Align Technology, Inc. $ALGN Shares Sold by KBC Group NV

KBC Group NV lessened its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 55.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,616 shares of the medical equipment provider’s stock after selling 5,792 shares during the period. KBC Group NV’s holdings in Align Technology were worth $791,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of ALGN. Sunbelt Securities Inc. raised its position in shares of Align Technology by 222.4% during the 4th quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider’s stock worth $25,000 after purchasing an additional 109 shares during the last quarter. Blue Trust Inc. increased its position in Align Technology by 77.5% during the first quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider’s stock worth $27,000 after buying an additional 69 shares in the last quarter. Independence Bank of Kentucky increased its position in Align Technology by 77.7% during the fourth quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider’s stock worth $29,000 after buying an additional 80 shares in the last quarter. Tobam acquired a new position in shares of Align Technology in the fourth quarter worth $30,000. Finally, Caitong International Asset Management Co. Ltd raised its holdings in shares of Align Technology by 1,773.3% in the third quarter. Caitong International Asset Management Co. Ltd now owns 281 shares of the medical equipment provider’s stock worth $35,000 after acquiring an additional 266 shares during the last quarter. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Align Technology Stock Down 0.7%

Shares of NASDAQ ALGN opened at $167.01 on Friday. The stock has a market capitalization of $11.96 billion, a PE ratio of 28.02, a P/E/G ratio of 1.71 and a beta of 1.67. The firm has a fifty day moving average of $173.31 and a 200-day moving average of $175.01. Align Technology, Inc. has a 52-week low of $122.00 and a 52-week high of $208.30.

Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share for the quarter, topping the consensus estimate of $2.26 by $0.32. Align Technology had a return on equity of 15.82% and a net margin of 10.50%.The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.02 billion. During the same period last year, the company posted $2.13 EPS. The business’s quarterly revenue was up 6.2% on a year-over-year basis. Equities research analysts expect that Align Technology, Inc. will post 9.48 EPS for the current fiscal year.

Align Technology announced that its board has initiated a stock repurchase program on Wednesday, April 29th that allows the company to buyback $200.00 million in 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 leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of analysts recently commented on the company. Morgan Stanley increased their price objective on Align Technology from $169.00 to $188.00 and gave the company an “equal weight” rating in a research note on Friday, April 24th. Zacks Research lowered shares of Align Technology from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 16th. Weiss Ratings raised shares of Align Technology from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, July 17th. Citigroup initiated coverage on shares of Align Technology in a report on Wednesday, April 15th. They set a “buy” rating and a $240.00 price target for the company. Finally, Leerink Partners boosted their price objective on shares of Align Technology from $225.00 to $230.00 in a research report on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $206.36.

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.