American Century Companies Inc. Cuts Stock Holdings in Align Technology, Inc. (NASDAQ:ALGN)

American Century Companies Inc. reduced its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 41.2% during the fourth quarter, Holdings Channel reports. The institutional investor owned 29,968 shares of the medical equipment provider’s stock after selling 20,962 shares during the quarter. American Century Companies Inc.’s holdings in Align Technology were worth $6,249,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Mizuho Securities USA LLC lifted its position in Align Technology by 46.1% in the fourth quarter. Mizuho Securities USA LLC now owns 6,651 shares of the medical equipment provider’s stock valued at $1,387,000 after purchasing an additional 2,098 shares during the last quarter. Virtu Financial LLC bought a new stake in Align Technology during the 4th quarter valued at $3,115,000. Quantbot Technologies LP boosted its position in Align Technology by 2,071.5% during the 4th quarter. Quantbot Technologies LP now owns 37,849 shares of the medical equipment provider’s stock valued at $7,892,000 after buying an additional 36,106 shares during the period. Northwest & Ethical Investments L.P. grew its holdings in Align Technology by 6.2% in the 4th quarter. Northwest & Ethical Investments L.P. now owns 4,355 shares of the medical equipment provider’s stock worth $908,000 after acquiring an additional 255 shares during the last quarter. Finally, Royal London Asset Management Ltd. increased its position in shares of Align Technology by 6.0% in the fourth quarter. Royal London Asset Management Ltd. now owns 29,511 shares of the medical equipment provider’s stock valued at $6,153,000 after acquiring an additional 1,683 shares during the period. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Leerink Partnrs upgraded shares of Align Technology from a “hold” rating to a “strong-buy” rating in a report on Monday, January 6th. Mizuho reduced their target price on Align Technology from $295.00 to $250.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 25th. Leerink Partners upgraded Align Technology from a “market perform” rating to an “outperform” rating and upped their target price for the company from $235.00 to $280.00 in a report on Monday, January 6th. Morgan Stanley cut their price target on shares of Align Technology from $280.00 to $272.00 and set an “overweight” rating on the stock in a report on Thursday, February 6th. Finally, Jefferies Financial Group dropped their target price on shares of Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a research report on Thursday, January 23rd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $262.64.

Align Technology Price Performance

Shares of NASDAQ:ALGN opened at $153.51 on Friday. The company has a market capitalization of $11.24 billion, a PE ratio of 27.36, a PEG ratio of 2.24 and a beta of 1.73. The business has a fifty day moving average price of $186.45 and a 200-day moving average price of $211.96. Align Technology, Inc. has a 1-year low of $143.00 and a 1-year high of $331.64.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data 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%. On average, sell-side analysts anticipate that Align Technology, Inc. will post 7.98 earnings per share 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.