Bank Pictet & Cie Europe AG Sells 135 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Bank Pictet & Cie Europe AG lessened its stake in Align Technology, Inc. (NASDAQ:ALGN) by 11.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,024 shares of the medical equipment provider’s stock after selling 135 shares during the quarter. Bank Pictet & Cie Europe AG’s holdings in Align Technology were worth $214,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in ALGN. Wellington Management Group LLP increased its holdings in shares of Align Technology by 49.0% in the third quarter. Wellington Management Group LLP now owns 2,634,600 shares of the medical equipment provider’s stock worth $670,031,000 after acquiring an additional 866,663 shares in the last quarter. Holocene Advisors LP bought a new stake in shares of Align Technology in the third quarter worth about $137,287,000. FMR LLC increased its holdings in shares of Align Technology by 43.0% in the third quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock worth $310,736,000 after acquiring an additional 367,508 shares in the last quarter. Point72 Asset Management L.P. increased its holdings in shares of Align Technology by 96.3% in the third quarter. Point72 Asset Management L.P. now owns 674,319 shares of the medical equipment provider’s stock worth $171,493,000 after acquiring an additional 330,807 shares in the last quarter. Finally, Senvest Management LLC increased its holdings in shares of Align Technology by 76.4% in the third quarter. Senvest Management LLC now owns 459,243 shares of the medical equipment provider’s stock worth $116,795,000 after acquiring an additional 198,893 shares in the last quarter. Institutional investors own 88.43% of the company’s stock.

Wall Street Analyst Weigh In

ALGN has been the subject of several recent analyst reports. Jefferies Financial Group lowered their price target on Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a report on Thursday, January 23rd. Mizuho assumed coverage on Align Technology in a report on Wednesday, December 4th. They set an “outperform” rating and a $295.00 price objective for the company. Leerink Partnrs upgraded Align Technology from a “hold” rating to a “strong-buy” rating in a report on Monday, January 6th. Robert W. Baird decreased their price objective on Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. Finally, Leerink Partners upgraded Align Technology from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $235.00 to $280.00 in a report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Align Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $269.91.

Align Technology Stock Up 0.9 %

ALGN opened at $206.77 on Friday. Align Technology, Inc. has a 12-month low of $196.09 and a 12-month high of $335.40. The stock has a market cap of $15.44 billion, a price-to-earnings ratio of 36.86, a PEG ratio of 4.79 and a beta of 1.67. The business has a 50 day moving average of $218.77 and a 200-day moving average of $224.95.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). Align Technology had a net margin of 10.54% and a return on equity of 13.84%. As a group, analysts expect that Align Technology, Inc. will post 8.09 earnings per share for the current year.

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.