Align Technology, Inc. (NASDAQ:ALGN) Stake Reduced by State of Alaska Department of Revenue

State of Alaska Department of Revenue decreased its holdings in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 30.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,005 shares of the medical equipment provider's stock after selling 3,449 shares during the quarter. State of Alaska Department of Revenue's holdings in Align Technology were worth $1,669,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Wellington Management Group LLP grew its holdings in Align Technology by 49.0% in the 3rd quarter. Wellington Management Group LLP now owns 2,634,600 shares of the medical equipment provider's stock valued at $670,031,000 after buying an additional 866,663 shares during the period. Geode Capital Management LLC grew its holdings in shares of Align Technology by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 1,750,805 shares of the medical equipment provider's stock worth $443,810,000 after purchasing an additional 21,605 shares during the period. FMR LLC grew its holdings in shares of Align Technology by 43.0% during the 3rd quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider's stock worth $310,736,000 after purchasing an additional 367,508 shares during the period. Ninety One UK Ltd grew its holdings in shares of Align Technology by 3.7% during the 4th quarter. Ninety One UK Ltd now owns 1,220,601 shares of the medical equipment provider's stock worth $254,508,000 after purchasing an additional 43,524 shares during the period. Finally, Disciplined Growth Investors Inc. MN grew its holdings in shares of Align Technology by 6.4% during the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 753,026 shares of the medical equipment provider's stock worth $191,510,000 after purchasing an additional 45,484 shares during the period. Hedge funds and other institutional investors own 88.43% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on ALGN shares. Jefferies Financial Group decreased their target price on Align Technology from $285.00 to $260.00 and set a "buy" rating for the company in a report on Thursday, January 23rd. Morgan Stanley decreased their target price on Align Technology from $280.00 to $272.00 and set an "overweight" rating for the company in a report on Thursday, February 6th. Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a report on Thursday, February 6th. Leerink Partners upgraded Align Technology from a "market perform" rating to an "outperform" rating and boosted their target price for the stock from $235.00 to $280.00 in a report on Monday, January 6th. Finally, Evercore ISI boosted their target price on Align Technology from $240.00 to $260.00 and gave the stock an "outperform" rating in a 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 assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $269.91.

Align Technology Stock Up 0.9 %

Shares of ALGN traded up $1.88 during trading on Friday, reaching $206.77. The company's stock had a trading volume of 880,550 shares, compared to its average volume of 760,952. The company has a fifty day moving average of $218.77 and a two-hundred day moving average of $224.95. Align Technology, Inc. has a twelve month low of $196.09 and a twelve month high of $335.40. The company has a market cap of $15.44 billion, a price-to-earnings ratio of 36.86, a P/E/G ratio of 4.79 and a beta of 1.67.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced 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%. As a group, equities analysts forecast that Align Technology, Inc. will post 8.09 EPS 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.