Janus Henderson Group PLC Decreases Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Janus Henderson Group PLC decreased its stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 6.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 150,969 shares of the medical equipment provider's stock after selling 11,010 shares during the period. Janus Henderson Group PLC owned about 0.20% of Align Technology worth $31,479,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. Allspring Global Investments Holdings LLC boosted its position in Align Technology by 119.6% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 169,641 shares of the medical equipment provider's stock worth $35,368,000 after buying an additional 92,407 shares during the period. Swedbank AB raised its position in Align Technology by 25.0% during the 4th quarter. Swedbank AB now owns 486,267 shares of the medical equipment provider's stock worth $101,392,000 after purchasing an additional 97,152 shares during the last quarter. Principal Securities Inc. lifted its holdings in Align Technology by 34.5% during the 4th quarter. Principal Securities Inc. now owns 1,881 shares of the medical equipment provider's stock worth $392,000 after buying an additional 483 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in shares of Align Technology by 1.2% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 7,799 shares of the medical equipment provider's stock valued at $1,626,000 after buying an additional 91 shares during the last quarter. Finally, Allworth Financial LP increased its stake in shares of Align Technology by 1,479.1% in the fourth quarter. Allworth Financial LP now owns 2,416 shares of the medical equipment provider's stock valued at $504,000 after buying an additional 2,263 shares during the period. Institutional investors and hedge funds own 88.43% of the company's stock.

Align Technology Trading Up 0.1%

NASDAQ ALGN traded up $0.14 during mid-day trading on Tuesday, hitting $184.98. The company's stock had a trading volume of 145,225 shares, compared to its average volume of 916,358. The firm has a market capitalization of $13.41 billion, a price-to-earnings ratio of 32.96, a PEG ratio of 2.24 and a beta of 1.68. The company's 50 day simple moving average is $170.24 and its 200 day simple moving average is $198.60. Align Technology, Inc. has a twelve month low of $141.74 and a twelve month high of $272.17.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.00 by $0.13. Align Technology had a return on equity of 13.84% and a net margin of 10.54%. The business had revenue of $979.26 million during the quarter, compared to the consensus estimate of $977.90 million. During the same quarter in the prior year, the company posted $2.14 earnings per share. Align Technology's revenue was down 1.8% compared to the same quarter last year. As a group, research analysts forecast that Align Technology, Inc. will post 7.98 EPS for the current year.

Align Technology declared that its board has authorized a stock repurchase program on Tuesday, May 6th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the medical equipment provider to purchase up to 7.9% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's board believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research firms recently commented on ALGN. Evercore ISI lifted their price objective on Align Technology from $165.00 to $200.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. Piper Sandler restated an "overweight" rating and issued a $250.00 price target (up previously from $235.00) on shares of Align Technology in a research report on Thursday, May 1st. Hsbc Global Res lowered shares of Align Technology from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 25th. Wells Fargo & Company dropped their target price 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. Finally, Jefferies Financial Group cut their price target on shares of Align Technology from $285.00 to $260.00 and set a "buy" rating on the stock in a research report on Thursday, January 23rd. One analyst has rated the stock with a sell rating, four have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Align Technology has an average rating of "Moderate Buy" and an average price target of $241.25.

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.