Cinctive Capital Management LP Lowers Position in Align Technology, Inc. (NASDAQ:ALGN)

Cinctive Capital Management LP lowered its position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 87.2% in the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,987 shares of the medical equipment provider's stock after selling 20,407 shares during the period. Cinctive Capital Management LP's holdings in Align Technology were worth $623,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Nordea Investment Management AB raised its holdings in Align Technology by 3.5% in the fourth quarter. Nordea Investment Management AB now owns 273,664 shares of the medical equipment provider's stock worth $56,870,000 after purchasing an additional 9,139 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of Align Technology by 119.6% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 169,641 shares of the medical equipment provider's stock worth $35,368,000 after acquiring an additional 92,407 shares in the last quarter. National Bank of Canada FI boosted its stake in Align Technology by 25.7% during the third quarter. National Bank of Canada FI now owns 40,826 shares of the medical equipment provider's stock worth $10,383,000 after acquiring an additional 8,338 shares in the last quarter. Swedbank AB increased its position in Align Technology by 25.0% during the 4th quarter. Swedbank AB now owns 486,267 shares of the medical equipment provider's stock valued at $101,392,000 after buying an additional 97,152 shares in the last quarter. Finally, Principal Securities Inc. grew its stake in shares of Align Technology by 34.5% in the fourth quarter. Principal Securities Inc. now owns 1,881 shares of the medical equipment provider's stock worth $392,000 after acquiring an additional 483 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company's stock.

Align Technology Trading Up 14.4 %

Align Technology stock traded up $20.71 during trading on Wednesday, reaching $165.03. The company had a trading volume of 2,156,932 shares, compared to its average volume of 859,503. The firm's 50-day simple moving average is $179.39 and its 200 day simple moving average is $208.51. Align Technology, Inc. has a 52 week low of $141.74 and a 52 week high of $331.64. The firm 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 (NASDAQ:ALGN - Get Free Report) last posted its quarterly earnings data on Wednesday, February 5th. The medical equipment provider reported $1.96 EPS 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%. On average, analysts predict that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Wall Street Analyst Weigh In

ALGN has been the subject of several recent analyst reports. Wells Fargo & Company initiated coverage on Align Technology in a research note on Friday, February 14th. They issued an "overweight" rating and a $255.00 price target for the company. Leerink Partners raised Align Technology from a "market perform" rating to an "outperform" rating and boosted their target price for the stock from $235.00 to $280.00 in a research report on Monday, January 6th. Needham & Company LLC reaffirmed a "hold" rating on shares of Align Technology in a report on Thursday, February 6th. Mizuho decreased their price objective on shares of Align Technology from $295.00 to $250.00 and set an "outperform" rating for the company in a report on Tuesday, March 25th. Finally, Morgan Stanley lowered their price objective on shares of Align Technology from $280.00 to $272.00 and set an "overweight" rating on the stock in a research report on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price 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.