Franklin Resources Inc. Trims Stock Position in Align Technology, Inc. (NASDAQ:ALGN)

Franklin Resources Inc. lessened its stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 47.5% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,307 shares of the medical equipment provider's stock after selling 8,430 shares during the quarter. Franklin Resources Inc.'s holdings in Align Technology were worth $2,367,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Achmea Investment Management B.V. raised its position in shares of Align Technology by 3.4% in the second quarter. Achmea Investment Management B.V. now owns 10,335 shares of the medical equipment provider's stock worth $2,495,000 after buying an additional 339 shares in the last quarter. Baker Avenue Asset Management LP bought a new position in Align Technology in the 3rd quarter worth about $4,250,000. Swedbank AB boosted its position in shares of Align Technology by 30.1% during the 3rd quarter. Swedbank AB now owns 389,115 shares of the medical equipment provider's stock valued at $98,960,000 after acquiring an additional 90,000 shares during the last quarter. KBC Group NV grew its holdings in shares of Align Technology by 11.8% during the third quarter. KBC Group NV now owns 53,458 shares of the medical equipment provider's stock worth $13,595,000 after purchasing an additional 5,663 shares in the last quarter. Finally, Fisher Asset Management LLC increased its position in shares of Align Technology by 2.6% in the third quarter. Fisher Asset Management LLC now owns 105,770 shares of the medical equipment provider's stock worth $26,900,000 after purchasing an additional 2,717 shares during the last quarter. 88.43% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Bank of America boosted their price target on shares of Align Technology from $200.00 to $206.00 and gave the stock an "underperform" rating in a research note on Friday, December 13th. Stifel Nicolaus reduced their target price on Align Technology from $285.00 to $275.00 and set a "buy" rating on the stock in a research note on Thursday, October 24th. Mizuho began coverage on Align Technology in a research note on Wednesday, December 4th. They set an "outperform" rating and a $295.00 price target for the company. StockNews.com upgraded Align Technology from a "hold" rating to a "buy" rating in a research report on Thursday, September 19th. Finally, Evercore ISI dropped their target price on Align Technology from $270.00 to $250.00 and set an "outperform" rating for the company in a research report on Thursday, October 24th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $271.20.

Align Technology Trading Down 1.9 %

Shares of NASDAQ:ALGN traded down $4.07 during trading on Friday, reaching $211.43. 390,186 shares of the company traded hands, compared to its average volume of 776,990. The firm has a market capitalization of $15.78 billion, a price-to-earnings ratio of 36.08, a P/E/G ratio of 6.20 and a beta of 1.66. Align Technology, Inc. has a 52-week low of $196.09 and a 52-week high of $335.40. The business's fifty day moving average is $222.34 and its 200-day moving average is $231.73.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share for the quarter, topping analysts' consensus estimates of $2.31 by $0.04. Align Technology had a net margin of 11.15% and a return on equity of 13.99%. The company had revenue of $977.87 million during the quarter, compared to analyst estimates of $990.05 million. During the same period in the prior year, the business posted $1.62 earnings per share. Align Technology's revenue for the quarter was up 1.8% on a year-over-year basis. On average, sell-side analysts predict that Align Technology, Inc. will post 7.45 earnings per share for the current fiscal 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.