Align Technology, Inc. (NASDAQ:ALGN) Shares Sold by LPL Financial LLC

LPL Financial LLC decreased its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 19.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 31,229 shares of the medical equipment provider’s stock after selling 7,555 shares during the quarter. LPL Financial LLC’s holdings in Align Technology were worth $4,961,000 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. GKV Capital Management Co. Inc. acquired a new stake in shares of Align Technology in the fourth quarter valued at $31,000. Compagnie Lombard Odier SCmA purchased a new position in Align Technology in the first quarter valued at $32,000. Center for Financial Planning Inc. purchased a new position in Align Technology in the first quarter valued at $35,000. Orion Capital Management LLC purchased a new position in Align Technology in the fourth quarter valued at $42,000. Finally, Mather Group LLC. boosted its holdings in Align Technology by 375.0% in the first quarter. Mather Group LLC. now owns 437 shares of the medical equipment provider’s stock valued at $69,000 after purchasing an additional 345 shares during the period. Institutional investors and hedge funds own 88.43% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on ALGN shares. Wells Fargo & Company decreased their target price on Align Technology from $246.00 to $199.00 and set an “overweight” rating for the company in a report on Thursday, July 31st. Morgan Stanley reaffirmed an “equal weight” rating and set a $154.00 price target (down from $249.00) on shares of Align Technology in a report on Thursday, July 31st. Piper Sandler decreased their price target on Align Technology from $250.00 to $190.00 and set an “overweight” rating for the company in a report on Thursday, July 31st. Evercore ISI lifted their price target on Align Technology from $200.00 to $220.00 and gave the stock an “outperform” rating in a report on Wednesday, July 9th. Finally, Mizuho set a $210.00 price target on Align Technology in a report on Thursday, July 31st. One analyst has rated the stock with a sell rating, five have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $215.00.

Insider Transactions at Align Technology

In related news, CEO Joseph M. Hogan purchased 7,576 shares of the company’s stock in a transaction that occurred on Friday, August 1st. The shares were purchased at an average price of $131.49 per share, for a total transaction of $996,168.24. Following the transaction, the chief executive officer directly owned 184,945 shares of the company’s stock, valued at approximately $24,318,418.05. The trade was a 4.27% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.66% of the stock is owned by company insiders.

Align Technology Stock Performance

ALGN opened at $145.74 on Thursday. The business’s 50-day simple moving average is $180.70 and its 200-day simple moving average is $180.79. Align Technology, Inc. has a one year low of $127.70 and a one year high of $262.87. The stock has a market capitalization of $10.56 billion, a P/E ratio of 24.58, a price-to-earnings-growth ratio of 1.58 and a beta of 1.61.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, July 30th. The medical equipment provider reported $2.49 EPS for the quarter, missing analysts’ consensus estimates of $2.57 by ($0.08). The firm had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1.06 billion. Align Technology had a return on equity of 13.36% and a net margin of 11.04%. The firm’s revenue for the quarter was down 1.6% on a year-over-year basis. During the same quarter last year, the firm posted $2.41 EPS. On average, equities research analysts forecast that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology declared that its Board of Directors has initiated a stock buyback plan on Tuesday, May 6th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the medical equipment provider to buy up to 7.9% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership 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.