Rathbones Group PLC Sells 3,130 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Rathbones Group PLC trimmed its stake in Align Technology, Inc. (NASDAQ:ALGN) by 52.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,832 shares of the medical equipment provider’s stock after selling 3,130 shares during the period. Rathbones Group PLC’s holdings in Align Technology were worth $590,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Nordea Investment Management AB increased its position in Align Technology by 3.5% in the 4th quarter. Nordea Investment Management AB now owns 273,664 shares of the medical equipment provider’s stock worth $56,870,000 after buying an additional 9,139 shares during the period. Allspring Global Investments Holdings LLC increased its position in Align Technology by 119.6% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 169,641 shares of the medical equipment provider’s stock worth $35,368,000 after buying an additional 92,407 shares during the period. National Bank of Canada FI increased its position in Align Technology by 25.7% in the 3rd quarter. National Bank of Canada FI now owns 40,826 shares of the medical equipment provider’s stock worth $10,383,000 after buying an additional 8,338 shares during the period. Swedbank AB increased its position in Align Technology by 25.0% in the 4th quarter. Swedbank AB now owns 486,267 shares of the medical equipment provider’s stock worth $101,392,000 after buying an additional 97,152 shares during the period. Finally, Principal Securities Inc. increased its position in Align Technology by 34.5% in the 4th quarter. Principal Securities Inc. now owns 1,881 shares of the medical equipment provider’s stock worth $392,000 after buying an additional 483 shares during the period. 88.43% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have commented on ALGN. Morgan Stanley dropped their price target on Align Technology from $280.00 to $272.00 and set an “overweight” rating on the stock in a research report on Thursday, February 6th. Evercore ISI lifted their price objective on Align Technology from $240.00 to $260.00 and gave the stock an “outperform” rating in a report on Thursday, February 6th. Wells Fargo & Company began coverage on Align Technology in a report on Friday, February 14th. They set an “overweight” rating and a $255.00 price objective on the stock. Piper Sandler reissued an “overweight” rating and set a $235.00 price objective (down previously from $270.00) on shares of Align Technology in a report on Tuesday, March 18th. Finally, Leerink Partnrs raised Align Technology from a “hold” rating to a “strong-buy” rating in a report on Monday, January 6th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $262.64.

Align Technology Stock Performance

Shares of ALGN opened at $165.03 on Thursday. The company has a market cap of $12.08 billion, a price-to-earnings ratio of 29.42, a PEG ratio of 2.24 and a beta of 1.73. Align Technology, Inc. has a 52-week low of $141.74 and a 52-week high of $331.64. The stock has a fifty day moving average price of $179.39 and a two-hundred day moving average price of $208.51.

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 return on equity of 13.84% and a net margin of 10.54%. As a group, research analysts predict that Align Technology, Inc. will post 7.98 EPS for the current fiscal 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.