Ethic Inc. Trims Position in Align Technology, Inc. (NASDAQ:ALGN)

Ethic Inc. decreased its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 44.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,015 shares of the medical equipment provider’s stock after selling 1,624 shares during the quarter. Ethic Inc.’s holdings in Align Technology were worth $420,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Geode Capital Management LLC lifted its position in Align Technology by 2.2% during the fourth quarter. Geode Capital Management LLC now owns 1,790,014 shares of the medical equipment provider’s stock valued at $372,299,000 after buying an additional 39,209 shares during the period. Ninety One UK Ltd boosted its stake in Align Technology by 3.7% during the fourth quarter. Ninety One UK Ltd now owns 1,220,601 shares of the medical equipment provider’s stock worth $254,508,000 after acquiring an additional 43,524 shares in the last quarter. Invesco Ltd. grew its holdings in Align Technology by 17.1% in the fourth quarter. Invesco Ltd. now owns 1,082,162 shares of the medical equipment provider’s stock worth $225,642,000 after purchasing an additional 158,312 shares during the period. Norges Bank bought a new position in shares of Align Technology during the fourth quarter valued at approximately $190,792,000. Finally, Meridiem Investment Management Ltd. increased its stake in shares of Align Technology by 63.7% during the fourth quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider’s stock valued at $159,470,000 after purchasing an additional 297,472 shares in the last quarter. Institutional investors own 88.43% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on ALGN. Mizuho lowered their price objective on Align Technology from $250.00 to $245.00 and set an “outperform” rating for the company in a research note on Tuesday, April 29th. UBS Group dropped their price target on Align Technology from $240.00 to $215.00 and set a “neutral” rating on the stock in a research note on Thursday, April 24th. Hsbc Global Res downgraded shares of Align Technology from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 25th. Jefferies Financial Group cut their price target on Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a report on Thursday, January 23rd. Finally, Wells Fargo & Company lowered their price objective on 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 research analyst has rated the stock with a sell rating, four have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Align Technology currently has an average rating of “Moderate Buy” and an average target price of $241.25.

Align Technology Trading Up 0.8%

Shares of Align Technology stock opened at $188.29 on Friday. Align Technology, Inc. has a 12 month low of $141.74 and a 12 month high of $274.70. The stock has a 50 day moving average of $169.83 and a 200 day moving average of $198.89. The firm has a market cap of $13.65 billion, a PE ratio of 33.56, a PEG ratio of 2.24 and a beta of 1.68.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share for the quarter, topping the consensus estimate of $2.00 by $0.13. Align Technology had a net margin of 10.54% and a return on equity of 13.84%. The company had revenue of $979.26 million for the quarter, compared to analysts’ expectations of $977.90 million. During the same quarter in the previous year, the business posted $2.14 earnings per share. Align Technology’s quarterly revenue was down 1.8% on a year-over-year basis. As a group, equities research analysts forecast that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Align Technology announced that its board has initiated a stock buyback program 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 stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management 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.