Clarkston Capital Partners LLC Trims Position in Align Technology, Inc. $ALGN

Clarkston Capital Partners LLC cut its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 57.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 59,975 shares of the medical equipment provider’s stock after selling 80,965 shares during the period. Clarkston Capital Partners LLC owned 0.08% of Align Technology worth $10,282,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Inceptionr LLC purchased a new position in shares of Align Technology in the first quarter valued at $727,000. Gibbs Wealth Management raised its stake in Align Technology by 24.3% during the first quarter. Gibbs Wealth Management now owns 3,126 shares of the medical equipment provider’s stock valued at $536,000 after purchasing an additional 612 shares in the last quarter. Cetera Investment Advisers raised its stake in Align Technology by 115.6% during the first quarter. Cetera Investment Advisers now owns 17,137 shares of the medical equipment provider’s stock valued at $2,938,000 after purchasing an additional 9,188 shares in the last quarter. Militia Capital Management LLC bought a new position in Align Technology during the first quarter valued at $3,549,000. Finally, NewEdge Wealth LLC bought a new position in Align Technology during the first quarter valued at $2,050,000. Institutional investors own 88.43% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on ALGN. Wall Street Zen upgraded shares of Align Technology from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 4th. Leerink Partners boosted their target price on Align Technology from $225.00 to $230.00 in a research report on Thursday, April 30th. Citigroup started coverage on shares of Align Technology in a research note on Wednesday, April 15th. They issued a “buy” rating and a $240.00 target price on the stock. Evercore upped their price target on shares of Align Technology from $200.00 to $220.00 in a report on Thursday, April 30th. Finally, Weiss Ratings raised shares of Align Technology from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Align Technology presently has an average rating of “Moderate Buy” and an average price target of $206.36.

Align Technology Price Performance

Shares of ALGN stock opened at $168.24 on Friday. The company has a market capitalization of $12.05 billion, a P/E ratio of 28.23, a P/E/G ratio of 1.77 and a beta of 1.67. The company’s 50-day simple moving average is $173.11 and its two-hundred day simple moving average is $175.07. Align Technology, Inc. has a one year low of $122.00 and a one year high of $208.30.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share 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 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 quarter in the previous year, the firm posted $2.13 earnings per share. On average, research analysts expect that Align Technology, Inc. will post 9.48 EPS for the current fiscal year.

Align Technology announced that its board has authorized a stock buyback plan on Wednesday, April 29th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the medical equipment provider to reacquire up to 1.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.

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.