Align Technology, Inc. (NASDAQ:ALGN) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. lessened its stake in Align Technology, Inc. (NASDAQ:ALGN) by 5.9% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 17,154 shares of the medical equipment provider’s stock after selling 1,082 shares during the period. Corebridge Financial Inc.’s holdings in Align Technology were worth $3,577,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. True Wealth Design LLC increased its holdings in shares of Align Technology by 10,700.0% in the third quarter. True Wealth Design LLC now owns 108 shares of the medical equipment provider’s stock valued at $27,000 after purchasing an additional 107 shares during the period. Picton Mahoney Asset Management grew its position in Align Technology by 69.9% in the 4th quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider’s stock valued at $30,000 after buying an additional 58 shares during the last quarter. Neo Ivy Capital Management acquired a new position in Align Technology in the 3rd quarter valued at $32,000. Private Trust Co. NA raised its position in Align Technology by 113.4% during the 4th quarter. Private Trust Co. NA now owns 175 shares of the medical equipment provider’s stock worth $36,000 after buying an additional 93 shares during the last quarter. Finally, Versant Capital Management Inc lifted its stake in shares of Align Technology by 212.2% in the 4th quarter. Versant Capital Management Inc now owns 231 shares of the medical equipment provider’s stock worth $48,000 after acquiring an additional 157 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 research analysts have recently issued reports on the stock. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a research note on Thursday, February 6th. Leerink Partnrs raised Align Technology from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 6th. Bank of America lifted their price target on Align Technology from $200.00 to $206.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. Piper Sandler reiterated an “overweight” rating and issued a $235.00 price objective (down previously from $270.00) on shares of Align Technology in a research report on Tuesday, March 18th. Finally, 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. One analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $262.64.

Align Technology Price Performance

ALGN stock opened at $159.21 on Monday. The company’s 50 day simple moving average is $193.72 and its 200-day simple moving average is $214.48. Align Technology, Inc. has a 12 month low of $157.57 and a 12 month high of $331.64. The firm has a market capitalization of $11.72 billion, a PE ratio of 28.38, a P/E/G ratio of 2.24 and a beta of 1.69.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share 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%. As a group, sell-side analysts anticipate that Align Technology, Inc. will post 7.98 earnings per share for the current year.

About Align Technology

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.