Align Technology, Inc. $ALGN Stake Lowered by Geode Capital Management LLC

Geode Capital Management LLC reduced its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 2.4% during the 4th quarter, HoldingsChannel reports. The fund owned 1,759,887 shares of the medical equipment provider’s stock after selling 44,124 shares during the period. Geode Capital Management LLC’s holdings in Align Technology were worth $274,326,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Independence Bank of Kentucky grew its holdings in shares of Align Technology by 77.7% during the 4th quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider’s stock valued at $29,000 after acquiring an additional 80 shares in the last quarter. Sentry Investment Management LLC grew its holdings in shares of Align Technology by 73.1% during the 3rd quarter. Sentry Investment Management LLC now owns 187 shares of the medical equipment provider’s stock valued at $25,000 after acquiring an additional 79 shares in the last quarter. CYBER HORNET ETFs LLC purchased a new position in shares of Align Technology during the 2nd quarter valued at $36,000. Miller Global Investments LLC purchased a new position in shares of Align Technology during the 4th quarter valued at $31,000. Finally, MUFG Securities EMEA plc purchased a new position in shares of Align Technology during the 2nd quarter valued at $38,000. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on ALGN shares. Citigroup started coverage on shares of Align Technology in a report on Wednesday, April 15th. They set a “buy” rating and a $240.00 price target on the stock. Evercore boosted their price target on shares of Align Technology from $200.00 to $220.00 in a report on Thursday, April 30th. Mizuho boosted their price target on shares of Align Technology from $200.00 to $215.00 and gave the company an “outperform” rating in a report on Thursday, February 5th. Jefferies Financial Group upped their price objective on shares of Align Technology from $155.00 to $185.00 and gave the stock a “hold” rating in a report on Thursday, February 5th. Finally, Wall Street Zen upgraded shares of Align Technology from a “buy” rating to a “strong-buy” rating in a report on Saturday, March 7th. Eight research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, Align Technology currently has an average rating of “Moderate Buy” and a consensus target price of $205.85.

Align Technology Price Performance

Align Technology stock opened at $169.77 on Tuesday. The firm has a market cap of $12.16 billion, a price-to-earnings ratio of 28.48, a P/E/G ratio of 1.79 and a beta of 1.68. Align Technology, Inc. has a fifty-two week low of $122.00 and a fifty-two week high of $208.30. The firm has a fifty day moving average price of $173.61 and a two-hundred day moving average price of $168.68.

Align Technology (NASDAQ:ALGN) last released its earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share for the quarter, topping analysts’ consensus estimates of $2.26 by $0.32. The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.02 billion. Align Technology had a net margin of 10.50% and a return on equity of 15.82%. The business’s revenue was up 6.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.13 EPS. As a group, sell-side analysts expect that Align Technology, Inc. will post 9.48 earnings per share for the current year.

Align Technology declared that its Board of Directors has approved a share buyback plan on Wednesday, April 29th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the medical equipment provider to reacquire up to 1.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.

Align Technology Company Profile

Align Technology, Inc (NASDAQ: ALGN) pioneered the use of digital technology in orthodontics through the development of the Invisalign system, a series of clear, removable aligners that provide an alternative to traditional metal braces. Since its founding in 1997 by Zia Chishti and Kelsey Wirth, the Tempe, Arizona–based company has expanded its focus to include intraoral scanners, CAD/CAM software for dental laboratories and comprehensive digital dentistry solutions.

The company’s signature Invisalign system leverages 3D imaging and computer-aided design (CAD) to create customized aligners that gradually reposition teeth, improving patient comfort and treatment predictability.