Team Hewins LLC Decreases Position in Align Technology, Inc. (NASDAQ:ALGN)

Team Hewins LLC trimmed its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 7.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 686 shares of the medical equipment provider’s stock after selling 56 shares during the period. Team Hewins LLC’s holdings in Align Technology were worth $225,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Mediolanum International Funds Ltd bought a new stake in Align Technology during the first quarter valued at approximately $2,006,000. BI Asset Management Fondsmaeglerselskab A S grew its position in Align Technology by 175.6% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 962 shares of the medical equipment provider’s stock valued at $315,000 after buying an additional 613 shares during the period. Whittier Trust Co. grew its position in Align Technology by 17.6% during the first quarter. Whittier Trust Co. now owns 561 shares of the medical equipment provider’s stock valued at $184,000 after buying an additional 84 shares during the period. Jennison Associates LLC grew its position in Align Technology by 14.4% during the first quarter. Jennison Associates LLC now owns 100,300 shares of the medical equipment provider’s stock valued at $32,890,000 after buying an additional 12,601 shares during the period. Finally, Daiwa Securities Group Inc. grew its position in Align Technology by 1.2% during the first quarter. Daiwa Securities Group Inc. now owns 8,822 shares of the medical equipment provider’s stock valued at $2,893,000 after buying an additional 108 shares during the period. 88.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on ALGN shares. UBS Group upped their price target on shares of Align Technology from $280.00 to $320.00 and gave the stock a “neutral” rating in a research report on Monday, April 15th. Evercore ISI dropped their price target on shares of Align Technology from $370.00 to $300.00 and set an “outperform” rating for the company in a research report on Monday, June 10th. Robert W. Baird boosted their target price on shares of Align Technology from $333.00 to $370.00 and gave the stock an “outperform” rating in a report on Thursday, April 25th. Morgan Stanley boosted their target price on shares of Align Technology from $344.00 to $360.00 and gave the stock an “overweight” rating in a report on Thursday, April 25th. Finally, Stifel Nicolaus boosted their target price on shares of Align Technology from $350.00 to $400.00 and gave the stock a “buy” rating in a report on Thursday, April 18th. One analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $346.50.

Align Technology Stock Up 3.0 %

Align Technology stock traded up $7.52 during mid-day trading on Thursday, reaching $256.65. 548,533 shares of the company’s stock traded hands, compared to its average volume of 759,223. The company has a market cap of $19.32 billion, a price-to-earnings ratio of 41.04, a PEG ratio of 4.61 and a beta of 1.66. The stock has a 50 day moving average of $257.42 and a two-hundred day moving average of $282.81. Align Technology, Inc. has a 12-month low of $176.34 and a 12-month high of $413.20.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, April 24th. The medical equipment provider reported $1.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.08. Align Technology had a net margin of 11.80% and a return on equity of 14.15%. The company had revenue of $997.43 million for the quarter, compared to the consensus estimate of $971.97 million. As a group, sell-side analysts forecast that Align Technology, Inc. will post 7.86 earnings per share for the current year.

Align Technology Company 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.