Alliancebernstein L.P. Decreases Position in Align Technology, Inc. (NASDAQ:ALGN)

Alliancebernstein L.P. decreased its stake in Align Technology, Inc. (NASDAQ:ALGN) by 28.4% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 246,378 shares of the medical equipment provider’s stock after selling 97,547 shares during the quarter. Alliancebernstein L.P. owned about 0.33% of Align Technology worth $51,372,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Wellington Management Group LLP grew its holdings in Align Technology by 49.0% during the 3rd quarter. Wellington Management Group LLP now owns 2,634,600 shares of the medical equipment provider’s stock valued at $670,031,000 after purchasing an additional 866,663 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Align Technology by 1.2% during the third quarter. Geode Capital Management LLC now owns 1,750,805 shares of the medical equipment provider’s stock valued at $443,810,000 after buying an additional 21,605 shares during the last quarter. Ninety One UK Ltd raised its holdings in shares of Align Technology by 3.7% in the fourth quarter. Ninety One UK Ltd now owns 1,220,601 shares of the medical equipment provider’s stock worth $254,508,000 after buying an additional 43,524 shares during the period. Norges Bank bought a new stake in shares of Align Technology during the 4th quarter worth approximately $190,792,000. Finally, Meridiem Investment Management Ltd. boosted its holdings in Align Technology by 63.7% during the 4th quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider’s stock valued at $159,470,000 after acquiring an additional 297,472 shares during the period. Institutional investors own 88.43% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on ALGN shares. Mizuho lowered their price objective on shares of Align Technology from $295.00 to $250.00 and set an “outperform” rating for the company in a research report on Tuesday, March 25th. Piper Sandler reissued an “overweight” rating and issued a $235.00 price objective (down previously from $270.00) on shares of Align Technology in a research note on Tuesday, March 18th. Leerink Partnrs upgraded Align Technology from a “hold” rating to a “strong-buy” rating in a report on Monday, January 6th. Bank of America upped their target price on Align Technology from $200.00 to $206.00 and gave the stock an “underperform” rating in a report on Friday, December 13th. Finally, Evercore ISI raised their price target on Align Technology from $240.00 to $260.00 and gave the company an “outperform” rating in a research note on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $262.64.

Align Technology Stock Performance

Shares of ALGN stock opened at $153.51 on Friday. Align Technology, Inc. has a one year low of $143.00 and a one year high of $331.64. The firm’s 50 day moving average price is $186.45 and its 200-day moving average price is $211.96. The firm has a market cap of $11.24 billion, a P/E ratio of 27.36, a P/E/G ratio of 2.24 and a beta of 1.73.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results 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 return on equity of 13.84% and a net margin of 10.54%. As a group, research analysts predict that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

About Align Technology

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.