Align Technology, Inc. (NASDAQ:ALGN) Stock Holdings Decreased by Bank of New York Mellon Corp

Bank of New York Mellon Corp lowered its stake in Align Technology, Inc. (NASDAQ:ALGN) by 8.5% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 974,663 shares of the medical equipment provider’s stock after selling 90,883 shares during the period. Bank of New York Mellon Corp owned 1.33% of Align Technology worth $154,835,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. 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 valued at $5,024,000 after purchasing an additional 4,009 shares during the last quarter. Giverny Capital Inc. increased its stake in Align Technology by 30.3% during the fourth quarter. Giverny Capital Inc. now owns 43,006 shares of the medical equipment provider’s stock valued at $8,967,000 after purchasing an additional 10,013 shares during the last quarter. Virtu Financial LLC bought a new stake in shares of Align Technology during the 4th quarter valued at about $3,115,000. Schonfeld Strategic Advisors LLC grew its position in shares of Align Technology by 1,679.5% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 35,110 shares of the medical equipment provider’s stock valued at $7,321,000 after buying an additional 33,137 shares during the last quarter. Finally, American Assets Inc. bought a new stake in shares of Align Technology during the 4th quarter valued at about $417,000. 88.43% of the stock is owned by institutional investors.

Align Technology Stock Up 0.8%

Shares of Align Technology stock opened at $195.47 on Wednesday. The stock has a market cap of $14.17 billion, a PE ratio of 35.60, a price-to-earnings-growth ratio of 2.05 and a beta of 1.63. The business has a fifty day simple moving average of $182.86 and a 200-day simple moving average of $187.97. Align Technology, Inc. has a 12 month low of $141.74 and a 12 month high of $263.24.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, April 30th. The medical equipment provider reported $2.13 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 analyst estimates of $977.90 million. Align Technology had a return on equity of 13.52% and a net margin of 10.29%. The business’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same period last year, the company posted $2.14 EPS. Analysts expect that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology announced that its Board of Directors has approved a stock buyback plan on Tuesday, May 6th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the medical equipment provider to buy up to 7.9% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. UBS Group lowered their target price on Align Technology from $240.00 to $215.00 and set a “neutral” rating for the company in a report on Thursday, April 24th. HSBC downgraded Align Technology from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $290.00 to $170.00 in a research note on Friday, April 25th. Evercore ISI upped their price objective on Align Technology from $165.00 to $200.00 and gave the stock an “outperform” rating in a research note on Thursday, May 1st. Needham & Company LLC restated a “hold” rating on shares of Align Technology in a research report on Thursday, May 1st. Finally, Piper Sandler restated an “overweight” rating and set a $250.00 price target (up previously from $235.00) on shares of Align Technology in a research report on Thursday, May 1st. One analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $241.25.

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.