Skylands Capital LLC Sells 5,100 Shares of Align Technology, Inc. $ALGN

Skylands Capital LLC cut its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 25.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,300 shares of the medical equipment provider’s stock after selling 5,100 shares during the period. Skylands Capital LLC’s holdings in Align Technology were worth $2,623,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Sunbelt Securities Inc. boosted its stake in Align Technology by 222.4% in the fourth quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider’s stock worth $25,000 after purchasing an additional 109 shares in the last quarter. Blue Trust Inc. increased 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 valued at $27,000 after buying an additional 69 shares in the last quarter. Independence Bank of Kentucky raised its holdings in shares of Align Technology by 77.7% in the fourth quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider’s stock valued at $29,000 after buying an additional 80 shares during the last quarter. Tobam bought a new position in shares of Align Technology in the fourth quarter valued at about $30,000. Finally, Miller Global Investments LLC acquired a new position in Align Technology during the 4th quarter worth about $31,000. 88.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Morgan Stanley increased their price objective on shares of Align Technology from $169.00 to $188.00 and gave the stock an “equal weight” rating in a report on Friday, April 24th. Wall Street Zen lowered shares of Align Technology from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 13th. Zacks Research raised shares of Align Technology from a “hold” rating to a “strong-buy” rating in a research note on Monday, June 1st. Weiss Ratings downgraded Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, June 4th. Finally, Piper Sandler lifted their price target on shares of Align Technology from $220.00 to $235.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 21st. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $205.85.

Align Technology Trading Up 1.5%

Shares of Align Technology stock opened at $178.43 on Friday. Align Technology, Inc. has a 12 month low of $122.00 and a 12 month high of $208.30. The company has a market capitalization of $12.78 billion, a PE ratio of 29.94, a PEG ratio of 1.83 and a beta of 1.67. The stock’s fifty day simple moving average is $173.11 and its 200 day simple moving average is $172.44.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share (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 period in the prior year, the business earned $2.13 EPS. Align Technology’s revenue for the quarter was up 6.2% compared to the same quarter last year. Analysts predict that Align Technology, Inc. will post 9.48 EPS for the current fiscal year.

Align Technology announced that its board has initiated a stock buyback plan on Wednesday, April 29th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the medical equipment provider to reacquire up to 1.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

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.