Alliancebernstein L.P. Reduces Stock Position in Align Technology, Inc. (NASDAQ:ALGN)

Alliancebernstein L.P. trimmed its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 28.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 246,378 shares of the medical equipment provider's stock after selling 97,547 shares during the period. Alliancebernstein L.P. owned about 0.33% of Align Technology worth $51,372,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Norges Bank bought a new stake in shares of Align Technology in the 4th quarter worth approximately $190,792,000. Wellington Management Group LLP grew its stake in shares of Align Technology by 49.0% during the third 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 last quarter. Meridiem Investment Management Ltd. increased its holdings in shares of Align Technology by 63.7% in the fourth quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider's stock worth $159,470,000 after buying an additional 297,472 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Align Technology in the 4th quarter valued at about $42,243,000. Finally, Amundi grew its position in Align Technology by 77.6% during the 4th quarter. Amundi now owns 360,813 shares of the medical equipment provider's stock worth $77,708,000 after acquiring an additional 157,654 shares during the last quarter. Institutional investors own 88.43% of the company's stock.

Align Technology Stock Down 4.4 %

Align Technology stock traded down $7.29 during trading hours on Thursday, hitting $157.74. The stock had a trading volume of 399,627 shares, compared to its average volume of 857,942. The stock's 50-day moving average price is $179.39 and its 200-day moving average price is $208.51. The stock has a market capitalization of $11.55 billion, a P/E ratio of 28.17, a price-to-earnings-growth ratio of 2.24 and a beta of 1.73. Align Technology, Inc. has a 12-month low of $141.74 and a 12-month high of $331.64.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its 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%. On average, research analysts expect that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Wall Street Analyst Weigh In

ALGN has been the topic of several recent analyst reports. Mizuho cut their target price on shares of Align Technology from $295.00 to $250.00 and set an "outperform" rating on the stock in a report on Tuesday, March 25th. 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 research report on Thursday, February 6th. Leerink Partners raised Align Technology from a "market perform" rating to an "outperform" rating and upped their price target for the company from $235.00 to $280.00 in a research report on Monday, January 6th. Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a research note on Thursday, February 6th. Finally, Bank of America lifted their price objective on Align Technology from $200.00 to $206.00 and gave the company an "underperform" rating in a research report on Friday, December 13th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Align Technology has an average rating of "Moderate Buy" and an average target price of $262.64.

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.