Hsbc Holdings PLC Sells 53,898 Shares of Align Technology, Inc. $ALGN

Hsbc Holdings PLC reduced its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 28.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 136,408 shares of the medical equipment provider’s stock after selling 53,898 shares during the quarter. Hsbc Holdings PLC’s holdings in Align Technology were worth $21,381,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Tobam bought a new stake in Align Technology during the 4th quarter valued at $30,000. Sunbelt Securities Inc. boosted its holdings in shares of Align Technology by 222.4% in the fourth quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider’s stock worth $25,000 after acquiring an additional 109 shares during the period. Kovitz Investment Group Partners LLC grew its position in shares of Align Technology by 37.1% in the fourth quarter. Kovitz Investment Group Partners LLC now owns 6,905 shares of the medical equipment provider’s stock valued at $1,078,000 after purchasing an additional 1,867 shares in the last quarter. Compound Planning Inc. bought a new stake in shares of Align Technology during the 4th quarter valued at $228,000. Finally, Corient Private Wealth LLC raised its stake in shares of Align Technology by 1.3% during the 4th quarter. Corient Private Wealth LLC now owns 15,473 shares of the medical equipment provider’s stock valued at $2,246,000 after purchasing an additional 192 shares during the period. 88.43% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Weiss Ratings lowered Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, June 4th. Zacks Research raised Align Technology from a “hold” rating to a “strong-buy” rating in a research note on Monday, June 1st. Evercore upped their target price on Align Technology from $200.00 to $220.00 in a research note on Thursday, April 30th. Leerink Partners raised their price target on Align Technology from $225.00 to $230.00 in a report on Thursday, April 30th. Finally, Citigroup began coverage on Align Technology in a research report on Wednesday, April 15th. They set a “buy” rating and a $240.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $205.85.

Align Technology Stock Up 1.4%

Shares of NASDAQ:ALGN opened at $170.90 on Thursday. The stock has a market cap of $12.24 billion, a PE ratio of 28.67, a PEG ratio of 1.73 and a beta of 1.67. The company’s fifty day moving average is $173.45 and its 200 day moving average is $172.27. Align Technology, Inc. has a 52 week low of $122.00 and a 52 week high of $208.30.

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

Align Technology declared that its Board of Directors has initiated a share repurchase plan on Wednesday, April 29th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the medical equipment provider to reacquire up to 1.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors 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.