Jefferies Financial Group Inc. Has $1.19 Million Position in Align Technology, Inc. (NASDAQ:ALGN)

Jefferies Financial Group Inc. lowered its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 30.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 5,710 shares of the medical equipment provider’s stock after selling 2,500 shares during the quarter. Jefferies Financial Group Inc.’s holdings in Align Technology were worth $1,191,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Picton Mahoney Asset Management boosted its stake 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 worth $30,000 after purchasing an additional 58 shares in the last quarter. GKV Capital Management Co. Inc. acquired a new position in Align Technology in the fourth quarter worth $31,000. Aster Capital Management DIFC Ltd acquired a new position in Align Technology in the fourth quarter worth $35,000. Private Trust Co. NA boosted its stake 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 worth $36,000 after purchasing an additional 93 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. acquired a new position in Align Technology in the fourth quarter worth $52,000. Institutional investors and hedge funds own 88.43% of the company’s stock.

Wall Street Analysts Forecast Growth

ALGN has been the subject of a number of recent research reports. Mizuho dropped their target price on Align Technology from $250.00 to $245.00 and set an “outperform” rating for the company in a research report on Tuesday, April 29th. UBS Group dropped their target price on Align Technology from $240.00 to $215.00 and set a “neutral” rating for the company in a research report on Thursday, April 24th. Piper Sandler restated an “overweight” rating and set a $250.00 target price (up previously from $235.00) on shares of Align Technology in a research report on Thursday, May 1st. Morgan Stanley dropped their target price on Align Technology from $280.00 to $272.00 and set an “overweight” rating for the company in a research report on Thursday, February 6th. Finally, Evercore ISI boosted their target price on Align Technology from $165.00 to $200.00 and gave the stock an “outperform” rating in a research report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $241.25.

Align Technology Trading Down 1.5%

NASDAQ ALGN opened at $187.65 on Thursday. The stock has a 50-day simple moving average of $168.90 and a 200 day simple moving average of $199.26. The company has a market capitalization of $13.74 billion, a PE ratio of 33.45, a P/E/G ratio of 2.24 and a beta of 1.68. Align Technology, Inc. has a 12 month low of $141.74 and a 12 month high of $283.00.

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

Align Technology announced that its board has approved a share buyback program on Tuesday, May 6th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the medical equipment provider to reacquire up to 7.9% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Align Technology 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.