American Century Companies Inc. Sells 20,962 Shares of Align Technology, Inc. (NASDAQ:ALGN)

American Century Companies Inc. cut its stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 41.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 29,968 shares of the medical equipment provider's stock after selling 20,962 shares during the quarter. American Century Companies Inc.'s holdings in Align Technology were worth $6,249,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of ALGN. Public Sector Pension Investment Board boosted its position in shares of Align Technology by 11.8% during the third quarter. Public Sector Pension Investment Board now owns 2,839 shares of the medical equipment provider's stock worth $722,000 after purchasing an additional 300 shares in the last quarter. Benjamin Edwards Inc. raised its stake in Align Technology by 240.4% during the 3rd quarter. Benjamin Edwards Inc. now owns 919 shares of the medical equipment provider's stock worth $234,000 after buying an additional 649 shares during the period. Investment Management Corp of Ontario lifted its holdings in Align Technology by 42.6% during the third quarter. Investment Management Corp of Ontario now owns 2,342 shares of the medical equipment provider's stock worth $596,000 after acquiring an additional 700 shares in the last quarter. Quarry LP increased its holdings in shares of Align Technology by 74.8% in the third quarter. Quarry LP now owns 222 shares of the medical equipment provider's stock worth $56,000 after acquiring an additional 95 shares in the last quarter. Finally, Quantinno Capital Management LP raised its position in shares of Align Technology by 34.3% during the third quarter. Quantinno Capital Management LP now owns 20,091 shares of the medical equipment provider's stock worth $5,110,000 after purchasing an additional 5,130 shares during the period. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Align Technology Trading Up 14.4 %

Shares of Align Technology stock traded up $20.71 during trading on Wednesday, hitting $165.03. 2,156,932 shares of the stock were exchanged, compared to its average volume of 859,503. The company has a fifty day moving average price of $179.39 and a 200-day moving average price of $208.51. The stock has a market capitalization of $12.08 billion, a price-to-earnings ratio of 29.42, a price-to-earnings-growth ratio of 2.24 and a beta of 1.73. Align Technology, Inc. has a 1-year low of $140.00 and a 1-year high of $331.64.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings data on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.43 by ($0.47). Align Technology had a net margin of 10.54% and a return on equity of 13.84%. Equities research analysts forecast that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ALGN. Leerink Partners raised Align Technology from a "market perform" rating to an "outperform" rating and increased their target price for the stock from $235.00 to $280.00 in a research note on Monday, January 6th. Jefferies Financial Group lowered their price objective on shares of Align Technology from $285.00 to $260.00 and set a "buy" rating for the company in a research report on Thursday, January 23rd. Wells Fargo & Company started coverage on shares of Align Technology in a research report on Friday, February 14th. They issued an "overweight" rating and a $255.00 price objective on the stock. Evercore ISI increased 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. Finally, Needham & Company LLC restated a "hold" rating on shares of Align Technology in a report on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target 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.