Nuveen Asset Management LLC Sells 45,120 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Nuveen Asset Management LLC decreased its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 4.3% in the 4th quarter, Holdings Channel reports. The fund owned 1,013,182 shares of the medical equipment provider’s stock after selling 45,120 shares during the period. Nuveen Asset Management LLC’s holdings in Align Technology were worth $211,259,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Covestor Ltd grew its holdings in shares of Align Technology by 14.6% during the 4th quarter. Covestor Ltd now owns 415 shares of the medical equipment provider’s stock valued at $87,000 after purchasing an additional 53 shares during the last quarter. Picton Mahoney Asset Management boosted its position in Align Technology by 69.9% in the fourth quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider’s stock valued at $30,000 after buying an additional 58 shares in the last quarter. Smartleaf Asset Management LLC grew its stake in shares of Align Technology by 9.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 766 shares of the medical equipment provider’s stock worth $158,000 after buying an additional 64 shares during the last quarter. Beech Hill Advisors Inc. increased its holdings in shares of Align Technology by 0.6% during the fourth quarter. Beech Hill Advisors Inc. now owns 11,632 shares of the medical equipment provider’s stock worth $2,425,000 after buying an additional 65 shares in the last quarter. Finally, New York Life Investment Management LLC lifted its stake in shares of Align Technology by 0.7% in the 4th quarter. New York Life Investment Management LLC now owns 9,406 shares of the medical equipment provider’s stock valued at $1,961,000 after acquiring an additional 68 shares during the last quarter. Institutional investors own 88.43% of the company’s stock.

Align Technology Stock Down 0.5%

ALGN opened at $186.72 on Friday. Align Technology, Inc. has a twelve month low of $141.74 and a twelve month high of $283.00. The company has a fifty day moving average of $169.37 and a 200-day moving average of $199.06. The stock has a market cap of $13.53 billion, a PE ratio of 33.28, a price-to-earnings-growth ratio of 2.24 and a beta of 1.68.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share for the quarter, topping analysts’ consensus estimates of $2.00 by $0.13. Align Technology had a return on equity of 13.84% and a net margin of 10.54%. The firm had revenue of $979.26 million during the quarter, compared to the consensus estimate of $977.90 million. During the same period last year, the business posted $2.14 EPS. The business’s revenue was down 1.8% compared to the same quarter last year. Sell-side analysts anticipate that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology declared that its Board of Directors has initiated a stock buyback plan on Tuesday, May 6th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the medical equipment provider to repurchase up to 7.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Hsbc Global Res lowered Align Technology from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 25th. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a research note on Thursday, May 1st. Evercore ISI upped their price objective on Align Technology from $165.00 to $200.00 and gave the company an “outperform” rating in a research note on Thursday, May 1st. Piper Sandler reiterated an “overweight” rating and issued a $250.00 price objective (up previously from $235.00) on shares of Align Technology in a report on Thursday, May 1st. Finally, Mizuho reduced their target price on shares of Align Technology from $250.00 to $245.00 and set an “outperform” rating on the stock in a report on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $241.25.

Align Technology Profile

Align Technology, Inc designs, manufactures, and markets Invisalign clear aligners, and iTero intraoral scanners and services for orthodontists and general practitioner dentists in the United States, Switzerland, and internationally. The company's Clear Aligner segment offers comprehensive products, including Invisalign comprehensive package that addresses the orthodontic needs of younger patients, such as mandibular advancement, compliance indicators, and compensation for tooth eruption; and Invisalign First Phase I and Invisalign First Comprehensive Phase 2 package for younger patients generally between the ages of six and ten years, which is a mixture of primary/baby and permanent teeth.