Fmr LLC Cuts Stock Holdings in Align Technology, Inc. (NASDAQ:ALGN)

FMR LLC trimmed its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 1.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,201,619 shares of the medical equipment provider's stock after selling 20,212 shares during the period. FMR LLC owned 1.61% of Align Technology worth $250,550,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in ALGN. Norges Bank acquired a new stake in Align Technology in the 4th quarter valued at about $190,792,000. Meridiem Investment Management Ltd. boosted its stake in shares of Align Technology by 63.7% during the 4th quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider's stock worth $159,470,000 after acquiring an additional 297,472 shares during the period. Resona Asset Management Co. Ltd. bought a new stake in Align Technology in the 4th quarter valued at $47,853,000. Raymond James Financial Inc. bought a new position in Align Technology during the fourth quarter worth $42,243,000. Finally, Amundi increased its holdings in shares of Align Technology by 77.6% in the fourth quarter. Amundi now owns 360,813 shares of the medical equipment provider's stock valued at $77,708,000 after purchasing an additional 157,654 shares during the last quarter. Institutional investors and hedge funds own 88.43% of the company's stock.

Wall Street Analysts Forecast Growth

ALGN has been the topic of a number of recent analyst reports. Needham & Company LLC restated a "hold" rating on shares of Align Technology in a research report on Thursday, February 6th. Jefferies Financial Group cut their price target on shares of Align Technology from $285.00 to $260.00 and set a "buy" rating for the company in a report on Thursday, January 23rd. Wells Fargo & Company initiated coverage on shares of Align Technology in a research note on Friday, February 14th. They issued an "overweight" rating and a $255.00 price objective on the stock. Morgan Stanley reduced their target price on Align Technology from $280.00 to $272.00 and set an "overweight" rating on the stock in a report on Thursday, February 6th. Finally, Mizuho dropped their price objective on Align Technology from $295.00 to $250.00 and set an "outperform" rating for the company in a research report on Tuesday, March 25th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $256.90.

Align Technology Stock Up 0.9 %

ALGN traded up $1.51 during trading on Thursday, reaching $168.69. 171,678 shares of the stock traded hands, compared to its average volume of 870,430. The stock has a market capitalization of $12.35 billion, a PE ratio of 30.07, a P/E/G ratio of 2.24 and a beta of 1.73. The stock's 50-day moving average is $174.30 and its 200 day moving average is $205.86. Align Technology, Inc. has a 12 month low of $141.74 and a 12 month high of $327.49.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share 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%. As a group, equities research analysts anticipate that Align Technology, Inc. will post 7.98 EPS for the current year.

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.