Trifecta Capital Advisors LLC Decreases Stock Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Trifecta Capital Advisors LLC reduced its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 31.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,336 shares of the medical equipment provider’s stock after selling 610 shares during the quarter. Trifecta Capital Advisors LLC’s holdings in Align Technology were worth $212,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of ALGN. Norges Bank purchased a new stake in Align Technology during the fourth quarter worth approximately $190,792,000. Senvest Management LLC grew its stake in Align Technology by 58.1% during the fourth quarter. Senvest Management LLC now owns 726,243 shares of the medical equipment provider’s stock worth $151,429,000 after buying an additional 267,000 shares during the period. Resona Asset Management Co. Ltd. purchased a new stake in Align Technology during the fourth quarter worth approximately $47,853,000. Raymond James Financial Inc. purchased a new stake in Align Technology during the fourth quarter worth approximately $42,243,000. Finally, Bank of America Corp DE grew its stake in Align Technology by 77.3% during the fourth quarter. Bank of America Corp DE now owns 460,028 shares of the medical equipment provider’s stock worth $95,920,000 after buying an additional 200,492 shares during the period. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ALGN has been the subject of several research reports. UBS Group decreased their price objective on shares of Align Technology from $240.00 to $215.00 and set a “neutral” rating for the company in a research note on Thursday, April 24th. HSBC downgraded shares of Align Technology from a “buy” rating to a “hold” rating and decreased their target price for the company from $290.00 to $170.00 in a research note on Friday, April 25th. Mizuho decreased their target price on shares of Align Technology from $250.00 to $245.00 and set an “outperform” rating for the company in a research note on Tuesday, April 29th. Hsbc Global Res downgraded shares of Align Technology from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 25th. Finally, Needham & Company LLC restated a “hold” rating on shares of Align Technology in a research note on Thursday, May 1st. One analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Align Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $241.25.

Align Technology Price Performance

NASDAQ ALGN opened at $180.01 on Friday. Align Technology, Inc. has a 12 month low of $141.74 and a 12 month high of $263.24. The company has a market capitalization of $13.05 billion, a price-to-earnings ratio of 32.79, a price-to-earnings-growth ratio of 1.91 and a beta of 1.64. The company’s fifty day moving average price is $178.35 and its two-hundred day moving average price is $191.72.

Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share for the quarter, topping analysts’ consensus estimates of $2.00 by $0.13. The company had revenue of $979.26 million for the quarter, compared to analysts’ expectations of $977.90 million. Align Technology had a net margin of 10.29% and a return on equity of 13.52%. The firm’s revenue was down 1.8% compared to the same quarter last year. During the same period in the prior year, the company earned $2.14 earnings per share. As a group, analysts anticipate that Align Technology, Inc. will post 7.98 EPS for the current year.

Align Technology announced that its Board of Directors has authorized a share buyback program on Tuesday, May 6th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the medical equipment provider to repurchase up to 7.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its shares are undervalued.

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.