Align Technology, Inc. $ALGN Shares Sold by Royal Bank of Canada

Royal Bank of Canada trimmed its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 58.5% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 97,171 shares of the medical equipment provider’s stock after selling 137,099 shares during the quarter. Royal Bank of Canada owned approximately 0.14% of Align Technology worth $16,658,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Align Technology by 4.8% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,222 shares of the medical equipment provider’s stock valued at $1,624,000 after buying an additional 469 shares during the last quarter. Focus Partners Wealth boosted its position in Align Technology by 5.2% during the first quarter. Focus Partners Wealth now owns 3,062 shares of the medical equipment provider’s stock worth $486,000 after acquiring an additional 151 shares during the last quarter. Sivia Capital Partners LLC purchased a new stake in Align Technology during the 2nd quarter valued at about $204,000. EverSource Wealth Advisors LLC raised its holdings in Align Technology by 55.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 531 shares of the medical equipment provider’s stock valued at $101,000 after acquiring an additional 190 shares during the last quarter. Finally, First Trust Advisors LP raised its holdings in Align Technology by 201.7% in the 2nd quarter. First Trust Advisors LP now owns 88,270 shares of the medical equipment provider’s stock valued at $16,712,000 after acquiring an additional 59,010 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Stock Performance

Align Technology stock opened at $169.08 on Friday. The company’s 50 day simple moving average is $175.09 and its 200-day simple moving average is $175.28. The company has a market capitalization of $12.11 billion, a price-to-earnings ratio of 29.41, a price-to-earnings-growth ratio of 1.86 and a beta of 1.65. Align Technology, Inc. has a 1 year low of $122.00 and a 1 year high of $200.43.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings data on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share for the quarter, topping 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 firm had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.05 billion. During the same quarter last year, the company posted $2.49 EPS. The firm’s quarterly revenue was up 4.3% on a year-over-year basis. Equities analysts expect that Align Technology, Inc. will post 9.38 earnings per share for the current year.

Align Technology announced that its Board of Directors has authorized a share buyback plan on Wednesday, April 29th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the medical equipment provider to purchase up to 1.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

Several brokerages have recently weighed in on ALGN. BMO Capital Markets initiated coverage on Align Technology in a report on Wednesday, July 8th. They set an “outperform” rating and a $209.00 target price on the stock. Wall Street Zen downgraded shares of Align Technology from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 1st. Leerink Partners lifted their price target on shares of Align Technology from $225.00 to $230.00 in a research report on Thursday, April 30th. Evercore increased their price objective on Align Technology from $200.00 to $220.00 in a research report on Thursday, April 30th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a research note on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, Align Technology presently has an average rating of “Moderate Buy” and a consensus target price of $206.36.

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.