Align Technology, Inc. (NASDAQ:ALGN) Shares Sold by DnB Asset Management AS

DnB Asset Management AS reduced its stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 56.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 12,456 shares of the medical equipment provider's stock after selling 16,167 shares during the period. DnB Asset Management AS's holdings in Align Technology were worth $2,597,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of ALGN. Pictet Asset Management Holding SA raised its holdings in shares of Align Technology by 24.0% during the 4th quarter. Pictet Asset Management Holding SA now owns 49,084 shares of the medical equipment provider's stock worth $10,235,000 after acquiring an additional 9,487 shares in the last quarter. Norges Bank purchased a new stake in Align Technology during the fourth quarter valued at $190,792,000. UniSuper Management Pty Ltd lifted its position in Align Technology by 23.5% during the fourth quarter. UniSuper Management Pty Ltd now owns 9,543 shares of the medical equipment provider's stock valued at $1,990,000 after purchasing an additional 1,817 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Align Technology by 14.0% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 113,901 shares of the medical equipment provider's stock worth $23,721,000 after buying an additional 14,030 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp increased its holdings in shares of Align Technology by 12.7% in the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 35,966 shares of the medical equipment provider's stock worth $7,499,000 after buying an additional 4,065 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company's stock.

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Align Technology Trading Down 5.9 %

Shares of ALGN stock traded down $9.74 during trading hours on Thursday, reaching $154.24. 1,873,337 shares of the company's stock were exchanged, compared to its average volume of 837,412. The stock has a market cap of $11.35 billion, a PE ratio of 27.49, a PEG ratio of 2.24 and a beta of 1.69. The stock's fifty day moving average price is $189.66 and its two-hundred day moving average price is $213.03. Align Technology, Inc. has a 1 year low of $151.09 and a 1 year high of $331.64.

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

Analysts Set New Price Targets

Several research analysts recently commented on the company. Piper Sandler reiterated an "overweight" rating and issued a $235.00 price target (down previously from $270.00) on shares of Align Technology in a research report on Tuesday, March 18th. Evercore ISI boosted their target price on Align Technology from $240.00 to $260.00 and gave the company an "outperform" rating in a research report on Thursday, February 6th. Morgan Stanley lowered their price target on Align Technology from $280.00 to $272.00 and set an "overweight" rating for the company in a research report on Thursday, February 6th. Bank of America boosted their price objective on shares of Align Technology from $200.00 to $206.00 and gave the company an "underperform" rating in a research report on Friday, December 13th. Finally, Mizuho lowered their target price 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. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $262.64.

About Align Technology

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.