Plato Investment Management Ltd Sells 5,051 Shares of Align Technology, Inc. $ALGN

Plato Investment Management Ltd lessened its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 94.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 306 shares of the medical equipment provider’s stock after selling 5,051 shares during the period. Plato Investment Management Ltd’s holdings in Align Technology were worth $48,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of Align Technology by 0.7% in the 3rd quarter. Vanguard Group Inc. now owns 8,301,611 shares of the medical equipment provider’s stock valued at $1,039,528,000 after acquiring an additional 58,546 shares in the last quarter. Capital International Investors grew its holdings in shares of Align Technology by 88.6% in the 3rd quarter. Capital International Investors now owns 3,050,373 shares of the medical equipment provider’s stock valued at $381,968,000 after acquiring an additional 1,433,393 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Align Technology by 37.4% in the 3rd quarter. Invesco Ltd. now owns 1,497,535 shares of the medical equipment provider’s stock valued at $187,521,000 after acquiring an additional 407,559 shares in the last quarter. Holocene Advisors LP bought a new position in shares of Align Technology in the 3rd quarter valued at about $179,035,000. Finally, Bank of America Corp DE grew its holdings in shares of Align Technology by 72.0% in the 3rd quarter. Bank of America Corp DE now owns 1,353,125 shares of the medical equipment provider’s stock valued at $169,438,000 after acquiring an additional 566,488 shares in the last quarter. Institutional investors own 88.43% of the company’s stock.

Insider Buying and Selling

In related news, EVP John Morici sold 7,969 shares of Align Technology stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $189.31, for a total transaction of $1,508,611.39. Following the completion of the transaction, the executive vice president owned 8,237 shares in the company, valued at approximately $1,559,346.47. This trade represents a 49.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.75% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on ALGN shares. Barclays upgraded Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 price objective for the company in a report on Tuesday, March 17th. UBS Group raised their price objective on Align Technology from $175.00 to $185.00 and gave the company a “neutral” rating in a report on Thursday, February 5th. Morgan Stanley raised their price objective on Align Technology from $169.00 to $188.00 and gave the company an “equal weight” rating in a report on Friday, April 24th. Piper Sandler raised their price objective on Align Technology from $220.00 to $235.00 and gave the company an “overweight” rating in a report on Tuesday, April 21st. Finally, Leerink Partners raised their price objective on Align Technology from $225.00 to $230.00 in a report on Thursday, April 30th. Eight research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $205.85.

Align Technology Stock Performance

Align Technology stock opened at $164.61 on Tuesday. Align Technology, Inc. has a 52 week low of $122.00 and a 52 week high of $208.30. The stock has a market capitalization of $11.79 billion, a P/E ratio of 27.62, a PEG ratio of 1.74 and a beta of 1.70. The stock has a 50-day simple moving average of $177.23 and a 200 day simple moving average of $165.78.

Align Technology (NASDAQ:ALGN) last posted its quarterly 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 return on equity of 15.82% and a net margin of 10.50%.The business had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.02 billion. During the same quarter last year, the company posted $2.13 earnings per share. Align Technology’s quarterly revenue was up 6.2% on a year-over-year basis. Research analysts forecast that Align Technology, Inc. will post 9.43 earnings per share for the current year.

Align Technology announced that its Board of Directors has initiated a share repurchase program on Wednesday, April 29th that permits the company to buyback $200.00 million in shares. This buyback authorization permits 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 leadership 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.