Parnassus Investments LLC Lowers Position in Align Technology, Inc. (NASDAQ:ALGN)

Parnassus Investments LLC trimmed its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 16.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 330,007 shares of the medical equipment provider’s stock after selling 66,596 shares during the quarter. Parnassus Investments LLC owned 0.44% of Align Technology worth $68,810,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Tredje AP fonden raised its stake in shares of Align Technology by 24.0% during the 4th quarter. Tredje AP fonden now owns 95,198 shares of the medical equipment provider’s stock worth $19,850,000 after buying an additional 18,423 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in Align Technology by 148.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 560 shares of the medical equipment provider’s stock worth $117,000 after acquiring an additional 335 shares during the period. Sequoia Financial Advisors LLC raised its position in Align Technology by 13.6% in the fourth quarter. Sequoia Financial Advisors LLC now owns 1,673 shares of the medical equipment provider’s stock worth $349,000 after acquiring an additional 200 shares in the last quarter. HighTower Advisors LLC lifted its holdings in Align Technology by 132.0% in the fourth quarter. HighTower Advisors LLC now owns 7,050 shares of the medical equipment provider’s stock valued at $1,470,000 after acquiring an additional 29,057 shares during the period. Finally, AGF Management Ltd. lifted its holdings in Align Technology by 40.8% in the fourth quarter. AGF Management Ltd. now owns 1,986 shares of the medical equipment provider’s stock valued at $414,000 after acquiring an additional 575 shares during the period. 88.43% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ALGN. Wells Fargo & Company initiated coverage on shares of Align Technology in a report on Friday, February 14th. They issued an “overweight” rating and a $255.00 price target for the company. Evercore ISI increased their target price on shares of Align Technology from $240.00 to $260.00 and gave the company an “outperform” rating in a report on Thursday, February 6th. Morgan Stanley decreased their price target on Align Technology from $280.00 to $272.00 and set an “overweight” rating on the stock in a research note on Thursday, February 6th. Needham & Company LLC restated a “hold” rating on shares of Align Technology in a report on Thursday, February 6th. Finally, Mizuho began coverage on Align Technology in a report on Wednesday, December 4th. They set an “outperform” rating and a $295.00 price objective for the company. One research analyst has rated the stock with a sell rating, two have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Align Technology has a consensus rating of “Moderate Buy” and an average price target of $269.91.

Align Technology Stock Down 2.5 %

Shares of NASDAQ:ALGN opened at $160.51 on Friday. The company has a market capitalization of $11.81 billion, a P/E ratio of 28.61, a P/E/G ratio of 2.24 and a beta of 1.69. Align Technology, Inc. has a 52-week low of $158.13 and a 52-week high of $335.40. The stock’s fifty day simple moving average is $204.45 and its 200-day simple moving average is $219.44.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share (EPS) for the quarter, missing the consensus estimate 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, sell-side analysts anticipate that Align Technology, Inc. will post 7.98 earnings per share 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.