Vanguard Group Inc. Sells 121,832 Shares of Align Technology, Inc. $ALGN

Key Points

• Vanguard trimmed its stake in Align Technology by 1.5%, selling 121,832 shares and leaving 8,179,779 shares (about 11.4% of the company) worth roughly $1.277 billion, while other institutions boosted positions and total institutional ownership stands at 88.43%.
• Align beat quarterly expectations (EPS $2.58 vs. $2.26; revenue $1.04B vs. $1.02B), announced a $200 million share buyback (up to ~1.6% of outstanding shares), and carries a consensus analyst target of about $203.92 with a "Moderate Buy" average rating.

Vanguard Group Inc. cut its stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 1.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,179,779 shares of the medical equipment provider's stock after selling 121,832 shares during the quarter. Vanguard Group Inc. owned about 11.40% of Align Technology worth $1,277,272,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of ALGN. Capital International Investors lifted its position in shares of Align Technology by 88.6% during the third quarter. Capital International Investors now owns 3,050,373 shares of the medical equipment provider's stock worth $381,968,000 after purchasing an additional 1,433,393 shares during the last quarter. Ninety One UK Ltd lifted its position in shares of Align Technology by 18.3% during the third quarter. Ninety One UK Ltd now owns 2,267,192 shares of the medical equipment provider's stock worth $283,898,000 after purchasing an additional 350,883 shares during the last quarter. Invesco Ltd. lifted its position in shares of Align Technology by 37.4% during the third quarter. Invesco Ltd. now owns 1,497,535 shares of the medical equipment provider's stock worth $187,521,000 after purchasing an additional 407,559 shares during the last quarter. Holocene Advisors LP bought a new stake in shares of Align Technology during the third quarter worth $179,035,000. Finally, Bank of America Corp DE lifted its position in shares of Align Technology by 72.0% during the third quarter. Bank of America Corp DE now owns 1,353,125 shares of the medical equipment provider's stock worth $169,438,000 after purchasing an additional 566,488 shares during the last quarter. 88.43% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Align Technology

In related news, EVP John Morici sold 7,969 shares of Align Technology stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $189.31, for a total value of $1,508,611.39. Following the completion of the sale, the executive vice president directly owned 8,237 shares in the company, valued at $1,559,346.47. The trade was a 49.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.75% of the stock is owned by insiders.

Align Technology Price Performance

ALGN stock opened at $176.01 on Friday. The business has a 50-day moving average price of $179.02 and a 200 day moving average price of $164.00. The company has a market capitalization of $12.61 billion, a P/E ratio of 29.53, a PEG ratio of 1.94 and a beta of 1.81. Align Technology, Inc. has a 1-year low of $122.00 and a 1-year high of $208.30.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.26 by $0.32. The firm had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.02 billion. Align Technology had a return on equity of 16.00% and a net margin of 10.50%.The firm's quarterly revenue was up 6.2% on a year-over-year basis. During the same period in the previous year, the company posted $2.13 earnings per share. On average, analysts anticipate that Align Technology, Inc. will post 9.15 earnings per share for the current fiscal year.

Align Technology declared that its board has initiated a stock repurchase plan on Wednesday, April 29th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the medical equipment provider to buy up to 1.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Wall Street Zen upgraded Align Technology from a "buy" rating to a "strong-buy" rating in a research report on Saturday, March 7th. Evercore reiterated an "outperform" rating on shares of Align Technology in a research report on Wednesday, April 8th. Wells Fargo & Company lifted their target price on Align Technology from $181.00 to $200.00 and gave the stock an "overweight" rating in a research report on Thursday, February 5th. UBS Group lifted their target price on Align Technology from $175.00 to $185.00 and gave the stock a "neutral" rating in a research report on Thursday, February 5th. Finally, Mizuho lifted their target price on Align Technology from $200.00 to $215.00 and gave the stock an "outperform" rating 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 stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $203.92.

About Align Technology

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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