DnB Asset Management AS Sells 16,167 Shares of Align Technology, Inc. (NASDAQ:ALGN)

DnB Asset Management AS cut its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 56.5% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 12,456 shares of the medical equipment provider’s stock after selling 16,167 shares during the quarter. DnB Asset Management AS’s holdings in Align Technology were worth $2,597,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Wellington Management Group LLP lifted its position in shares of Align Technology by 49.0% during the 3rd 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 during the period. Geode Capital Management LLC raised its holdings in shares of Align Technology by 1.2% during the third quarter. Geode Capital Management LLC now owns 1,750,805 shares of the medical equipment provider’s stock valued at $443,810,000 after purchasing an additional 21,605 shares during the period. Ninety One UK Ltd boosted its position in shares of Align Technology by 3.7% during the 4th quarter. Ninety One UK Ltd now owns 1,220,601 shares of the medical equipment provider’s stock worth $254,508,000 after purchasing an additional 43,524 shares in the last quarter. Norges Bank acquired a new stake in shares of Align Technology in the 4th quarter valued at about $190,792,000. Finally, Meridiem Investment Management Ltd. increased its position in Align Technology by 63.7% in 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 institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on ALGN. Morgan Stanley cut their price target on Align Technology from $280.00 to $272.00 and set an “overweight” rating on the stock in a report on Thursday, February 6th. Leerink Partners raised shares of Align Technology from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $235.00 to $280.00 in a research report on Monday, January 6th. Jefferies Financial Group lowered their price objective on shares of Align Technology from $285.00 to $260.00 and set a “buy” rating on the stock in a report on Thursday, January 23rd. Leerink Partnrs upgraded shares of Align Technology from a “hold” rating to a “strong-buy” rating in a report on Monday, January 6th. Finally, Wells Fargo & Company started coverage on shares of Align Technology in a report on Friday, February 14th. They issued an “overweight” rating and a $255.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $262.64.

Align Technology Price Performance

NASDAQ ALGN opened at $158.08 on Wednesday. The stock has a market capitalization of $11.63 billion, a price-to-earnings ratio of 28.18, a PEG ratio of 2.24 and a beta of 1.69. The business’s fifty day moving average is $191.02 and its 200-day moving average is $213.38. Align Technology, Inc. has a one year low of $153.77 and a one year high of $331.64.

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