M&T Bank Corp Sells 927 Shares of Align Technology, Inc. (NASDAQ:ALGN)

M&T Bank Corp lessened its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 21.8% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,316 shares of the medical equipment provider’s stock after selling 927 shares during the quarter. M&T Bank Corp’s holdings in Align Technology were worth $527,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. American Assets Inc. purchased a new position in shares of Align Technology in the 4th quarter valued at approximately $417,000. HighTower Advisors LLC grew its holdings in Align Technology by 132.0% during the fourth quarter. HighTower Advisors LLC now owns 7,050 shares of the medical equipment provider’s stock valued at $1,470,000 after purchasing an additional 29,057 shares during the period. Sequoia Financial Advisors LLC grew its holdings in Align Technology by 13.6% during the fourth quarter. Sequoia Financial Advisors LLC now owns 1,673 shares of the medical equipment provider’s stock valued at $349,000 after purchasing an additional 200 shares during the period. Natixis Advisors LLC lifted its position in shares of Align Technology by 71.5% in the fourth quarter. Natixis Advisors LLC now owns 31,996 shares of the medical equipment provider’s stock valued at $6,671,000 after acquiring an additional 13,342 shares in the last quarter. Finally, Cibc World Markets Corp lifted its position in shares of Align Technology by 15.9% in the fourth quarter. Cibc World Markets Corp now owns 11,091 shares of the medical equipment provider’s stock valued at $2,313,000 after acquiring an additional 1,519 shares in the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Stock Performance

ALGN stock opened at $190.24 on Thursday. Align Technology, Inc. has a one year low of $141.74 and a one year high of $263.24. The firm’s 50 day moving average price is $185.59 and its 200-day moving average price is $187.56. The firm has a market cap of $13.79 billion, a PE ratio of 34.65, a PEG ratio of 2.04 and a beta of 1.63.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.00 by $0.13. The business 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 13.52% and a net margin of 10.29%. The business’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same quarter last year, the business posted $2.14 EPS. Equities research analysts predict that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology declared that its board has initiated a stock repurchase plan on Tuesday, May 6th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the medical equipment provider to reacquire up to 7.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Mizuho decreased their target price on Align Technology from $250.00 to $245.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 29th. Wells Fargo & Company dropped their price objective on Align Technology from $255.00 to $246.00 and set an “overweight” rating on the stock in a research note on Thursday, May 1st. HSBC lowered Align Technology from a “buy” rating to a “hold” rating and decreased their price objective for the company from $290.00 to $170.00 in a report on Friday, April 25th. Piper Sandler reaffirmed an “overweight” rating and set a $250.00 price target (up from $235.00) on shares of Align Technology in a research report on Thursday, May 1st. Finally, Hsbc Global Res cut Align Technology from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 25th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $242.92.

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.