Hsbc Holdings PLC Lowers Holdings in Align Technology, Inc. $ALGN

Hsbc Holdings PLC lowered its position in Align Technology, Inc. (NASDAQ:ALGN) by 28.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & 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 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Rockefeller Capital Management L.P. increased its position in Align Technology by 108.3% during the 4th quarter. Rockefeller Capital Management L.P. now owns 6,884 shares of the medical equipment provider’s stock valued at $1,075,000 after purchasing an additional 3,579 shares during the period. Tobam purchased a new stake in shares of Align Technology in the 4th quarter worth approximately $30,000. Sunbelt Securities Inc. boosted its stake in shares of Align Technology by 222.4% during the fourth quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider’s stock valued at $25,000 after purchasing an additional 109 shares in the last quarter. Kovitz Investment Group Partners LLC boosted its stake in shares of Align Technology by 37.1% during 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. Finally, Compound Planning Inc. purchased a new position in Align Technology during the fourth quarter valued at approximately $228,000. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ALGN. Wall Street Zen upgraded Align Technology from a “buy” rating to a “strong-buy” rating in a report on Saturday. Evercore lifted their price target on Align Technology from $200.00 to $220.00 in a report on Thursday, April 30th. Zacks Research raised Align Technology from a “hold” rating to a “strong-buy” rating in a research report on Monday, June 1st. Citigroup started coverage on Align Technology in a research note on Wednesday, April 15th. They set a “buy” rating and a $240.00 price objective for the company. Finally, Piper Sandler raised their price objective on Align Technology from $220.00 to $235.00 and gave the company an “overweight” rating in a research report on Tuesday, April 21st. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five 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 Stock Down 1.7%

Shares of ALGN opened at $185.22 on Wednesday. The company has a 50 day moving average of $171.67 and a two-hundred day moving average of $173.44. The company has a market cap of $13.27 billion, a price-to-earnings ratio of 31.08, a price-to-earnings-growth ratio of 1.93 and a beta of 1.67. Align Technology, Inc. has a twelve month low of $122.00 and a twelve month high of $208.30.

Align Technology (NASDAQ:ALGN) last issued 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 firm had revenue of $1.04 billion during 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%.The business’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.13 EPS. On average, sell-side analysts expect that Align Technology, Inc. will post 9.48 EPS for the current year.

Align Technology announced that its Board of Directors has authorized a stock repurchase program on Wednesday, April 29th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the medical equipment provider to reacquire up to 1.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

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.