TD Asset Management Inc Sells 8,414 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Key Points

• TD Asset Management Inc reduced its stake in Align Technology by 4.7% in the first quarter, owning approximately $27.06 million worth of shares after selling 8,414 shares.
• Align Technology's board has approved a $1.00 billion stock repurchase plan, allowing the company to reacquire up to 7.9% of its stock, signaling potential undervaluation in its shares.
• Align Technology reported an EPS of $2.13 for the latest quarter, surpassing analyst expectations, with revenue of $979.26 million, although this was a 1.8% decline year-over-year.

TD Asset Management Inc decreased its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 4.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 170,320 shares of the medical equipment provider's stock after selling 8,414 shares during the period. TD Asset Management Inc owned about 0.23% of Align Technology worth $27,057,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. Covestor Ltd boosted its stake in shares of Align Technology by 14.6% in the 4th quarter. Covestor Ltd now owns 415 shares of the medical equipment provider's stock valued at $87,000 after purchasing an additional 53 shares during the last quarter. Washington Trust Advisors Inc. grew its stake in shares of Align Technology by 5.2% in the 1st quarter. Washington Trust Advisors Inc. now owns 1,205 shares of the medical equipment provider's stock worth $191,000 after acquiring an additional 60 shares in the last quarter. Fulcrum Capital LLC grew its stake in shares of Align Technology by 0.8% in the 1st quarter. Fulcrum Capital LLC now owns 9,282 shares of the medical equipment provider's stock worth $1,475,000 after acquiring an additional 70 shares in the last quarter. Motley Fool Asset Management LLC grew its stake in shares of 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 worth $229,000 after acquiring an additional 71 shares in the last quarter. Finally, Wahed Invest LLC grew its stake in shares of Align Technology by 5.8% in the 4th quarter. Wahed Invest LLC now owns 1,924 shares of the medical equipment provider's stock worth $401,000 after acquiring an additional 105 shares in the last quarter. Institutional investors and hedge funds own 88.43% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. 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 research note on Friday, April 25th. 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 report on Thursday, May 1st. Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a report on Thursday, May 1st. Piper Sandler reissued an "overweight" rating and issued a $250.00 price target (up from $235.00) on shares of Align Technology in a report on Thursday, May 1st. Finally, Mizuho cut their price target on shares of Align Technology from $250.00 to $245.00 and set an "outperform" rating on the stock in a report on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $242.92.

Align Technology Trading Down 1.1%

Shares of ALGN traded down $2.24 during trading hours on Wednesday, reaching $203.57. 2,414,073 shares of the company's stock traded hands, compared to its average volume of 837,288. The firm's 50 day simple moving average is $187.97 and its 200-day simple moving average is $186.58. The stock has a market cap of $14.76 billion, a PE ratio of 37.08, a price-to-earnings-growth ratio of 2.18 and a beta of 1.63. Align Technology, Inc. has a 12 month low of $141.74 and a 12 month high of $262.87.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its quarterly earnings results 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 net margin of 10.29% and a return on equity of 13.52%. The business had revenue of $979.26 million for the quarter, compared to analysts' expectations of $977.90 million. During the same period last year, the business earned $2.14 earnings per share. The business's quarterly revenue was down 1.8% on a year-over-year basis. As a group, analysts expect 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 initiated a stock repurchase program on Tuesday, May 6th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the medical equipment provider to buy up to 7.9% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board believes its shares are 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.