Align Technology, Inc. (NASDAQ:ALGN) Shares Purchased by Sabal Trust CO

Sabal Trust CO increased its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 15.8% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 4,941 shares of the medical equipment provider’s stock after acquiring an additional 676 shares during the period. Sabal Trust CO’s holdings in Align Technology were worth $785,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Giverny Capital Inc. grew its holdings in shares of Align Technology by 30.3% during the 4th quarter. Giverny Capital Inc. now owns 43,006 shares of the medical equipment provider’s stock worth $8,967,000 after purchasing an additional 10,013 shares during the period. Virtu Financial LLC purchased a new position in Align Technology during the fourth quarter worth about $3,115,000. Schonfeld Strategic Advisors LLC increased its position in shares of Align Technology by 1,679.5% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 35,110 shares of the medical equipment provider’s stock valued at $7,321,000 after acquiring an additional 33,137 shares during the last quarter. American Assets Inc. purchased a new stake in shares of Align Technology in the 4th quarter valued at approximately $417,000. Finally, Jones Financial Companies Lllp raised its stake in shares of Align Technology by 60.8% in the 4th quarter. Jones Financial Companies Lllp now owns 648 shares of the medical equipment provider’s stock valued at $135,000 after acquiring an additional 245 shares during the period. Institutional investors and hedge funds own 88.43% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ALGN. Evercore ISI lifted their target price on shares of Align Technology from $165.00 to $200.00 and gave the company an “outperform” rating in a report on Thursday, May 1st. Mizuho lowered their price target on Align Technology from $250.00 to $245.00 and set an “outperform” rating for the company in a research report on Tuesday, April 29th. Wells Fargo & Company cut their price objective on Align Technology from $255.00 to $246.00 and set an “overweight” rating on the stock in a report on Thursday, May 1st. Piper Sandler reissued an “overweight” rating and set a $250.00 target price (up previously from $235.00) on shares of Align Technology in a research note on Thursday, May 1st. Finally, HSBC cut Align Technology from a “buy” rating to a “hold” rating and lowered their target price for the company from $290.00 to $170.00 in a report on Friday, April 25th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $241.25.

Align Technology Stock Performance

ALGN stock opened at $187.14 on Thursday. The company’s 50 day moving average price is $179.91 and its 200 day moving average price is $190.41. The firm has a market capitalization of $13.57 billion, a price-to-earnings ratio of 34.09, a PEG ratio of 1.98 and a beta of 1.64. Align Technology, Inc. has a fifty-two week low of $141.74 and a fifty-two week high of $263.24.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 EPS for the quarter, topping the consensus estimate of $2.00 by $0.13. Align Technology had a net margin of 10.29% and a return on equity of 13.52%. The company had revenue of $979.26 million during the quarter, compared to analysts’ expectations of $977.90 million. During the same quarter in the previous year, the business posted $2.14 EPS. The firm’s revenue was down 1.8% on a year-over-year basis. Equities analysts forecast that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology announced that its Board of Directors has initiated a share buyback program on Tuesday, May 6th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the medical equipment provider to purchase up to 7.9% of its shares through open market purchases. Shares buyback programs are often 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.