Vanguard Group Inc. Sells 214,186 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Vanguard Group Inc. cut its stake in Align Technology, Inc. (NASDAQ:ALGN) by 2.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,256,405 shares of the medical equipment provider’s stock after selling 214,186 shares during the period. Vanguard Group Inc. owned 11.06% of Align Technology worth $1,721,543,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Algert Global LLC grew its holdings in Align Technology by 46.7% during the 3rd quarter. Algert Global LLC now owns 2,022 shares of the medical equipment provider’s stock worth $514,000 after acquiring an additional 644 shares during the period. Daiwa Securities Group Inc. boosted its position in shares of Align Technology by 10.5% during the 3rd quarter. Daiwa Securities Group Inc. now owns 9,804 shares of the medical equipment provider’s stock valued at $2,493,000 after purchasing an additional 928 shares in the last quarter. Fisher Asset Management LLC grew its stake in Align Technology by 2.6% during the third quarter. Fisher Asset Management LLC now owns 105,770 shares of the medical equipment provider’s stock worth $26,900,000 after purchasing an additional 2,717 shares during the period. Bank of Montreal Can increased its holdings in Align Technology by 73.6% in the third quarter. Bank of Montreal Can now owns 140,192 shares of the medical equipment provider’s stock worth $35,722,000 after purchasing an additional 59,436 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in Align Technology by 0.3% in the third quarter. The Manufacturers Life Insurance Company now owns 74,354 shares of the medical equipment provider’s stock valued at $18,910,000 after buying an additional 255 shares during the period. Institutional investors and hedge funds own 88.43% of the company’s stock.

Wall Street Analysts Forecast Growth

ALGN has been the subject of several recent analyst reports. Leerink Partnrs raised shares of Align Technology from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 6th. Wells Fargo & Company initiated coverage on shares of Align Technology in a research note on Friday, February 14th. They issued an “overweight” rating and a $255.00 price target for the company. Morgan Stanley cut their price objective on shares of Align Technology from $280.00 to $272.00 and set an “overweight” rating on the stock in a research report on Thursday, February 6th. Jefferies Financial Group decreased their target price on Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a research report on Thursday, January 23rd. Finally, Bank of America increased their price target on Align Technology from $200.00 to $206.00 and gave the stock an “underperform” rating in a report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Align Technology presently has an average rating of “Moderate Buy” and a consensus target price of $262.64.

Align Technology Price Performance

ALGN opened at $166.46 on Thursday. Align Technology, Inc. has a 1 year low of $158.13 and a 1 year high of $331.64. The company has a market capitalization of $12.25 billion, a price-to-earnings ratio of 29.67, a P/E/G ratio of 2.24 and a beta of 1.69. The firm’s fifty day moving average price is $196.12 and its two-hundred day moving average price is $215.43.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share for the quarter, missing the consensus estimate of $2.43 by ($0.47). Align Technology had a return on equity of 13.84% and a net margin of 10.54%. As a group, equities analysts anticipate that Align Technology, Inc. will post 7.98 EPS 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.