Private Wealth Partners LLC Sells 4,380 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Private Wealth Partners LLC trimmed its stake in Align Technology, Inc. (NASDAQ:ALGN) by 73.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,560 shares of the medical equipment provider’s stock after selling 4,380 shares during the period. Private Wealth Partners LLC’s holdings in Align Technology were worth $248,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Picton Mahoney Asset Management increased its position in shares of Align Technology by 69.9% during the 4th 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 valued at about $31,000. Compagnie Lombard Odier SCmA bought a new stake in Align Technology during the first quarter worth about $32,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Align Technology during the fourth quarter worth approximately $35,000. Finally, Private Trust Co. NA raised its stake in shares of Align Technology by 113.4% in the fourth quarter. Private Trust Co. NA now owns 175 shares of the medical equipment provider’s stock valued at $36,000 after acquiring an additional 93 shares during the last quarter. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Align Technology Trading Up 2.8%

Align Technology stock opened at $180.01 on Friday. The company has a market cap of $13.05 billion, a PE ratio of 32.79, a PEG ratio of 1.91 and a beta of 1.64. Align Technology, Inc. has a 1 year low of $141.74 and a 1 year high of $263.24. The company’s 50-day moving average is $178.35 and its two-hundred day moving average is $191.72.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share for the quarter, beating the consensus estimate of $2.00 by $0.13. Align Technology had a net margin of 10.29% and a return on equity of 13.52%. The business had revenue of $979.26 million for the quarter, compared to analyst estimates of $977.90 million. During the same period in the prior year, the business posted $2.14 earnings per share. Align Technology’s revenue was down 1.8% compared to the same quarter last year. Research analysts forecast that Align Technology, Inc. will post 7.98 EPS for the current year.

Align Technology declared that its board has authorized a share buyback plan 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 reacquire up to 7.9% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

ALGN has been the topic of several recent analyst reports. HSBC downgraded Align Technology from a “buy” rating to a “hold” rating and reduced their target price for the stock from $290.00 to $170.00 in a report on Friday, April 25th. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a research note on Thursday, May 1st. Evercore ISI raised their target price on Align Technology from $165.00 to $200.00 and gave the company an “outperform” rating in a research note on Thursday, May 1st. UBS Group cut their price target on Align Technology from $240.00 to $215.00 and set a “neutral” rating for the company in a report on Thursday, April 24th. Finally, Mizuho decreased their price objective on shares of Align Technology from $250.00 to $245.00 and set an “outperform” rating on the stock in a report on Tuesday, April 29th. One analyst has rated the stock with a sell rating, four have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $241.25.

About Align Technology

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.