Align Technology, Inc. $ALGN Stake Decreased by Geode Capital Management LLC

Geode Capital Management LLC lessened its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 2.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,759,887 shares of the medical equipment provider’s stock after selling 44,124 shares during the period. Geode Capital Management LLC owned 2.45% of Align Technology worth $274,326,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. AE Wealth Management LLC bought a new stake in shares of Align Technology during the third quarter valued at approximately $650,000. Dana Investment Advisors Inc. bought a new stake in Align Technology during the third quarter worth approximately $9,991,000. AIA Group Ltd bought a new stake in Align Technology during the third quarter worth approximately $2,507,000. Sequoia Financial Advisors LLC raised its holdings in Align Technology by 320.1% during the fourth quarter. Sequoia Financial Advisors LLC now owns 7,986 shares of the medical equipment provider’s stock worth $1,247,000 after purchasing an additional 6,085 shares in the last quarter. Finally, Clarkston Capital Partners LLC raised its holdings in Align Technology by 25.7% during the third quarter. Clarkston Capital Partners LLC now owns 141,215 shares of the medical equipment provider’s stock worth $17,683,000 after purchasing an additional 28,850 shares in the last quarter. Institutional investors own 88.43% of the company’s stock.

Align Technology Stock Performance

NASDAQ ALGN opened at $169.77 on Tuesday. Align Technology, Inc. has a twelve month low of $122.00 and a twelve month high of $208.30. The stock has a market cap of $12.16 billion, a price-to-earnings ratio of 28.48, a PEG ratio of 1.79 and a beta of 1.68. The firm’s 50 day moving average price is $173.61 and its two-hundred day moving average price is $168.68.

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

Align Technology declared that its board has authorized a stock repurchase 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 repurchase up to 1.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

ALGN has been the topic of several recent analyst reports. Barclays raised Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 target price on the stock in a report on Tuesday, March 17th. UBS Group boosted their target price on Align Technology from $175.00 to $185.00 and gave the stock a “neutral” rating in a report on Thursday, February 5th. Citigroup initiated coverage on Align Technology in a report on Wednesday, April 15th. They set a “buy” rating and a $240.00 target price on the stock. Robert W. Baird set a $218.00 target price on Align Technology in a report on Thursday, February 5th. Finally, Evercore boosted their target price on Align Technology from $200.00 to $220.00 in a report on Thursday, April 30th. Eight investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $205.85.

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.