YHB Investment Advisors Inc. Sells 1,120 Shares of Align Technology, Inc. (NASDAQ:ALGN)

YHB Investment Advisors Inc. cut its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 27.8% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,907 shares of the medical equipment provider’s stock after selling 1,120 shares during the period. YHB Investment Advisors Inc.’s holdings in Align Technology were worth $462,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in ALGN. Asset Management One Co. Ltd. increased its stake in Align Technology by 14.5% during the first quarter. Asset Management One Co. Ltd. now owns 31,624 shares of the medical equipment provider’s stock worth $5,024,000 after acquiring an additional 4,009 shares during the last quarter. Oppenheimer & Co. Inc. boosted its holdings in shares of Align Technology by 2.3% in the 1st quarter. Oppenheimer & Co. Inc. now owns 10,570 shares of the medical equipment provider’s stock worth $1,679,000 after purchasing an additional 241 shares during the period. Oppenheimer Asset Management Inc. increased its position in shares of Align Technology by 8.4% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 18,258 shares of the medical equipment provider’s stock valued at $2,900,000 after purchasing an additional 1,416 shares during the last quarter. Flagship Harbor Advisors LLC increased its position in shares of Align Technology by 50.7% during the 1st quarter. Flagship Harbor Advisors LLC now owns 3,222 shares of the medical equipment provider’s stock valued at $512,000 after purchasing an additional 1,084 shares during the last quarter. Finally, Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in Align Technology during the 1st quarter valued at $346,000. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Align Technology Stock Performance

Shares of NASDAQ ALGN opened at $186.58 on Wednesday. Align Technology, Inc. has a 52-week low of $141.74 and a 52-week high of $263.24. The firm has a market capitalization of $13.53 billion, a price-to-earnings ratio of 33.99, a PEG ratio of 1.94 and a beta of 1.64. The stock has a 50 day moving average price of $179.51 and a 200 day moving average price of $190.43.

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, beating analysts’ consensus estimates of $2.00 by $0.13. Align Technology had a return on equity of 13.52% and a net margin of 10.29%. The business had revenue of $979.26 million during the quarter, compared to analyst estimates of $977.90 million. During the same period in the previous year, the company posted $2.14 EPS. Align Technology’s revenue was down 1.8% on a year-over-year basis. Analysts forecast that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Align Technology declared that its Board of Directors has initiated a stock 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 stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

ALGN has been the subject of several recent analyst reports. Evercore ISI lifted their price objective on shares of Align Technology from $165.00 to $200.00 and gave the stock an “outperform” rating in a research note on Thursday, May 1st. UBS Group dropped their price target 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. Mizuho reduced their price objective 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. 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. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a research note on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price 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.