Align Technology, Inc. (NASDAQ:ALGN) Shares Sold by Parnassus Investments LLC

Parnassus Investments LLC cut its position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 16.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 330,007 shares of the medical equipment provider's stock after selling 66,596 shares during the period. Parnassus Investments LLC owned 0.44% of Align Technology worth $68,810,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. True Wealth Design LLC raised its holdings in Align Technology by 10,700.0% in the 3rd quarter. True Wealth Design LLC now owns 108 shares of the medical equipment provider's stock valued at $27,000 after acquiring an additional 107 shares during the last quarter. Neo Ivy Capital Management purchased a new stake in shares of Align Technology in the third quarter valued at approximately $32,000. Private Trust Co. NA grew its position in shares of Align Technology by 113.4% in the fourth quarter. Private Trust Co. NA now owns 175 shares of the medical equipment provider's stock valued at $36,000 after purchasing an additional 93 shares in the last quarter. Versant Capital Management Inc lifted its position in Align Technology by 212.2% during the fourth quarter. Versant Capital Management Inc now owns 231 shares of the medical equipment provider's stock worth $48,000 after buying an additional 157 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. purchased a new position in Align Technology during the fourth quarter worth approximately $52,000. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

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Align Technology Trading Down 3.0 %

ALGN traded down $5.06 during trading hours on Tuesday, hitting $164.53. 1,255,747 shares of the company's stock were exchanged, compared to its average volume of 789,445. The firm has a market cap of $12.11 billion, a P/E ratio of 29.33, a price-to-earnings-growth ratio of 2.24 and a beta of 1.69. Align Technology, Inc. has a 12-month low of $158.13 and a 12-month high of $335.40. The firm has a 50 day moving average of $202.63 and a 200 day moving average of $218.32.

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

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Leerink Partnrs raised Align Technology from a "hold" rating to a "strong-buy" rating in a research note on Monday, January 6th. Wells Fargo & Company started coverage on shares of Align Technology in a research note on Friday, February 14th. They set an "overweight" rating and a $255.00 target price on the stock. Jefferies Financial Group dropped their price target on shares of Align Technology from $285.00 to $260.00 and set a "buy" rating for the company in a research note on Thursday, January 23rd. Leerink Partners raised shares of Align Technology from a "market perform" rating to an "outperform" rating and lifted their price target for the company from $235.00 to $280.00 in a research report on Monday, January 6th. Finally, Morgan Stanley cut their target price 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 research analyst has rated the stock with a sell rating, two have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $266.73.

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.