Banque Pictet & Cie SA Cuts Stock Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Banque Pictet & Cie SA lessened its stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 8.2% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,158 shares of the medical equipment provider's stock after selling 1,438 shares during the quarter. Banque Pictet & Cie SA's holdings in Align Technology were worth $3,369,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the stock. Baker Avenue Asset Management LP bought a new position in Align Technology during the 3rd quarter worth about $4,250,000. Swedbank AB grew its holdings in shares of Align Technology by 30.1% during the third quarter. Swedbank AB now owns 389,115 shares of the medical equipment provider's stock worth $98,960,000 after buying an additional 90,000 shares in the last quarter. KBC Group NV raised its position in Align Technology by 11.8% in the 3rd quarter. KBC Group NV now owns 53,458 shares of the medical equipment provider's stock valued at $13,595,000 after buying an additional 5,663 shares during the last quarter. Nordea Investment Management AB lifted its stake in Align Technology by 3.5% in the 4th quarter. Nordea Investment Management AB now owns 273,664 shares of the medical equipment provider's stock valued at $56,870,000 after acquiring an additional 9,139 shares in the last quarter. Finally, Fisher Asset Management LLC boosted its position in Align Technology by 2.6% during the 3rd quarter. Fisher Asset Management LLC now owns 105,770 shares of the medical equipment provider's stock worth $26,900,000 after acquiring an additional 2,717 shares during the last quarter. 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. Piper Sandler lowered their price objective on shares of Align Technology from $275.00 to $270.00 and set an "overweight" rating on the stock in a report on Thursday, February 6th. Bank of America boosted their price target on shares of Align Technology from $200.00 to $206.00 and gave the stock an "underperform" rating in a research report on Friday, December 13th. Wells Fargo & Company started coverage on Align Technology in a report on Friday. They set an "overweight" rating and a $255.00 target price on the stock. Evercore ISI boosted their price target on Align Technology from $240.00 to $260.00 and gave the stock an "outperform" rating in a research report on Thursday, February 6th. Finally, Jefferies Financial Group decreased their target price on shares of Align Technology from $285.00 to $260.00 and set a "buy" rating for the company in a research note on Thursday, January 23rd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Align Technology presently has a consensus rating of "Moderate Buy" and a consensus price target of $269.91.

Align Technology Stock Performance

Shares of NASDAQ ALGN traded down $4.53 during midday trading on Tuesday, hitting $202.24. 879,606 shares of the stock traded hands, compared to its average volume of 791,437. Align Technology, Inc. has a one year low of $196.09 and a one year high of $335.40. The business has a 50 day moving average price of $218.16 and a two-hundred day moving average price of $224.71. The company has a market cap of $15.10 billion, a PE ratio of 36.05, a P/E/G ratio of 4.79 and a beta of 1.67.

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 for the quarter, missing the consensus estimate of $2.43 by ($0.47). Align Technology had a return on equity of 13.84% and a net margin of 10.54%. As a group, equities research analysts forecast that Align Technology, Inc. will post 8.09 EPS 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.