Legal & General Group Plc Reduces Stock Position in Align Technology, Inc. (NASDAQ:ALGN)

Legal & General Group Plc trimmed its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 22.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 416,202 shares of the medical equipment provider's stock after selling 117,451 shares during the period. Legal & General Group Plc owned about 0.56% of Align Technology worth $86,782,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in ALGN. Norges Bank acquired a new stake in shares of Align Technology during the 4th quarter worth $190,792,000. Meridiem Investment Management Ltd. lifted its stake in Align Technology by 63.7% during the fourth quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider's stock worth $159,470,000 after purchasing an additional 297,472 shares during the last quarter. Resona Asset Management Co. Ltd. bought a new stake in shares of Align Technology in the 4th quarter worth approximately $47,853,000. Raymond James Financial Inc. bought a new position in Align Technology in the 4th quarter worth approximately $42,243,000. Finally, Invesco Ltd. grew its position in Align Technology by 17.1% in the 4th quarter. Invesco Ltd. now owns 1,082,162 shares of the medical equipment provider's stock valued at $225,642,000 after buying an additional 158,312 shares in 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 several research reports. Mizuho dropped their price target on Align Technology from $295.00 to $250.00 and set an "outperform" rating on the stock in a report on Tuesday, March 25th. Jefferies Financial Group decreased their target price on shares of Align Technology from $285.00 to $260.00 and set a "buy" rating for the company in a research report on Thursday, January 23rd. Evercore ISI upped their target price on Align Technology from $240.00 to $260.00 and gave the stock an "outperform" rating in a research report on Thursday, February 6th. Piper Sandler restated an "overweight" rating and set a $235.00 target price (down previously from $270.00) on shares of Align Technology in a research note on Tuesday, March 18th. Finally, Leerink Partners upgraded shares of Align Technology from a "market perform" rating to an "outperform" rating and boosted their price objective for the stock from $235.00 to $280.00 in a report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $256.90.

Align Technology Trading Up 1.7 %

Shares of NASDAQ ALGN traded up $2.87 during midday trading on Thursday, hitting $170.05. 188,358 shares of the company's stock were exchanged, compared to its average volume of 870,497. The business's fifty day moving average price is $174.30 and its two-hundred day moving average price is $205.86. The company has a market cap of $12.45 billion, a price-to-earnings ratio of 30.23, a PEG ratio of 2.24 and a beta of 1.73. 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 released its quarterly earnings data 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 return on equity of 13.84% and a net margin of 10.54%. Equities analysts expect that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Align Technology Company 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.