AIA Group Ltd Sells 7,714 Shares of Align Technology, Inc. $ALGN

AIA Group Ltd lessened its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 38.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,308 shares of the medical equipment provider’s stock after selling 7,714 shares during the period. AIA Group Ltd’s holdings in Align Technology were worth $2,110,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Capital International Investors grew its holdings in shares of Align Technology by 52.2% in the 4th quarter. Capital International Investors now owns 4,643,221 shares of the medical equipment provider’s stock worth $725,039,000 after purchasing an additional 1,592,848 shares during the last quarter. Ruane Cunniff & Goldfarb L.P. acquired a new stake in shares of Align Technology during the fourth quarter worth approximately $190,899,000. Norges Bank bought a new position in shares of Align Technology in the fourth quarter valued at approximately $155,556,000. Assenagon Asset Management S.A. boosted its holdings in shares of Align Technology by 413.0% in the 1st quarter. Assenagon Asset Management S.A. now owns 989,388 shares of the medical equipment provider’s stock worth $169,611,000 after acquiring an additional 796,529 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its position in Align Technology by 247.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,005,413 shares of the medical equipment provider’s stock worth $156,995,000 after acquiring an additional 715,919 shares during the last quarter. Institutional investors own 88.43% of the company’s stock.

Align Technology Stock Performance

Shares of Align Technology stock opened at $176.76 on Monday. The firm has a fifty day moving average of $172.30 and a two-hundred day moving average of $174.60. The stock has a market capitalization of $12.66 billion, a price-to-earnings ratio of 29.66, a PEG ratio of 1.81 and a beta of 1.67. Align Technology, Inc. has a 52 week low of $122.00 and a 52 week high of $208.30.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, April 29th. The medical equipment provider reported $2.58 EPS for the quarter, topping analysts’ consensus estimates of $2.26 by $0.32. The business had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.02 billion. Align Technology had a return on equity of 15.82% and a net margin of 10.50%.The firm’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.13 earnings per share. As a group, research analysts forecast that Align Technology, Inc. will post 9.48 EPS for the current fiscal year.

Align Technology declared that its board has authorized a stock buyback program on Wednesday, April 29th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the medical equipment provider to purchase up to 1.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Weiss Ratings raised Align Technology from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday. Zacks Research lowered Align Technology from a “strong-buy” rating to a “hold” rating in a research note on Thursday. Leerink Partners lifted their price target on Align Technology from $225.00 to $230.00 in a report on Thursday, April 30th. Piper Sandler upped their price target on shares of Align Technology from $220.00 to $235.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 21st. Finally, Evercore increased their price objective on shares of Align Technology from $200.00 to $220.00 in a report on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, Align Technology has an average rating of “Moderate Buy” and a consensus price target of $206.07.

About Align Technology

Align Technology, Inc (NASDAQ: ALGN) pioneered the use of digital technology in orthodontics through the development of the Invisalign system, a series of clear, removable aligners that provide an alternative to traditional metal braces. Since its founding in 1997 by Zia Chishti and Kelsey Wirth, the Tempe, Arizona–based company has expanded its focus to include intraoral scanners, CAD/CAM software for dental laboratories and comprehensive digital dentistry solutions.

The company’s signature Invisalign system leverages 3D imaging and computer-aided design (CAD) to create customized aligners that gradually reposition teeth, improving patient comfort and treatment predictability.