Argent Capital Management LLC Trims Stock Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Argent Capital Management LLC cut its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 59.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 50,590 shares of the medical equipment provider's stock after selling 73,671 shares during the quarter. Argent Capital Management LLC owned about 0.07% of Align Technology worth $10,549,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Wellington Management Group LLP lifted its stake in Align Technology by 49.0% in 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 period. Holocene Advisors LP acquired a new position in shares of Align Technology during the 3rd quarter valued at $137,287,000. Kayne Anderson Rudnick Investment Management LLC boosted its stake in Align Technology by 4,391.3% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 488,251 shares of the medical equipment provider's stock worth $117,879,000 after acquiring an additional 477,380 shares in the last quarter. FMR LLC boosted its stake in Align Technology by 43.0% during the third quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider's stock worth $310,736,000 after acquiring an additional 367,508 shares in the last quarter. Finally, Point72 Asset Management L.P. grew its holdings in Align Technology by 96.3% in the third quarter. Point72 Asset Management L.P. now owns 674,319 shares of the medical equipment provider's stock worth $171,493,000 after purchasing an additional 330,807 shares during the period. Institutional investors own 88.43% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on ALGN. Leerink Partners upgraded shares of Align Technology from a "market perform" rating to an "outperform" rating and upped their price objective for the company from $235.00 to $280.00 in a report on Monday, January 6th. Needham & Company LLC reaffirmed a "hold" rating on shares of Align Technology in a research note on Monday, November 4th. Stifel Nicolaus reduced their price objective on Align Technology from $285.00 to $275.00 and set a "buy" rating for the company in a research note on Thursday, October 24th. Bank of America boosted their price objective on Align Technology from $200.00 to $206.00 and gave the company an "underperform" rating in a report on Friday, December 13th. Finally, Piper Sandler cut their target price on Align Technology from $285.00 to $275.00 and set an "overweight" rating on the stock in a report on Thursday, October 24th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $268.20.

Align Technology Trading Up 1.5 %

Shares of ALGN traded up $3.13 during trading hours on Thursday, reaching $218.91. 463,605 shares of the stock traded hands, compared to its average volume of 587,347. Align Technology, Inc. has a 52 week low of $196.09 and a 52 week high of $335.40. The stock has a fifty day simple moving average of $222.10 and a 200 day simple moving average of $228.44. The company has a market cap of $16.34 billion, a price-to-earnings ratio of 37.36, a PEG ratio of 4.64 and a beta of 1.67.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $2.35 EPS for the quarter, topping the consensus estimate of $2.31 by $0.04. Align Technology had a net margin of 11.15% and a return on equity of 13.99%. The business had revenue of $977.87 million for the quarter, compared to analyst estimates of $990.05 million. During the same quarter in the previous year, the firm posted $1.62 earnings per share. The company's revenue for the quarter was up 1.8% on a year-over-year basis. Analysts predict that Align Technology, Inc. will post 7.44 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.