Janus Henderson Group PLC Lowers Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Janus Henderson Group PLC trimmed its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 6.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 150,969 shares of the medical equipment provider’s stock after selling 11,010 shares during the period. Janus Henderson Group PLC owned about 0.20% of Align Technology worth $31,479,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also made changes to their positions in the company. Allspring Global Investments Holdings LLC lifted its position in shares of Align Technology by 119.6% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 169,641 shares of the medical equipment provider’s stock valued at $35,368,000 after acquiring an additional 92,407 shares in the last quarter. Swedbank AB lifted its position in shares of Align Technology by 25.0% in the fourth quarter. Swedbank AB now owns 486,267 shares of the medical equipment provider’s stock worth $101,392,000 after buying an additional 97,152 shares in the last quarter. Principal Securities Inc. lifted its position in shares of Align Technology by 34.5% in the fourth quarter. Principal Securities Inc. now owns 1,881 shares of the medical equipment provider’s stock worth $392,000 after buying an additional 483 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of Align Technology by 1.2% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 7,799 shares of the medical equipment provider’s stock worth $1,626,000 after buying an additional 91 shares in the last quarter. Finally, Allworth Financial LP lifted its position in shares of Align Technology by 1,479.1% in the fourth quarter. Allworth Financial LP now owns 2,416 shares of the medical equipment provider’s stock worth $504,000 after buying an additional 2,263 shares in the last quarter. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Align Technology Stock Performance

ALGN opened at $187.65 on Thursday. The stock has a market cap of $13.74 billion, a price-to-earnings ratio of 33.45, a P/E/G ratio of 2.24 and a beta of 1.68. The stock’s 50 day moving average price is $168.90 and its 200-day moving average price is $199.26. Align Technology, Inc. has a one year low of $141.74 and a one year high of $283.00.

Align Technology (NASDAQ:ALGN) last released its earnings results 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 firm had revenue of $979.26 million for the quarter, compared to analysts’ expectations of $977.90 million. Align Technology had a return on equity of 13.84% and a net margin of 10.54%. The company’s quarterly revenue was down 1.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.14 earnings per share. As a group, analysts predict that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

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

Analysts Set New Price Targets

ALGN has been the topic of a number of research analyst reports. Hsbc Global Res downgraded Align Technology from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 25th. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a research report on Thursday, May 1st. Piper Sandler restated an “overweight” rating and set a $250.00 price objective (up from $235.00) on shares of Align Technology in a research report on Thursday, May 1st. Mizuho decreased their price objective 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. Finally, Evercore ISI upped their price objective on Align Technology from $165.00 to $200.00 and gave the company 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 issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Align Technology has a consensus rating of “Moderate Buy” and an average price target of $241.25.

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.