Point72 Asset Management L.P. Cuts Stock Position in Align Technology, Inc. (NASDAQ:ALGN)

Point72 Asset Management L.P. trimmed its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 88.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 76,364 shares of the medical equipment provider’s stock after selling 597,955 shares during the period. Point72 Asset Management L.P.’s holdings in Align Technology were worth $15,923,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC raised its position in shares of Align Technology by 119.6% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 169,641 shares of the medical equipment provider’s stock worth $35,368,000 after purchasing an additional 92,407 shares during the last quarter. Swedbank AB raised its holdings in shares of Align Technology by 25.0% during the fourth quarter. Swedbank AB now owns 486,267 shares of the medical equipment provider’s stock valued at $101,392,000 after acquiring an additional 97,152 shares during 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 valued at $392,000 after acquiring an additional 483 shares in the last quarter. Allworth Financial LP boosted its stake 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 acquiring an additional 2,263 shares during the last quarter. Finally, Avanza Fonder AB acquired a new stake in shares of Align Technology in the fourth quarter worth approximately $1,776,000. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Stock Up 0.8%

ALGN stock opened at $188.29 on Friday. Align Technology, Inc. has a 52-week low of $141.74 and a 52-week high of $272.17. The stock has a market cap of $13.65 billion, a price-to-earnings ratio of 33.56, a price-to-earnings-growth ratio of 2.24 and a beta of 1.68. The business has a fifty day moving average of $169.83 and a two-hundred day moving average of $198.80.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.00 by $0.13. The firm 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 company’s quarterly revenue was down 1.8% on a year-over-year basis. During the same period last year, the company earned $2.14 EPS. As a group, sell-side analysts anticipate that Align Technology, Inc. will post 7.98 EPS for the current year.

Align Technology declared that its Board of Directors has approved a stock repurchase 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 stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. HSBC lowered Align Technology from a “buy” rating to a “hold” rating and decreased their price objective for the company from $290.00 to $170.00 in a report on Friday, April 25th. UBS Group lowered their price target on shares of Align Technology from $240.00 to $215.00 and set a “neutral” rating on the stock in a research report on Thursday, April 24th. Wells Fargo & Company dropped 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. Mizuho decreased 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 note on Tuesday, April 29th. Finally, Morgan Stanley dropped their price target 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. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $241.25.

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.