abrdn plc Sells 1,208 Shares of Align Technology, Inc. (NASDAQ:ALGN)

abrdn plc cut its stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 4.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 27,480 shares of the medical equipment provider's stock after selling 1,208 shares during the period. abrdn plc's holdings in Align Technology were worth $5,682,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Empirical Finance LLC boosted its stake in Align Technology by 2.1% in the 3rd quarter. Empirical Finance LLC now owns 2,486 shares of the medical equipment provider's stock worth $632,000 after purchasing an additional 50 shares during the period. Lake Street Advisors Group LLC boosted its stake in Align Technology by 5.6% in the 3rd quarter. Lake Street Advisors Group LLC now owns 1,042 shares of the medical equipment provider's stock worth $265,000 after purchasing an additional 55 shares during the period. Crestwood Advisors Group LLC boosted its stake in Align Technology by 6.6% in the 3rd quarter. Crestwood Advisors Group LLC now owns 1,000 shares of the medical equipment provider's stock worth $254,000 after purchasing an additional 62 shares during the period. Mather Group LLC. boosted its stake in Align Technology by 51.6% in the 3rd quarter. Mather Group LLC. now owns 185 shares of the medical equipment provider's stock worth $47,000 after purchasing an additional 63 shares during the period. Finally, Beech Hill Advisors Inc. boosted its stake in Align Technology by 0.6% in the 4th quarter. Beech Hill Advisors Inc. now owns 11,632 shares of the medical equipment provider's stock worth $2,425,000 after purchasing an additional 65 shares during the period. 88.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Leerink Partners raised shares of Align Technology from a "market perform" rating to an "outperform" rating and upped their target price for the stock from $235.00 to $280.00 in a research note 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 research report on Thursday, February 6th. Bank of America boosted their price target on shares of Align Technology from $200.00 to $206.00 and gave the stock an "underperform" rating in a research report on Friday, December 13th. Jefferies Financial Group cut their price target on shares of Align Technology from $285.00 to $260.00 and set a "buy" rating on the stock in a research report on Thursday, January 23rd. Finally, Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a research report on Thursday, February 6th. One research analyst has rated the stock with a sell rating, two have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $271.40.

Align Technology Stock Down 2.5 %

Shares of ALGN stock traded down $5.18 on Wednesday, reaching $205.34. The stock had a trading volume of 660,984 shares, compared to its average volume of 792,960. The firm's 50-day moving average is $220.34 and its two-hundred day moving average is $225.35. The firm has a market capitalization of $15.33 billion, a price-to-earnings ratio of 36.60, a P/E/G ratio of 4.79 and a beta of 1.67. Align Technology, Inc. has a 12 month low of $196.09 and a 12 month high of $335.40.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share (EPS) 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 forecast that Align Technology, Inc. will post 8.09 earnings per share 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.