Hsbc Holdings PLC Sells 53,898 Shares of Align Technology, Inc. $ALGN

Hsbc Holdings PLC lowered its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 28.3% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 136,408 shares of the medical equipment provider’s stock after selling 53,898 shares during the period. Hsbc Holdings PLC owned about 0.19% of Align Technology worth $21,381,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. 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. Independence Bank of Kentucky raised 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 valued at $29,000 after buying an additional 80 shares during the last quarter. Tobam acquired a new stake in Align Technology during the 4th quarter worth approximately $30,000. Miller Global Investments LLC bought a new stake in Align Technology during the 4th quarter worth approximately $31,000. Finally, JFS Wealth Advisors LLC increased its position in Align Technology by 2,016.7% in the 3rd quarter. JFS Wealth Advisors LLC now owns 254 shares of the medical equipment provider’s stock valued at $32,000 after acquiring an additional 242 shares during the period. Institutional investors own 88.43% of the company’s stock.

Align Technology Price Performance

Shares of ALGN opened at $170.90 on Thursday. The company has a market cap of $12.24 billion, a PE ratio of 28.67, a P/E/G ratio of 1.73 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 moving average of $173.45 and a 200-day moving average of $172.27.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 EPS for the quarter, topping the consensus estimate of $2.26 by $0.32. The company 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 firm’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same period in the previous year, the firm posted $2.13 earnings per share. Analysts expect that Align Technology, Inc. will post 9.48 EPS for the current fiscal year.

Align Technology announced that its board has initiated a share repurchase program on Wednesday, April 29th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the medical equipment provider to reacquire up to 1.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research firms recently commented on ALGN. Evercore lifted their price objective on Align Technology from $200.00 to $220.00 in a research note on Thursday, April 30th. Weiss Ratings cut shares of Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, June 4th. Piper Sandler increased their price target on Align Technology from $220.00 to $235.00 and gave the stock an “overweight” rating in a report on Tuesday, April 21st. Morgan Stanley boosted their price objective on Align Technology from $169.00 to $188.00 and gave the company an “equal weight” rating in a research note on Friday, April 24th. Finally, Leerink Partners raised their target price on Align Technology from $225.00 to $230.00 in a research note on Thursday, April 30th. One equities 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 MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $205.85.

Align Technology Company 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.