Citigroup Inc. Sells 24,649 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Citigroup Inc. cut its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 28.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 61,934 shares of the medical equipment provider’s stock after selling 24,649 shares during the quarter. Citigroup Inc. owned about 0.08% of Align Technology worth $15,751,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Achmea Investment Management B.V. lifted its stake in shares of Align Technology by 3.4% in the 2nd quarter. Achmea Investment Management B.V. now owns 10,335 shares of the medical equipment provider’s stock valued at $2,495,000 after purchasing an additional 339 shares during the period. Tidal Investments LLC boosted its holdings in shares of Align Technology by 122.9% during the 1st quarter. Tidal Investments LLC now owns 4,408 shares of the medical equipment provider’s stock worth $1,445,000 after buying an additional 2,430 shares in the last quarter. Swedbank AB grew its position in shares of Align Technology by 2.0% during the 2nd quarter. Swedbank AB now owns 299,115 shares of the medical equipment provider’s stock worth $72,215,000 after buying an additional 6,005 shares during the period. Baker Avenue Asset Management LP bought a new stake in shares of Align Technology in the 3rd quarter valued at $4,250,000. Finally, Cetera Investment Advisers boosted its stake in Align Technology by 914.2% during the first quarter. Cetera Investment Advisers now owns 12,627 shares of the medical equipment provider’s stock worth $4,140,000 after acquiring an additional 11,382 shares in the last quarter. Institutional investors own 88.43% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on ALGN shares. Robert W. Baird decreased their price target on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th. Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a research note on Monday, November 4th. Morgan Stanley reduced their price objective on Align Technology from $310.00 to $280.00 and set an “overweight” rating for the company in a research note on Thursday, October 24th. Stifel Nicolaus lowered their target price on Align Technology from $285.00 to $275.00 and set a “buy” rating on the stock in a research report on Thursday, October 24th. Finally, StockNews.com upgraded Align Technology from a “hold” rating to a “buy” rating in a report on Thursday, September 19th. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $276.38.

Align Technology Price Performance

NASDAQ ALGN opened at $229.66 on Thursday. The company’s 50 day simple moving average is $227.38 and its two-hundred day simple moving average is $236.92. Align Technology, Inc. has a 1 year low of $196.09 and a 1 year high of $335.40. The stock has a market capitalization of $17.14 billion, a PE ratio of 39.19, a P/E/G ratio of 6.23 and a beta of 1.65.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.31 by $0.04. The company had revenue of $977.87 million during the quarter, compared to analyst estimates of $990.05 million. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The firm’s quarterly revenue was up 1.8% on a year-over-year basis. During the same quarter last year, the company earned $1.62 earnings per share. On average, research analysts anticipate that Align Technology, Inc. will post 7.45 EPS for the current 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.