Glenmede Trust Co. NA Lowers Position in Align Technology, Inc. $ALGN

Glenmede Trust Co. NA decreased its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 72.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,906 shares of the medical equipment provider’s stock after selling 7,778 shares during the quarter. Glenmede Trust Co. NA’s holdings in Align Technology were worth $498,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the company. Sequoia Financial Advisors LLC increased its stake in shares of Align Technology by 320.1% in the 4th quarter. Sequoia Financial Advisors LLC now owns 7,986 shares of the medical equipment provider’s stock valued at $1,247,000 after purchasing an additional 6,085 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in Align Technology by 35,513.8% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 545,604 shares of the medical equipment provider’s stock worth $85,196,000 after purchasing an additional 544,072 shares in the last quarter. Capital International Ltd. CA grew its holdings in Align Technology by 26.5% in the fourth quarter. Capital International Ltd. CA now owns 57,194 shares of the medical equipment provider’s stock valued at $8,931,000 after purchasing an additional 11,977 shares during the period. California State Teachers Retirement System increased its position in shares of Align Technology by 21.2% in the first quarter. California State Teachers Retirement System now owns 79,293 shares of the medical equipment provider’s stock valued at $13,593,000 after buying an additional 13,867 shares in the last quarter. Finally, Lecap Asset Management Ltd. purchased a new stake in shares of Align Technology in the fourth quarter valued at approximately $1,814,000. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Align Technology Price Performance

Align Technology stock opened at $173.66 on Friday. The stock has a market cap of $12.44 billion, a price-to-earnings ratio of 30.20, a price-to-earnings-growth ratio of 1.85 and a beta of 1.65. The firm has a 50 day simple moving average of $175.06 and a 200-day simple moving average of $175.27. Align Technology, Inc. has a 1-year low of $122.00 and a 1-year high of $200.43.

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

Align Technology announced that its Board of Directors has authorized a share buyback plan on Wednesday, April 29th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the medical equipment provider to purchase up to 1.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

ALGN has been the topic of a number of recent analyst reports. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a research report on Thursday, July 30th. Wall Street Zen lowered shares of Align Technology from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 1st. Citigroup initiated coverage on shares of Align Technology in a research report on Wednesday, April 15th. They set a “buy” rating and a $240.00 price objective for the company. Piper Sandler increased their price objective on shares of Align Technology from $220.00 to $235.00 and gave the company an “overweight” rating in a report on Tuesday, April 21st. Finally, Zacks Research cut shares of Align Technology from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, Align Technology has a consensus rating of “Moderate Buy” and an average price target 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.