US Bancorp DE Sells 5,407 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Key Points

• US Bancorp DE has reduced its position in Align Technology by 6.5%, selling 5,407 shares, leaving them with about 77,889 shares valued at approximately $12.37 million.
• Analysts have revised their ratings and target prices for Align Technology, with Morgan Stanley lowering its target from $249.00 to $154.00 and Wells Fargo cutting it from $246.00 to $199.00.
• Align Technology's CEO, Joseph M. Hogan, purchased 7,576 shares of the company's stock at an average price of $131.49 per share, increasing his ownership stake by 4.27%.

US Bancorp DE trimmed its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 6.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 77,889 shares of the medical equipment provider's stock after selling 5,407 shares during the quarter. US Bancorp DE owned 0.11% of Align Technology worth $12,374,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. GKV Capital Management Co. Inc. purchased a new stake in Align Technology during the fourth quarter worth approximately $31,000. Compagnie Lombard Odier SCmA purchased a new stake in Align Technology during the first quarter worth approximately $32,000. Aster Capital Management DIFC Ltd purchased a new stake in Align Technology during the fourth quarter worth approximately $35,000. Center for Financial Planning Inc. acquired a new position in Align Technology during the first quarter worth approximately $35,000. Finally, Orion Capital Management LLC acquired a new position in Align Technology during the fourth quarter worth approximately $42,000. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Align Technology Price Performance

Shares of ALGN stock traded up $1.86 on Thursday, reaching $138.76. 877,104 shares of the company were exchanged, compared to its average volume of 1,197,229. The company has a market cap of $10.06 billion, a price-to-earnings ratio of 23.40, a PEG ratio of 1.57 and a beta of 1.61. The company has a 50-day moving average of $184.74 and a 200-day moving average of $183.92. Align Technology, Inc. has a one year low of $127.70 and a one year high of $262.87.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its earnings results on Wednesday, July 30th. The medical equipment provider reported $2.49 earnings per share for the quarter, missing analysts' consensus estimates of $2.57 by ($0.08). The business had revenue of $1.01 billion during the quarter, compared to analysts' expectations of $1.06 billion. Align Technology had a return on equity of 13.36% and a net margin of 11.04%. Align Technology's quarterly revenue was down 1.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.41 EPS. As a group, sell-side analysts predict that Align Technology, Inc. will post 7.98 EPS for the current year.

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

Insider Activity at Align Technology

In related news, CEO Joseph M. Hogan purchased 7,576 shares of the firm's stock in a transaction dated Friday, August 1st. The shares were purchased at an average cost of $131.49 per share, for a total transaction of $996,168.24. Following the completion of the transaction, the chief executive officer directly owned 184,945 shares in the company, valued at approximately $24,318,418.05. This represents a 4.27% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 0.66% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on ALGN shares. Wells Fargo & Company dropped their target price on Align Technology from $246.00 to $199.00 and set an "overweight" rating on the stock in a report on Thursday, July 31st. Mizuho set a $210.00 target price on Align Technology in a report on Thursday, July 31st. Hsbc Global Res lowered Align Technology from a "strong-buy" rating to a "hold" rating in a report on Friday, April 25th. Evercore ISI upped their price objective on Align Technology from $200.00 to $220.00 and gave the company an "outperform" rating in a research report on Wednesday, July 9th. Finally, Needham & Company LLC restated a "hold" rating on shares of Align Technology in a report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Align Technology has an average rating of "Moderate Buy" and an average price target of $215.00.

About Align Technology

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.