Truist Financial Corp Sells 717 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Truist Financial Corp cut its stake in Align Technology, Inc. (NASDAQ:ALGN) by 9.8% in the fourth quarter, HoldingsChannel reports. The fund owned 6,604 shares of the medical equipment provider’s stock after selling 717 shares during the period. Truist Financial Corp’s holdings in Align Technology were worth $1,377,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Baker Avenue Asset Management LP bought a new stake in Align Technology in the third quarter valued at approximately $4,250,000. Swedbank AB boosted its holdings in shares of Align Technology by 30.1% in the third quarter. Swedbank AB now owns 389,115 shares of the medical equipment provider’s stock valued at $98,960,000 after buying an additional 90,000 shares during the period. KBC Group NV boosted its holdings in shares of Align Technology by 11.8% in the third quarter. KBC Group NV now owns 53,458 shares of the medical equipment provider’s stock valued at $13,595,000 after buying an additional 5,663 shares during the period. Nordea Investment Management AB boosted its holdings in shares of Align Technology by 3.5% in the fourth quarter. Nordea Investment Management AB now owns 273,664 shares of the medical equipment provider’s stock valued at $56,870,000 after buying an additional 9,139 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its holdings in Align Technology by 119.6% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 169,641 shares of the medical equipment provider’s stock worth $35,368,000 after purchasing an additional 92,407 shares during the last quarter. 88.43% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently commented on ALGN shares. Mizuho started coverage on shares of Align Technology in a report on Wednesday, December 4th. They set an “outperform” rating and a $295.00 target price for the company. Piper Sandler reduced their target price on shares of Align Technology from $275.00 to $270.00 and set an “overweight” rating for the company in a report on Thursday, February 6th. Jefferies Financial Group cut their price target on shares of Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a research note on Thursday, January 23rd. Leerink Partners upgraded shares of Align Technology from a “market perform” rating to an “outperform” rating and increased their price target for the company from $235.00 to $280.00 in a research note on Monday, January 6th. Finally, Bank of America increased their price target on shares of Align Technology from $200.00 to $206.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. One analyst has rated the stock with a sell rating, two have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $269.91.

Align Technology Stock Up 0.7 %

Shares of Align Technology stock opened at $187.03 on Friday. Align Technology, Inc. has a twelve month low of $183.24 and a twelve month high of $335.40. The company has a 50-day simple moving average of $211.95 and a two-hundred day simple moving average of $223.39. The stock has a market capitalization of $13.96 billion, a price-to-earnings ratio of 33.34, a price-to-earnings-growth ratio of 2.24 and a beta of 1.67.

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