Cetera Investment Advisers Sells 196 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Cetera Investment Advisers trimmed its position in Align Technology, Inc. (NASDAQ:ALGN) by 1.7% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 11,105 shares of the medical equipment provider’s stock after selling 196 shares during the period. Cetera Investment Advisers’ holdings in Align Technology were worth $2,315,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of ALGN. Picton Mahoney Asset Management increased its holdings in 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 purchasing an additional 58 shares during the period. GKV Capital Management Co. Inc. acquired a new stake in Align Technology in the fourth quarter valued at $31,000. Aster Capital Management DIFC Ltd acquired a new stake in Align Technology in the fourth quarter valued at $35,000. Private Trust Co. NA increased its holdings in Align Technology by 113.4% in the fourth quarter. Private Trust Co. NA now owns 175 shares of the medical equipment provider’s stock valued at $36,000 after purchasing an additional 93 shares during the period. Finally, Newbridge Financial Services Group Inc. acquired a new stake in Align Technology in the fourth quarter valued at $52,000. 88.43% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the company. Piper Sandler restated an “overweight” rating and issued a $250.00 price objective (up from $235.00) on shares of Align Technology in a report on Thursday, May 1st. Hsbc Global Res downgraded Align Technology from a “strong-buy” rating to a “hold” rating in a report on Friday, April 25th. Mizuho decreased their price target on Align Technology from $250.00 to $245.00 and set an “outperform” rating for the company in a report on Tuesday, April 29th. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a report on Thursday, May 1st. Finally, Evercore ISI increased their price target on Align Technology from $165.00 to $200.00 and gave the stock an “outperform” rating in a report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, four have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $241.25.

Align Technology Price Performance

ALGN stock opened at $188.29 on Monday. The stock has a market capitalization of $13.65 billion, a PE ratio of 33.56, a price-to-earnings-growth ratio of 2.24 and a beta of 1.68. The company’s 50-day moving average is $169.83 and its 200-day moving average is $198.76. Align Technology, Inc. has a 1 year low of $141.74 and a 1 year high of $272.17.

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

Align Technology declared that its Board of Directors has authorized a stock buyback plan 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 buy up to 7.9% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.

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.