Ensign Peak Advisors Inc Sells 5,506 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Ensign Peak Advisors Inc lowered its position in Align Technology, Inc. (NASDAQ:ALGN) by 13.9% in the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 33,972 shares of the medical equipment provider’s stock after selling 5,506 shares during the period. Ensign Peak Advisors Inc’s holdings in Align Technology were worth $7,084,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Picton Mahoney Asset Management raised its position in shares of Align Technology by 69.9% in the 4th quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider’s stock worth $30,000 after acquiring an additional 58 shares in the last quarter. GKV Capital Management Co. Inc. bought a new position in shares of Align Technology in the 4th quarter worth approximately $31,000. Aster Capital Management DIFC Ltd bought a new position in shares of Align Technology in the 4th quarter worth approximately $35,000. Private Trust Co. NA raised its position in shares of Align Technology by 113.4% in the 4th quarter. Private Trust Co. NA now owns 175 shares of the medical equipment provider’s stock worth $36,000 after acquiring an additional 93 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. bought a new position in shares of Align Technology in the 4th quarter worth approximately $52,000. Institutional investors own 88.43% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on ALGN. Evercore ISI upped their price target on Align Technology from $165.00 to $200.00 and gave the stock an “outperform” rating in a research note on Thursday, May 1st. HSBC downgraded Align Technology from a “buy” rating to a “hold” rating and cut their price target for the stock from $290.00 to $170.00 in a research note on Friday, April 25th. Hsbc Global Res downgraded Align Technology from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 25th. Mizuho cut their price target on Align Technology from $250.00 to $245.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 29th. Finally, Morgan Stanley cut their target price on Align Technology from $280.00 to $272.00 and set an “overweight” rating on the stock in a research note on Thursday, February 6th. 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 given a strong buy rating to the stock. 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 Price Performance

ALGN stock opened at $190.42 on Wednesday. The company has a market cap of $13.94 billion, a P/E ratio of 33.94, a price-to-earnings-growth ratio of 2.24 and a beta of 1.68. Align Technology, Inc. has a 1 year low of $141.74 and a 1 year high of $283.00. The stock’s fifty day moving average price is $168.62 and its 200-day moving average price is $199.34.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 EPS for the quarter, topping analysts’ consensus estimates of $2.00 by $0.13. Align Technology had a return on equity of 13.84% and a net margin of 10.54%. The company had revenue of $979.26 million for the quarter, compared to analysts’ expectations of $977.90 million. During the same period last year, the firm earned $2.14 EPS. Align Technology’s revenue for the quarter was down 1.8% compared to the same quarter last year. As a group, analysts expect that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Align Technology declared that its Board of Directors has approved a share buyback program 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 repurchase up to 7.9% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are 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.