Captrust Financial Advisors Decreases Stake in Align Technology, Inc. (NASDAQ:ALGN)

Captrust Financial Advisors decreased its position in Align Technology, Inc. (NASDAQ:ALGN) by 4.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,181 shares of the medical equipment provider’s stock after selling 678 shares during the quarter. Captrust Financial Advisors’ holdings in Align Technology were worth $2,748,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. Norges Bank bought a new position in Align Technology during the fourth quarter valued at $190,792,000. Meridiem Investment Management Ltd. increased its stake in Align Technology by 63.7% during the fourth quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider’s stock worth $159,470,000 after acquiring an additional 297,472 shares during the last quarter. Senvest Management LLC boosted its holdings in shares of Align Technology by 58.1% in the 4th quarter. Senvest Management LLC now owns 726,243 shares of the medical equipment provider’s stock worth $151,429,000 after purchasing an additional 267,000 shares during the period. Resona Asset Management Co. Ltd. bought a new position in Align Technology during the fourth quarter valued at $47,853,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of Align Technology in the fourth quarter valued at $42,243,000. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Trading Up 0.5%

Shares of NASDAQ:ALGN opened at $181.81 on Monday. The company has a market capitalization of $13.31 billion, a PE ratio of 32.41, 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. The business’s fifty day simple moving average is $167.96 and its 200-day simple moving average is $199.61.

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

Align Technology announced that its Board of Directors has authorized a stock buyback 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 repurchase up to 7.9% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on ALGN shares. Wells Fargo & Company decreased their price objective on shares of Align Technology from $255.00 to $246.00 and set an “overweight” rating for the company in a research note on Thursday, May 1st. Needham & Company LLC restated a “hold” rating on shares of Align Technology in a report on Thursday, May 1st. Evercore ISI lifted their price objective on shares of Align Technology from $165.00 to $200.00 and gave the company an “outperform” rating in a report on Thursday, May 1st. Mizuho reduced their target price on shares of 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, HSBC downgraded shares of Align Technology from a “buy” rating to a “hold” rating and decreased their price target for the company from $290.00 to $170.00 in a research note on Friday, April 25th. One analyst has rated the stock with a sell rating, four have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Align Technology presently has a consensus rating of “Moderate Buy” and an average target price 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.