Align Technology, Inc. (NASDAQ:ALGN) Stake Reduced by DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main

DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main trimmed its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 86.1% in the fourth quarter, Holdings Channel.com reports. The fund owned 4,018 shares of the medical equipment provider’s stock after selling 24,791 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main’s holdings in Align Technology were worth $838,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Covestor Ltd boosted its position in shares of Align Technology by 14.6% in the fourth quarter. Covestor Ltd now owns 415 shares of the medical equipment provider’s stock valued at $87,000 after acquiring an additional 53 shares during the period. Picton Mahoney Asset Management boosted its position 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 valued at $30,000 after acquiring an additional 58 shares during the period. 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. boosted its position in shares of Align Technology by 0.6% in 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 during the period. Finally, New York Life Investment Management LLC boosted its position in shares of Align Technology by 0.7% in the fourth quarter. New York Life Investment Management LLC now owns 9,406 shares of the medical equipment provider’s stock valued at $1,961,000 after acquiring an additional 68 shares during the period. 88.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ALGN. Morgan Stanley reduced their price objective on Align Technology from $280.00 to $272.00 and set an “overweight” rating for the company in a research report on Thursday, February 6th. Evercore ISI increased their price objective on Align Technology from $165.00 to $200.00 and gave the company an “outperform” rating in a research report on Thursday, May 1st. Wells Fargo & Company reduced their price objective 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. Jefferies Financial Group reduced their price objective on Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a research report on Thursday, January 23rd. Finally, UBS Group cut their target price on Align Technology from $240.00 to $215.00 and set a “neutral” rating for the company in a research note on Thursday, April 24th. 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’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $241.25.

Align Technology Stock Performance

Shares of NASDAQ ALGN opened at $181.81 on Monday. The stock has a market cap of $13.31 billion, a PE ratio of 32.41, a PEG ratio of 2.24 and a beta of 1.68. The business has a fifty day moving average of $167.96 and a two-hundred day moving average of $199.61. Align Technology, Inc. has a 52-week low of $141.74 and a 52-week high of $283.00.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.00 by $0.13. The company had revenue of $979.26 million during the quarter, compared to analysts’ expectations of $977.90 million. Align Technology had a return on equity of 13.84% and a net margin of 10.54%. The business’s revenue was down 1.8% on a year-over-year basis. During the same period last year, the business earned $2.14 earnings per share. Analysts predict that Align Technology, Inc. will post 7.98 earnings per share for the current year.

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

Align Technology Company 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.