Align Technology, Inc. $ALGN Shares Sold by Glenmede Trust Co. NA

Glenmede Trust Co. NA lessened its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 72.8% during the 1st quarter, Holdings Channel reports. The firm owned 2,906 shares of the medical equipment provider’s stock after selling 7,778 shares during the period. Glenmede Trust Co. NA’s holdings in Align Technology were worth $498,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Bessemer Group Inc. grew its holdings in shares of Align Technology by 37.2% in the first quarter. Bessemer Group Inc. now owns 247 shares of the medical equipment provider’s stock valued at $43,000 after purchasing an additional 67 shares in the last quarter. Banco Bilbao Vizcaya Argentaria S.A. boosted its position in Align Technology by 3.7% in the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 1,896 shares of the medical equipment provider’s stock valued at $296,000 after buying an additional 68 shares during the period. Blue Trust Inc. boosted its position in Align Technology by 77.5% in the 1st quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider’s stock valued at $27,000 after buying an additional 69 shares during the period. Comerica Bank raised its stake in shares of Align Technology by 0.6% in the fourth quarter. Comerica Bank now owns 13,656 shares of the medical equipment provider’s stock valued at $2,132,000 after acquiring an additional 76 shares in the last quarter. Finally, Royal London Asset Management Ltd. boosted its holdings in Align Technology by 0.3% in the second quarter. Royal London Asset Management Ltd. now owns 31,629 shares of the medical equipment provider’s stock valued at $5,988,000 after purchasing an additional 93 shares during the period. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Trading Up 2.7%

Shares of ALGN opened at $173.66 on Friday. The firm has a market cap of $12.44 billion, a PE ratio of 30.20, a price-to-earnings-growth ratio of 1.85 and a beta of 1.65. The company’s 50 day simple moving average is $175.06 and its 200-day simple moving average is $175.27. Align Technology, Inc. has a 12-month low of $122.00 and a 12-month high of $200.43.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 EPS for the quarter, beating analysts’ consensus estimates of $2.62 by $0.02. Align Technology had a net margin of 9.99% and a return on equity of 15.86%. The business had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.05 billion. During the same period in the prior year, the company earned $2.49 earnings per share. The business’s revenue was up 4.3% compared to the same quarter last year. As a group, equities research analysts forecast that Align Technology, Inc. will post 9.38 EPS for the current fiscal year.

Align Technology announced that its board has approved a stock buyback 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 reacquire up to 1.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a report on Thursday, July 30th. Piper Sandler raised their price target on Align Technology from $220.00 to $235.00 and gave the company an “overweight” rating in a research note on Tuesday, April 21st. Evercore upped their price objective on Align Technology from $200.00 to $220.00 in a research report on Thursday, April 30th. Zacks Research downgraded Align Technology from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 16th. Finally, Weiss Ratings downgraded shares of Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a research report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $206.36.

About Align Technology

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.