Sabal Trust CO Increases Stock Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Sabal Trust CO grew its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 15.8% during the first quarter, Holdings Channel reports. The firm owned 4,941 shares of the medical equipment provider’s stock after purchasing an additional 676 shares during the period. Sabal Trust CO’s holdings in Align Technology were worth $785,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. Robeco Institutional Asset Management B.V. raised its stake in Align Technology by 69.7% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 37,336 shares of the medical equipment provider’s stock worth $5,931,000 after acquiring an additional 15,329 shares in the last quarter. JCIC Asset Management Inc. purchased a new position in shares of Align Technology during the first quarter worth about $117,000. Lecap Asset Management Ltd. purchased a new position in shares of Align Technology during the first quarter worth about $2,425,000. Asset Management One Co. Ltd. increased its position in shares of 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 purchasing an additional 4,009 shares in the last quarter. Finally, Oppenheimer & Co. Inc. lifted 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 valued at $1,679,000 after purchasing an additional 241 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. HSBC downgraded Align Technology from a “buy” rating to a “hold” rating and dropped their price target for the stock from $290.00 to $170.00 in a research note on Friday, April 25th. Needham & Company LLC restated a “hold” rating on shares of Align Technology in a research report on Thursday, May 1st. Piper Sandler reaffirmed an “overweight” rating and issued a $250.00 target price (up from $235.00) on shares of Align Technology in a report on Thursday, May 1st. UBS Group reduced 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 report on Thursday, April 24th. Finally, Wells Fargo & Company lowered their price objective on shares of Align Technology from $255.00 to $246.00 and set an “overweight” rating on the stock in a research report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $241.25.

Align Technology Stock Performance

Shares of ALGN opened at $187.14 on Thursday. The stock has a market capitalization of $13.57 billion, a P/E ratio of 34.09, a P/E/G ratio of 1.98 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 fifty day moving average is $179.91 and its two-hundred day moving average is $190.41.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results 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 business had revenue of $979.26 million for the quarter, compared to analyst estimates of $977.90 million. Align Technology had a net margin of 10.29% and a return on equity of 13.52%. The business’s revenue was down 1.8% compared to the same quarter last year. During the same period in the previous year, the business posted $2.14 earnings per share. Sell-side analysts predict that Align Technology, Inc. will post 7.98 EPS for the current year.

Align Technology declared that its Board of Directors has initiated a share repurchase program on Tuesday, May 6th that allows the company to buyback $1.00 billion in 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 often an indication that the company’s management believes its stock is undervalued.

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.