Sterling Investment Advisors Ltd. Sells 504 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Sterling Investment Advisors Ltd. lessened its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 16.2% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,606 shares of the medical equipment provider’s stock after selling 504 shares during the period. Sterling Investment Advisors Ltd.’s holdings in Align Technology were worth $414,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. GKV Capital Management Co. Inc. bought a new stake in shares of Align Technology in the 4th quarter valued at approximately $31,000. Aster Capital Management DIFC Ltd purchased a new stake in Align Technology during the 4th quarter valued at $35,000. Orion Capital Management LLC bought a new stake in Align Technology in the fourth quarter worth $42,000. Compagnie Lombard Odier SCmA purchased a new position in Align Technology during the first quarter worth $32,000. Finally, Center for Financial Planning Inc. purchased a new position in Align Technology during the first quarter worth $35,000. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ALGN. Wells Fargo & Company decreased their price target on Align Technology from $255.00 to $246.00 and set an “overweight” rating for the company in a research note on Thursday, May 1st. Mizuho decreased their target price on Align Technology from $250.00 to $245.00 and set an “outperform” rating for the company in a research report on Tuesday, April 29th. Piper Sandler restated an “overweight” rating and issued a $250.00 price target (up from $235.00) on shares of Align Technology in a report on Thursday, May 1st. HSBC lowered shares of Align Technology from a “buy” rating to a “hold” rating and decreased their price objective for the company from $290.00 to $170.00 in a report on Friday, April 25th. Finally, Evercore ISI upped their target price on shares of Align Technology from $200.00 to $220.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 9th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $242.92.

Align Technology Trading Up 1.7%

Shares of ALGN stock opened at $205.56 on Friday. Align Technology, Inc. has a twelve month low of $141.74 and a twelve month high of $262.87. The stock has a market cap of $14.90 billion, a P/E ratio of 37.44, a P/E/G ratio of 2.17 and a beta of 1.63. The stock has a 50 day moving average of $187.06 and a 200 day moving average of $186.68.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data 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 net margin of 10.29% and a return on equity of 13.52%. The company had revenue of $979.26 million during the quarter, compared to analysts’ expectations of $977.90 million. During the same quarter in the previous year, the company earned $2.14 earnings per share. The firm’s revenue for the quarter was down 1.8% on a year-over-year basis. On average, research analysts predict that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Align Technology announced that its Board of Directors has approved a share buyback plan on Tuesday, May 6th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the medical equipment provider to repurchase up to 7.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are 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.