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

Hsbc Holdings PLC cut its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 28.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 136,408 shares of the medical equipment provider’s stock after selling 53,898 shares during the quarter. Hsbc Holdings PLC owned 0.19% of Align Technology worth $21,381,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of ALGN. Capital International Investors grew its stake in shares of Align Technology by 52.2% in the 4th quarter. Capital International Investors now owns 4,643,221 shares of the medical equipment provider’s stock worth $725,039,000 after buying an additional 1,592,848 shares in the last quarter. Holocene Advisors LP purchased a new position in Align Technology in the third quarter worth about $179,035,000. Ruane Cunniff & Goldfarb L.P. purchased a new position in Align Technology in the fourth quarter worth about $190,899,000. Norges Bank purchased a new position in Align Technology in the fourth quarter worth about $155,556,000. Finally, Arrowstreet Capital Limited Partnership increased its stake in Align Technology by 247.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,005,413 shares of the medical equipment provider’s stock worth $156,995,000 after acquiring an additional 715,919 shares during the last quarter. Institutional investors own 88.43% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on ALGN. Weiss Ratings lowered Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, June 4th. Wall Street Zen raised Align Technology from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Barclays upgraded Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 price target on the stock in a report on Tuesday, March 17th. Evercore raised their price target on Align Technology from $200.00 to $220.00 in a research report on Thursday, April 30th. Finally, Leerink Partners lifted their price objective on shares of 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 given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $205.85.

Align Technology Price Performance

Shares of NASDAQ:ALGN opened at $185.22 on Wednesday. The firm has a market capitalization of $13.27 billion, a PE ratio of 31.08, a price-to-earnings-growth ratio of 1.93 and a beta of 1.67. The business has a 50 day simple moving average of $171.67 and a two-hundred day simple moving average of $173.44. Align Technology, Inc. has a 1 year low of $122.00 and a 1 year high of $208.30.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results 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 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 the consensus estimate of $1.02 billion. During the same period in the prior year, the business posted $2.13 earnings per share. The company’s revenue for the quarter was up 6.2% on a year-over-year basis. Equities research analysts expect that Align Technology, Inc. will post 9.48 EPS for the current fiscal year.

Align Technology announced that its Board of Directors has authorized a share repurchase plan 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 plans are generally 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.