Align Technology, Inc. $ALGN Shares Sold by KBC Group NV

KBC Group NV cut its stake in Align Technology, Inc. (NASDAQ:ALGN) by 55.6% during the 1st quarter, HoldingsChannel reports. The firm owned 4,616 shares of the medical equipment provider’s stock after selling 5,792 shares during the quarter. KBC Group NV’s holdings in Align Technology were worth $791,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Bessemer Group Inc. grew its stake 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 buying an additional 67 shares in the last quarter. Banco Bilbao Vizcaya Argentaria S.A. boosted its stake in shares of Align Technology by 3.7% in the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 1,896 shares of the medical equipment provider’s stock valued at $296,000 after purchasing an additional 68 shares during the period. Blue Trust Inc. increased its stake in Align Technology by 77.5% during the 1st quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider’s stock worth $27,000 after buying an additional 69 shares during the period. Comerica Bank lifted its holdings in Align Technology by 0.6% in the 4th quarter. Comerica Bank now owns 13,656 shares of the medical equipment provider’s stock worth $2,132,000 after buying an additional 76 shares in the last quarter. Finally, Independence Bank of Kentucky lifted its holdings in Align Technology by 77.7% in the 4th quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider’s stock worth $29,000 after buying an additional 80 shares in the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Wall Street Analyst Weigh In

ALGN has been the topic of a number of analyst reports. Citigroup assumed coverage on Align Technology in a research report on Wednesday, April 15th. They set a “buy” rating and a $240.00 target price on the stock. Leerink Partners raised their price objective on Align Technology from $225.00 to $230.00 in a research note on Thursday, April 30th. Morgan Stanley upped their target price on Align Technology from $169.00 to $188.00 and gave the company an “equal weight” rating in a research report on Friday, April 24th. Piper Sandler increased their target price on Align Technology from $220.00 to $235.00 and gave the company an “overweight” rating in a research note on Tuesday, April 21st. Finally, UBS Group reissued a “neutral” rating and set a $189.00 price target on shares of Align Technology in a research report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $206.36.

Align Technology Stock Performance

NASDAQ:ALGN opened at $167.01 on Friday. The company has a market capitalization of $11.96 billion, a price-to-earnings ratio of 28.02, a price-to-earnings-growth ratio of 1.71 and a beta of 1.67. Align Technology, Inc. has a one year low of $122.00 and a one year high of $208.30. The stock has a 50-day simple moving average of $173.31 and a 200 day simple moving average of $175.01.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.26 by $0.32. Align Technology had a return on equity of 15.82% and a net margin of 10.50%.The firm had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.02 billion. During the same quarter in the prior year, the firm posted $2.13 earnings per share. Align Technology’s revenue for the quarter was up 6.2% compared to the same quarter last year. On average, equities research analysts forecast that Align Technology, Inc. will post 9.48 EPS for the current fiscal year.

Align Technology declared that its Board of Directors has initiated a stock buyback program 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 purchase up to 1.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is 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.