Plato Investment Management Ltd Sells 5,051 Shares of Align Technology, Inc. $ALGN

Plato Investment Management Ltd lessened its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 94.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 306 shares of the medical equipment provider’s stock after selling 5,051 shares during the period. Plato Investment Management Ltd’s holdings in Align Technology were worth $48,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Independence Bank of Kentucky boosted its holdings in shares of Align Technology by 77.7% during the fourth quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider’s stock worth $29,000 after acquiring an additional 80 shares during the period. Sentry Investment Management LLC boosted its holdings in shares of Align Technology by 73.1% during the third quarter. Sentry Investment Management LLC now owns 187 shares of the medical equipment provider’s stock worth $25,000 after acquiring an additional 79 shares during the period. CYBER HORNET ETFs LLC bought a new stake in shares of Align Technology during the second quarter worth approximately $36,000. Miller Global Investments LLC bought a new stake in shares of Align Technology during the fourth quarter worth approximately $31,000. Finally, MUFG Securities EMEA plc bought a new stake in shares of Align Technology during the second quarter worth approximately $38,000. Institutional investors own 88.43% of the company’s stock.

Align Technology Price Performance

Shares of ALGN opened at $164.61 on Tuesday. Align Technology, Inc. has a one year low of $122.00 and a one year high of $208.30. The company has a market cap of $11.79 billion, a P/E ratio of 27.62, a P/E/G ratio of 1.74 and a beta of 1.70. The firm has a 50 day simple moving average of $177.23 and a two-hundred day simple moving average of $165.78.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, April 29th. The medical equipment provider reported $2.58 EPS for the quarter, beating the consensus estimate of $2.26 by $0.32. The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.02 billion. Align Technology had a net margin of 10.50% and a return on equity of 15.82%. The company’s revenue was up 6.2% on a year-over-year basis. During the same period in the previous year, the business earned $2.13 earnings per share. On average, analysts expect that Align Technology, Inc. will post 9.43 earnings per share for the current fiscal year.

Align Technology declared that its Board of Directors has initiated a stock repurchase program on Wednesday, April 29th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the medical equipment provider to purchase up to 1.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other news, EVP John Morici sold 7,969 shares of the company’s stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $189.31, for a total transaction of $1,508,611.39. Following the completion of the transaction, the executive vice president directly owned 8,237 shares in the company, valued at approximately $1,559,346.47. This represents a 49.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.75% of the company’s stock.

Wall Street Analysts Forecast Growth

ALGN has been the subject of a number of analyst reports. Jefferies Financial Group lifted their price target on shares of Align Technology from $155.00 to $185.00 and gave the company a “hold” rating in a research report on Thursday, February 5th. Mizuho lifted their price target on shares of Align Technology from $200.00 to $215.00 and gave the company an “outperform” rating in a research report on Thursday, February 5th. Barclays upgraded shares of Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 price target for the company in a research report on Tuesday, March 17th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Align Technology in a research report on Wednesday, April 15th. Finally, Piper Sandler lifted their price target on shares of Align Technology from $220.00 to $235.00 and gave the company an “overweight” rating in a research report on Tuesday, April 21st. Eight analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, Align Technology currently has an average rating of “Moderate Buy” and an average target price of $205.85.

Align Technology 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.