Envestnet Asset Management Inc. Trims Position in Align Technology, Inc. (NASDAQ:ALGN)

Envestnet Asset Management Inc. decreased its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 73.1% during the 4th quarter, HoldingsChannel reports. The fund owned 111,615 shares of the medical equipment provider’s stock after selling 303,211 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Align Technology were worth $23,273,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Dynamic Technology Lab Private Ltd acquired a new position in Align Technology in the 4th quarter valued at about $971,000. Resona Asset Management Co. Ltd. acquired a new stake in shares of Align Technology during the 4th quarter worth approximately $47,853,000. Wells Fargo & Company MN raised its position in shares of Align Technology by 9.3% during the 4th quarter. Wells Fargo & Company MN now owns 175,894 shares of the medical equipment provider’s stock valued at $36,676,000 after buying an additional 15,010 shares during the period. Prudential PLC lifted its holdings in Align Technology by 158.7% in the fourth quarter. Prudential PLC now owns 2,235 shares of the medical equipment provider’s stock valued at $466,000 after acquiring an additional 1,371 shares during the last quarter. Finally, PAX Financial Group LLC grew its position in Align Technology by 3.2% in the fourth quarter. PAX Financial Group LLC now owns 3,458 shares of the medical equipment provider’s stock worth $721,000 after acquiring an additional 108 shares during the period. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on ALGN shares. Piper Sandler restated an “overweight” rating and issued a $235.00 target price (down previously from $270.00) on shares of Align Technology in a research report on Tuesday, March 18th. Leerink Partners raised shares of 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 research report on Monday, January 6th. Jefferies Financial Group lowered 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 note on Thursday, January 23rd. Morgan Stanley reduced their price target on shares of Align Technology from $280.00 to $272.00 and set an “overweight” rating on the stock in a research note on Thursday, February 6th. Finally, Wells Fargo & Company started coverage on shares of Align Technology in a research report on Friday, February 14th. They set an “overweight” rating and a $255.00 price objective for the company. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Align Technology has a consensus rating of “Moderate Buy” and a consensus target price of $262.64.

Align Technology Stock Up 2.5 %

Shares of Align Technology stock opened at $164.14 on Monday. The company has a market capitalization of $12.02 billion, a P/E ratio of 29.26, a P/E/G ratio of 2.24 and a beta of 1.73. The company has a 50 day moving average of $177.26 and a 200 day moving average of $207.05. Align Technology, Inc. has a 52-week low of $141.74 and a 52-week high of $327.49.

Align Technology (NASDAQ:ALGN) last posted its 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, research analysts anticipate that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal 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.