Align Technology, Inc. (NASDAQ:ALGN) Shares Sold by DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main

DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main decreased its position in Align Technology, Inc. (NASDAQ:ALGN) by 86.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,018 shares of the medical equipment provider’s stock after selling 24,791 shares during the quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main’s holdings in Align Technology were worth $838,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC grew its position in shares of Align Technology by 119.6% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 169,641 shares of the medical equipment provider’s stock worth $35,368,000 after buying an additional 92,407 shares in the last quarter. Swedbank AB grew its position in shares of Align Technology by 25.0% during the fourth quarter. Swedbank AB now owns 486,267 shares of the medical equipment provider’s stock worth $101,392,000 after buying an additional 97,152 shares in the last quarter. Principal Securities Inc. grew its position in shares of Align Technology by 34.5% during the fourth quarter. Principal Securities Inc. now owns 1,881 shares of the medical equipment provider’s stock worth $392,000 after buying an additional 483 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its position in shares of Align Technology by 1.2% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 7,799 shares of the medical equipment provider’s stock worth $1,626,000 after buying an additional 91 shares in the last quarter. Finally, Allworth Financial LP grew its position in shares of Align Technology by 1,479.1% during the fourth quarter. Allworth Financial LP now owns 2,416 shares of the medical equipment provider’s stock worth $504,000 after buying an additional 2,263 shares in the last quarter. Institutional investors and hedge funds own 88.43% of the company’s stock.

Align Technology Stock Performance

ALGN stock opened at $181.81 on Monday. The stock has a market capitalization of $13.31 billion, a price-to-earnings ratio of 32.41, a PEG ratio of 2.24 and a beta of 1.68. Align Technology, Inc. has a 1 year low of $141.74 and a 1 year high of $283.00. The stock’s fifty day moving average is $167.96 and its two-hundred day moving average is $199.61.

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

Align Technology announced that its Board of Directors has authorized a share repurchase plan on Tuesday, May 6th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the medical equipment provider to purchase up to 7.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. 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. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a research report on Thursday, May 1st. Evercore ISI lifted their price objective on shares of Align Technology from $165.00 to $200.00 and gave the stock an “outperform” rating in a report on Thursday, May 1st. HSBC downgraded shares of Align Technology from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $290.00 to $170.00 in a report on Friday, April 25th. Finally, Mizuho decreased their price objective on shares of Align Technology from $250.00 to $245.00 and set an “outperform” rating for the company in a report on Tuesday, April 29th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $241.25.

About Align Technology

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.