CIBC Private Wealth Group LLC Has $31.09 Million Stock Position in Align Technology, Inc. (NASDAQ:ALGN)

CIBC Private Wealth Group LLC lowered its stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 10.4% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 144,375 shares of the medical equipment provider's stock after selling 16,703 shares during the period. CIBC Private Wealth Group LLC owned approximately 0.19% of Align Technology worth $31,094,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in ALGN. Allianz SE bought a new stake in shares of Align Technology in the 4th quarter worth approximately $380,000. Allstate Corp bought a new position in Align Technology in the fourth quarter worth $437,000. Pictet Asset Management Holding SA lifted its position in Align Technology by 24.0% in the fourth quarter. Pictet Asset Management Holding SA now owns 49,084 shares of the medical equipment provider's stock worth $10,235,000 after purchasing an additional 9,487 shares during the period. Norges Bank acquired a new stake in Align Technology during the fourth quarter worth $190,792,000. Finally, UniSuper Management Pty Ltd increased its holdings in Align Technology by 23.5% in the 4th quarter. UniSuper Management Pty Ltd now owns 9,543 shares of the medical equipment provider's stock valued at $1,990,000 after buying an additional 1,817 shares during the period. Institutional investors own 88.43% of the company's stock.

Align Technology Price Performance

Shares of ALGN stock traded down $0.73 during trading hours on Friday, hitting $153.51. 2,165,233 shares of the company's stock were exchanged, compared to its average volume of 844,444. Align Technology, Inc. has a 52 week low of $143.00 and a 52 week high of $331.64. The stock has a market cap of $11.24 billion, a price-to-earnings ratio of 27.36, a price-to-earnings-growth ratio of 2.24 and a beta of 1.73. The stock's 50-day moving average is $186.45 and its 200-day moving average is $211.67.

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Align Technology (NASDAQ:ALGN - Get Free Report) last issued its quarterly earnings data 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%. Equities research analysts forecast that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Wells Fargo & Company assumed coverage on shares of Align Technology in a report on Friday, February 14th. They set an "overweight" rating and a $255.00 price objective for the company. Mizuho cut their price target on shares of Align Technology from $295.00 to $250.00 and set an "outperform" rating for the company in a research note on Tuesday, March 25th. Piper Sandler reaffirmed an "overweight" rating and set a $235.00 price objective (down from $270.00) on shares of Align Technology in a report on Tuesday, March 18th. 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 report on Monday, January 6th. Finally, Evercore ISI boosted their price target on Align Technology from $240.00 to $260.00 and gave the company an "outperform" rating in a research note on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Align Technology currently has an average rating of "Moderate Buy" and an average price target of $262.64.

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.