Axa S.A. Sells 269 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Axa S.A. decreased its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 13.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,704 shares of the medical equipment provider’s stock after selling 269 shares during the quarter. Axa S.A.’s holdings in Align Technology were worth $355,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Covestor Ltd lifted its holdings in Align Technology by 14.6% during the 4th quarter. Covestor Ltd now owns 415 shares of the medical equipment provider’s stock worth $87,000 after purchasing an additional 53 shares in the last quarter. Picton Mahoney Asset Management lifted its holdings in shares of Align Technology by 69.9% in the fourth quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider’s stock worth $30,000 after buying an additional 58 shares in the last quarter. Smartleaf Asset Management LLC boosted its position in shares of Align Technology by 9.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 766 shares of the medical equipment provider’s stock valued at $158,000 after acquiring an additional 64 shares during the period. Beech Hill Advisors Inc. grew its stake in Align Technology by 0.6% during the fourth quarter. Beech Hill Advisors Inc. now owns 11,632 shares of the medical equipment provider’s stock valued at $2,425,000 after acquiring an additional 65 shares in the last quarter. Finally, New York Life Investment Management LLC increased its holdings in Align Technology by 0.7% during the 4th quarter. New York Life Investment Management LLC now owns 9,406 shares of the medical equipment provider’s stock worth $1,961,000 after acquiring an additional 68 shares during the period. 88.43% of the stock is owned by institutional investors.

Analysts Set New Price Targets

ALGN has been the subject of a number of recent analyst reports. UBS Group reduced their price target on shares of Align Technology from $240.00 to $215.00 and set a “neutral” rating for the company in a research report on Thursday, April 24th. Piper Sandler restated an “overweight” rating and issued a $250.00 target price (up from $235.00) on shares of Align Technology in a research note on Thursday, May 1st. Wells Fargo & Company dropped their price target on Align Technology from $255.00 to $246.00 and set an “overweight” rating for the company in a research report on Thursday, May 1st. Morgan Stanley decreased their price objective on shares of Align Technology from $280.00 to $272.00 and set an “overweight” rating on the stock in a research report on Thursday, February 6th. Finally, HSBC lowered shares of Align Technology from a “buy” rating to a “hold” rating and dropped their target price for the company from $290.00 to $170.00 in a research report on Friday, April 25th. One research analyst has rated the stock with a sell rating, four have given a hold rating, ten have given 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.

Align Technology Price Performance

Shares of ALGN stock opened at $181.81 on Friday. The business has a 50-day moving average of $167.96 and a 200 day moving average of $199.78. The stock has a market capitalization of $13.31 billion, a PE ratio of 32.41, a P/E/G ratio of 2.24 and a beta of 1.68. Align Technology, Inc. has a 1-year low of $141.74 and a 1-year high of $283.00.

Align Technology (NASDAQ:ALGN) last issued its 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 net margin of 10.54% and a return on equity of 13.84%. The firm had revenue of $979.26 million for the quarter, compared to analysts’ expectations of $977.90 million. During the same quarter last year, the business earned $2.14 earnings per share. The business’s revenue was down 1.8% on a year-over-year basis. Analysts anticipate that Align Technology, Inc. will post 7.98 EPS for the current year.

Align Technology announced that its board has initiated a stock buyback program on Tuesday, May 6th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the medical equipment provider to purchase up to 7.9% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors 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.