 NASDAQ: ALGN pioneered the use of digital technology in orthodontics through the development of the Invisalign system, a series of clear, removable aligners that provide an alternative to traditional metal braces. Since its founding in 1997 by Zia Chishti and Kelsey Wirth, the Tempe, Arizona–based company has expanded its focus to include intraoral scanners, CAD/CAM software for dental laboratories and comprehensive digital dentistry solutions.

The company's signature Invisalign system leverages 3D imaging and computer-aided design (CAD) to create customized aligners that gradually reposition teeth, improving patient comfort and treatment predictability.

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