Bessemer Group Inc. Sells 137,784 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Bessemer Group Inc. lessened its stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 99.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,045 shares of the medical equipment provider's stock after selling 137,784 shares during the quarter. Bessemer Group Inc.'s holdings in Align Technology were worth $219,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Norges Bank purchased a new position in Align Technology in the fourth quarter worth about $190,792,000. Meridiem Investment Management Ltd. boosted its stake in Align Technology by 63.7% during the 4th quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider's stock valued at $159,470,000 after purchasing an additional 297,472 shares during the last quarter. Resona Asset Management Co. Ltd. purchased a new stake in Align Technology during the 4th quarter valued at $47,853,000. Raymond James Financial Inc. bought a new stake in shares of Align Technology in the 4th quarter worth $42,243,000. Finally, Invesco Ltd. raised its stake in shares of Align Technology by 17.1% in the fourth quarter. Invesco Ltd. now owns 1,082,162 shares of the medical equipment provider's stock worth $225,642,000 after purchasing an additional 158,312 shares during the last quarter. Institutional investors own 88.43% of the company's stock.

Align Technology Price Performance

Shares of NASDAQ:ALGN traded up $1.65 during midday trading on Tuesday, hitting $173.87. The company had a trading volume of 1,357,610 shares, compared to its average volume of 883,945. Align Technology, Inc. has a 12-month low of $141.74 and a 12-month high of $327.49. The company has a fifty day moving average of $171.42 and a two-hundred day moving average of $203.63. The company has a market cap of $12.73 billion, a price-to-earnings ratio of 30.99, a PEG ratio of 2.24 and a beta of 1.73.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its quarterly earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 EPS 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%. Research analysts expect that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Piper Sandler reiterated an "overweight" rating and issued a $235.00 price objective (down from $270.00) on shares of Align Technology in a report on Tuesday, March 18th. Wells Fargo & Company initiated coverage on shares of Align Technology in a report on Friday, February 14th. They set an "overweight" rating and a $255.00 price target on the stock. Evercore ISI boosted their price objective on shares of Align Technology from $240.00 to $260.00 and gave the company an "outperform" rating in a report on Thursday, February 6th. Jefferies Financial Group dropped their target price on shares of Align Technology from $285.00 to $260.00 and set a "buy" rating on the stock in a report on Thursday, January 23rd. Finally, Leerink Partnrs raised shares of Align Technology from a "hold" rating to a "strong-buy" rating in a research report on Monday, January 6th. One research analyst has rated the stock with a sell rating, one has given 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, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $256.90.

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.