Align Technology, Inc. (NASDAQ:ALGN) Shares Sold by Avantax Advisory Services Inc.

Avantax Advisory Services Inc. cut its position in Align Technology, Inc. (NASDAQ:ALGN) by 32.6% during the fourth quarter, HoldingsChannel.com reports. The fund owned 2,635 shares of the medical equipment provider’s stock after selling 1,274 shares during the period. Avantax Advisory Services Inc.’s holdings in Align Technology were worth $549,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. 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 valued at $670,031,000 after purchasing an additional 866,663 shares during the last quarter. Holocene Advisors LP acquired a new position in shares of Align Technology during the 3rd quarter valued at about $137,287,000. FMR LLC grew its stake in shares of Align Technology by 43.0% in the 3rd quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock valued at $310,736,000 after buying an additional 367,508 shares during the period. Point72 Asset Management L.P. grew its holdings in shares of Align Technology by 96.3% during the 3rd quarter. Point72 Asset Management L.P. now owns 674,319 shares of the medical equipment provider’s stock worth $171,493,000 after purchasing an additional 330,807 shares during the period. Finally, Meridiem Investment Management Ltd. raised its position in Align Technology by 63.7% in the fourth quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider’s stock valued at $159,470,000 after purchasing an additional 297,472 shares during the period. Institutional investors and hedge funds own 88.43% of the company’s stock.

Align Technology Price Performance

Shares of ALGN opened at $168.61 on Friday. The firm has a fifty day moving average price of $198.78 and a 200 day moving average price of $216.57. Align Technology, Inc. has a 1-year low of $158.13 and a 1-year high of $331.64. The stock has a market cap of $12.41 billion, a PE ratio of 30.06, a price-to-earnings-growth ratio of 2.24 and a beta of 1.69.

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

Analyst Upgrades and Downgrades

ALGN has been the subject of several research analyst reports. Evercore ISI raised their price target on Align Technology from $240.00 to $260.00 and gave the stock an “outperform” rating in a research report on Thursday, February 6th. Bank of America upped 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. Piper Sandler reaffirmed an “overweight” rating and issued a $235.00 price target (down previously from $270.00) on shares of Align Technology in a research report on Tuesday, March 18th. Jefferies Financial Group lowered their price objective 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, Leerink Partners upgraded shares of Align Technology from a “market perform” rating to an “outperform” rating and raised their price objective for the company 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 assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $266.73.

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.