Bank of New York Mellon Corp Sells 61,599 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Bank of New York Mellon Corp lessened its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 5.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,065,546 shares of the medical equipment provider’s stock after selling 61,599 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.43% of Align Technology worth $222,177,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Wellington Management Group LLP boosted its stake in 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 acquiring an additional 866,663 shares in the last quarter. Holocene Advisors LP purchased a new stake in shares of Align Technology during the 3rd quarter valued at $137,287,000. FMR LLC boosted its position 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 worth $310,736,000 after purchasing an additional 367,508 shares in the last quarter. Point72 Asset Management L.P. grew its stake in 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 buying an additional 330,807 shares during the last quarter. Finally, Meridiem Investment Management Ltd. increased its position 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 buying an additional 297,472 shares in the last quarter. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Wells Fargo & Company assumed coverage on Align Technology in a research note on Friday, February 14th. They set an “overweight” rating and a $255.00 price target on the stock. Evercore ISI boosted their target price on shares of Align Technology from $240.00 to $260.00 and gave the stock an “outperform” rating in a research report on Thursday, February 6th. Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a report on Thursday, February 6th. Mizuho started coverage on shares of Align Technology in a report on Wednesday, December 4th. They set an “outperform” rating and a $295.00 price objective on the stock. Finally, Jefferies Financial Group reduced their target price on Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a research note on Thursday, January 23rd. 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 given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $269.91.

Align Technology Trading Down 2.8 %

Align Technology stock opened at $185.77 on Friday. Align Technology, Inc. has a 12 month low of $183.26 and a 12 month high of $335.40. The stock’s 50 day simple moving average is $212.44 and its two-hundred day simple moving average is $223.57. The firm has a market cap of $13.87 billion, a PE ratio of 33.11, a P/E/G ratio of 2.24 and a beta of 1.67.

Align Technology (NASDAQ:ALGN) last announced 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%. On average, equities research analysts forecast 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.