Align Technology, Inc. $ALGN Shares Sold by Royal Bank of Canada

Royal Bank of Canada lowered its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 58.5% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 97,171 shares of the medical equipment provider’s stock after selling 137,099 shares during the period. Royal Bank of Canada’s holdings in Align Technology were worth $16,658,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in ALGN. Sunbelt Securities Inc. lifted its holdings in Align Technology by 222.4% during the 4th quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider’s stock worth $25,000 after buying an additional 109 shares in the last quarter. Blue Trust Inc. grew its stake in shares of Align Technology by 77.5% in the first quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider’s stock worth $27,000 after acquiring an additional 69 shares in the last quarter. Tobam acquired a new position in shares of Align Technology in the fourth quarter worth $30,000. Hollencrest Capital Management purchased a new stake in shares of Align Technology during the first quarter worth $34,000. Finally, Caitong International Asset Management Co. Ltd increased its position in shares of Align Technology by 1,773.3% during the third quarter. Caitong International Asset Management Co. Ltd now owns 281 shares of the medical equipment provider’s stock worth $35,000 after acquiring an additional 266 shares during the period. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Trading Down 3.3%

Align Technology stock opened at $169.08 on Friday. The company has a fifty day simple moving average of $175.09 and a 200-day simple moving average of $175.28. The stock has a market cap of $12.11 billion, a P/E ratio of 29.41, a price-to-earnings-growth ratio of 1.86 and a beta of 1.65. Align Technology, Inc. has a 12-month low of $122.00 and a 12-month high of $200.43.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 EPS for the quarter, beating the consensus estimate of $2.62 by $0.02. Align Technology had a return on equity of 15.86% and a net margin of 9.99%.The firm had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.05 billion. During the same quarter in the prior year, the company posted $2.49 earnings per share. Align Technology’s revenue for the quarter was up 4.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Align Technology, Inc. will post 9.38 earnings per share for the current fiscal year.

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

Analyst Ratings Changes

ALGN has been the subject of a number of recent research reports. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a report on Thursday, July 30th. Citigroup started coverage on Align Technology in a report on Wednesday, April 15th. They set a “buy” rating and a $240.00 price target on the stock. Zacks Research lowered Align Technology from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 16th. Piper Sandler lifted their price objective 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, Evercore boosted their price objective on Align Technology from $200.00 to $220.00 in a research report on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Align Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $206.36.

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.