Swiss Life Asset Management Ltd Sells 3,492 Shares of Align Technology, Inc. $ALGN

by · The Cerbat Gem

Swiss Life Asset Management Ltd lowered its holdings in Align Technology, Inc. (NASDAQ:ALGN – Free Report) by 34.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,655 shares of the medical equipment provider’s stock after selling 3,492 shares during the quarter. Swiss Life Asset Management Ltd’s holdings in Align Technology were worth $1,039,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC grew its holdings in Align Technology by 38.9% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 15,551 shares of the medical equipment provider’s stock worth $2,029,000 after acquiring an additional 4,359 shares during the last quarter. AE Wealth Management LLC acquired a new stake in Align Technology in the 3rd quarter valued at about $650,000. Dana Investment Advisors Inc. acquired a new stake in Align Technology in the 3rd quarter valued at about $9,991,000. AIA Group Ltd acquired a new stake in Align Technology in the 3rd quarter valued at about $2,507,000. Finally, Hussman Strategic Advisors Inc. acquired a new stake in Align Technology in the 3rd quarter valued at about $3,156,000. Institutional investors own 88.43% of the company’s stock.

Align Technology Trading Down 2.0%

Shares of NASDAQ:ALGN opened at $157.25 on Friday. The stock has a market capitalization of $11.26 billion, a P/E ratio of 26.38, a P/E/G ratio of 1.65 and a beta of 1.70. Align Technology, Inc. has a 1-year low of $122.00 and a 1-year high of $208.30. The business has a 50-day moving average price of $175.26 and a two-hundred day moving average price of $166.29.

Align Technology (NASDAQ:ALGN – Get Free Report) last released its earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $1.02 billion. During the same quarter in the previous year, the business earned $2.13 EPS. The business’s quarterly revenue was up 6.2% compared to the same quarter last year. As a group, equities analysts predict that Align Technology, Inc. will post 9.47 EPS for the current year.

Align Technology declared that its Board of Directors has initiated a share buyback program on Wednesday, April 29th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the medical equipment provider to buy up to 1.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other Align Technology news, EVP John Morici sold 7,969 shares of Align Technology stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $189.31, for a total transaction of $1,508,611.39. Following the completion of the sale, the executive vice president owned 8,237 shares of the company’s stock, valued at approximately $1,559,346.47. The trade was a 49.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.75% of the company’s stock.

Analyst Upgrades and Downgrades

ALGN has been the topic of several research analyst reports. Barclays raised shares of Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 price target on the stock in a research note on Tuesday, March 17th. Wells Fargo & Company upped their price objective on Align Technology from $181.00 to $200.00 and gave the stock an “overweight” rating in a report on Thursday, February 5th. Citigroup started coverage on Align Technology in a report on Wednesday, April 15th. They set a “buy” rating and a $240.00 price objective on the stock. UBS Group upped their price objective on Align Technology from $175.00 to $185.00 and gave the stock a “neutral” rating in a report on Thursday, February 5th. Finally, Morgan Stanley upped their price objective on Align Technology from $169.00 to $188.00 and gave the stock an “equal weight” rating in a report on Friday, April 24th. Eight analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $205.85.

Read Our Latest Report on Align Technology

Align Technology Profile

(Free Report)

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.

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