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

Skylands Capital LLC reduced its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 25.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 15,300 shares of the medical equipment provider’s stock after selling 5,100 shares during the quarter. Skylands Capital LLC’s holdings in Align Technology were worth $2,623,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Blue Trust Inc. lifted its position 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 purchasing an additional 69 shares in the last quarter. Sunbelt Securities Inc. grew its position in Align Technology by 222.4% in the fourth quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider’s stock valued at $25,000 after purchasing an additional 109 shares in the last quarter. Independence Bank of Kentucky grew its position in 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 purchasing an additional 80 shares in the last quarter. CYBER HORNET ETFs LLC acquired a new stake in Align Technology in the 2nd quarter valued at $36,000. Finally, Tobam acquired a new stake in Align Technology in the 4th quarter valued at $30,000. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Evercore increased their price objective on shares of Align Technology from $200.00 to $220.00 in a research note on Thursday, April 30th. Citigroup assumed coverage on Align Technology in a research report on Wednesday, April 15th. They issued a “buy” rating and a $240.00 target price on the stock. Wall Street Zen lowered Align Technology from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 13th. Piper Sandler increased their price target on Align Technology from $220.00 to $235.00 and gave the company an “overweight” rating in a research report on Tuesday, April 21st. Finally, Leerink Partners raised their price target on Align Technology from $225.00 to $230.00 in a research note on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, Align Technology currently has an average rating of “Moderate Buy” and an average target price of $205.85.

Align Technology Price Performance

Shares of ALGN stock opened at $178.43 on Friday. The company has a fifty day moving average price of $173.11 and a two-hundred day moving average price of $172.44. Align Technology, Inc. has a one year low of $122.00 and a one year high of $208.30. The stock has a market cap of $12.78 billion, a P/E ratio of 29.94, a P/E/G ratio of 1.83 and a beta of 1.67.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share for the quarter, topping analysts’ consensus estimates of $2.26 by $0.32. The firm had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.02 billion. Align Technology had a return on equity of 15.82% and a net margin of 10.50%.The business’s revenue was up 6.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.13 earnings per share. As a group, equities research analysts anticipate that Align Technology, Inc. will post 9.48 EPS for the current fiscal year.

Align Technology announced that its Board of Directors has initiated a stock buyback program on Wednesday, April 29th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the medical equipment provider to repurchase up to 1.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership 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.