Federated Hermes Inc. Lowers Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Federated Hermes Inc. reduced its holdings in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 21.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 115,926 shares of the medical equipment provider's stock after selling 31,672 shares during the period. Federated Hermes Inc. owned 0.16% of Align Technology worth $24,171,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Picton Mahoney Asset Management grew its stake in shares of Align Technology by 69.9% in the fourth quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider's stock valued at $30,000 after buying an additional 58 shares in the last quarter. Smartleaf Asset Management LLC grew its position in shares of Align Technology by 9.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 766 shares of the medical equipment provider's stock valued at $158,000 after acquiring an additional 64 shares during the period. Beech Hill Advisors Inc. increased its stake in shares of Align Technology by 0.6% during the 4th quarter. Beech Hill Advisors Inc. now owns 11,632 shares of the medical equipment provider's stock worth $2,425,000 after purchasing an additional 65 shares during the last quarter. New York Life Investment Management LLC increased its stake in shares of Align Technology by 0.7% during the 4th quarter. New York Life Investment Management LLC now owns 9,406 shares of the medical equipment provider's stock worth $1,961,000 after purchasing an additional 68 shares during the last quarter. Finally, Motley Fool Asset Management LLC raised its holdings in shares of Align Technology by 6.9% in the 4th quarter. Motley Fool Asset Management LLC now owns 1,099 shares of the medical equipment provider's stock valued at $229,000 after purchasing an additional 71 shares during the period. 88.43% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ALGN. Mizuho lowered their price target on Align Technology from $295.00 to $250.00 and set an "outperform" rating on the stock in a research report on Tuesday, March 25th. Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a report on Thursday, February 6th. Leerink Partners upgraded 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 research note on Monday, January 6th. Leerink Partnrs raised shares of Align Technology from a "hold" rating to a "strong-buy" rating in a report on Monday, January 6th. Finally, Morgan Stanley dropped their price target on Align Technology from $280.00 to $272.00 and set an "overweight" rating for the company in a research note on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $262.64.

Align Technology Stock Performance

Align Technology stock traded up $3.08 during mid-day trading on Monday, reaching $167.22. The company's stock had a trading volume of 252,537 shares, compared to its average volume of 865,125. The firm's fifty day moving average price is $177.26 and its two-hundred day moving average price is $207.05. Align Technology, Inc. has a 12-month low of $141.74 and a 12-month high of $327.49. The company has a market capitalization of $12.24 billion, a P/E ratio of 29.81, a PEG ratio of 2.24 and a beta of 1.73.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its quarterly earnings results 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 net margin of 10.54% and a return on equity of 13.84%. On average, research analysts predict that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

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.