Bellevue Group AG Cuts Position in Align Technology, Inc. (NASDAQ:ALGN)

Bellevue Group AG decreased its position in Align Technology, Inc. (NASDAQ:ALGN) by 2.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 154,909 shares of the medical equipment provider’s stock after selling 4,498 shares during the quarter. Bellevue Group AG owned 0.21% of Align Technology worth $50,798,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of Align Technology by 0.3% during the first quarter. Vanguard Group Inc. now owns 8,375,147 shares of the medical equipment provider’s stock worth $2,746,378,000 after purchasing an additional 25,362 shares in the last quarter. Brown Advisory Inc. boosted its stake in Align Technology by 41.4% in the fourth quarter. Brown Advisory Inc. now owns 1,509,080 shares of the medical equipment provider’s stock valued at $413,488,000 after acquiring an additional 441,754 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Align Technology by 1.1% in the first quarter. Bank of New York Mellon Corp now owns 1,132,742 shares of the medical equipment provider’s stock valued at $371,449,000 after buying an additional 11,800 shares during the last quarter. Norges Bank purchased a new stake in shares of Align Technology in the fourth quarter valued at about $223,610,000. Finally, Allianz Asset Management GmbH raised its holdings in shares of Align Technology by 11.1% in the fourth quarter. Allianz Asset Management GmbH now owns 668,823 shares of the medical equipment provider’s stock valued at $183,258,000 after buying an additional 67,088 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Stock Down 2.5 %

Shares of ALGN traded down $5.60 during mid-day trading on Friday, hitting $220.45. 1,185,768 shares of the company’s stock were exchanged, compared to its average volume of 776,117. The firm has a fifty day moving average of $249.03 and a two-hundred day moving average of $280.62. Align Technology, Inc. has a twelve month low of $176.34 and a twelve month high of $413.20. The stock has a market cap of $16.60 billion, a price-to-earnings ratio of 36.32, a P/E/G ratio of 4.09 and a beta of 1.66.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.32 by $0.09. Align Technology had a net margin of 11.34% and a return on equity of 14.07%. The business had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same period last year, the business posted $1.73 EPS. Align Technology’s revenue was up 2.6% compared to the same quarter last year. On average, equities analysts predict that Align Technology, Inc. will post 7.84 earnings per share for the current year.

Wall Street Analysts Forecast Growth

ALGN has been the subject of several analyst reports. Stifel Nicolaus cut their price target on shares of Align Technology from $400.00 to $350.00 and set a “buy” rating for the company in a report on Thursday. UBS Group increased their target price on shares of Align Technology from $280.00 to $320.00 and gave the company a “neutral” rating in a report on Monday, April 15th. Piper Sandler lowered their price target on shares of Align Technology from $330.00 to $315.00 and set an “overweight” rating on the stock in a research report on Thursday. OTR Global restated a “mixed” rating on shares of Align Technology in a research report on Tuesday, June 4th. Finally, Morgan Stanley decreased their target price on shares of Align Technology from $328.00 to $310.00 and set an “overweight” rating on the stock in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, Align Technology currently has an average rating of “Hold” and an average price target of $322.78.

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.