Rathbones Group PLC Sells 3,130 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Rathbones Group PLC reduced its stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 52.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,832 shares of the medical equipment provider's stock after selling 3,130 shares during the quarter. Rathbones Group PLC's holdings in Align Technology were worth $590,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Norges Bank bought a new position in shares of Align Technology during the 4th quarter valued at about $190,792,000. Meridiem Investment Management Ltd. increased its holdings in Align Technology by 63.7% in the fourth quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider's stock worth $159,470,000 after buying an additional 297,472 shares during the last quarter. Resona Asset Management Co. Ltd. bought a new stake in Align Technology in the fourth quarter worth $47,853,000. Raymond James Financial Inc. acquired a new position in shares of Align Technology during the 4th quarter valued at about $42,243,000. Finally, Invesco Ltd. grew its holdings in Align Technology by 17.1% during the fourth quarter. Invesco Ltd. now owns 1,082,162 shares of the medical equipment provider's stock valued at $225,642,000 after purchasing an additional 158,312 shares during the last quarter. Institutional investors and hedge funds own 88.43% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Mizuho lowered their price objective on shares of Align Technology from $295.00 to $250.00 and set an "outperform" rating on the stock in a research note on Tuesday, March 25th. Morgan Stanley cut their price target on shares of Align Technology from $280.00 to $272.00 and set an "overweight" rating for the company in a report on Thursday, February 6th. Piper Sandler restated an "overweight" rating and issued a $235.00 target price (down from $270.00) on shares of Align Technology in a research note on Tuesday, March 18th. Leerink Partners raised Align Technology from a "market perform" rating to an "outperform" rating and lifted their target price for the company from $235.00 to $280.00 in a research note on Monday, January 6th. Finally, Evercore ISI upped their price objective on Align Technology from $240.00 to $260.00 and gave the company an "outperform" rating in a report on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $262.64.

Align Technology Price Performance

Shares of ALGN stock traded down $1.91 on Tuesday, hitting $163.71. The stock had a trading volume of 202,571 shares, compared to its average volume of 865,775. Align Technology, Inc. has a 12-month low of $141.74 and a 12-month high of $327.49. The stock has a market cap of $11.99 billion, a price-to-earnings ratio of 29.18, a price-to-earnings-growth ratio of 2.24 and a beta of 1.73. The business has a 50 day moving average of $176.25 and a 200 day moving average of $206.43.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its quarterly earnings data on Wednesday, February 5th. The medical equipment provider reported $1.96 EPS 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%. As a group, research 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.