Rhenman & Partners Asset Management AB Sells 13,100 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Rhenman & Partners Asset Management AB trimmed its position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 23.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 41,900 shares of the medical equipment provider's stock after selling 13,100 shares during the quarter. Rhenman & Partners Asset Management AB owned approximately 0.06% of Align Technology worth $8,737,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the company. Picton Mahoney Asset Management lifted its position in shares of Align Technology by 69.9% in the 4th quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider's stock worth $30,000 after buying an additional 58 shares during the last quarter. Smartleaf Asset Management LLC increased its position in Align Technology by 9.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 766 shares of the medical equipment provider's stock worth $158,000 after buying an additional 64 shares during the period. Beech Hill Advisors Inc. boosted its holdings in shares of Align Technology by 0.6% during the fourth quarter. Beech Hill Advisors Inc. now owns 11,632 shares of the medical equipment provider's stock valued at $2,425,000 after acquiring an additional 65 shares during the period. New York Life Investment Management LLC grew its position in shares of Align Technology by 0.7% during the fourth quarter. New York Life Investment Management LLC now owns 9,406 shares of the medical equipment provider's stock worth $1,961,000 after acquiring an additional 68 shares during the last quarter. Finally, Motley Fool Asset Management LLC lifted its position in Align Technology by 6.9% in the 4th quarter. Motley Fool Asset Management LLC now owns 1,099 shares of the medical equipment provider's stock valued at $229,000 after purchasing an additional 71 shares during the last quarter. 88.43% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

ALGN has been the topic of several analyst reports. Needham & Company LLC restated a "hold" rating on shares of Align Technology in a research note on Thursday, February 6th. Morgan Stanley cut their target price on Align Technology from $280.00 to $272.00 and set an "overweight" rating on the stock in a research note on Thursday, February 6th. Jefferies Financial Group lowered their price target on Align Technology from $285.00 to $260.00 and set a "buy" rating on the stock in a report on Thursday, January 23rd. Mizuho reduced their price objective on shares of Align Technology from $295.00 to $250.00 and set an "outperform" rating for the company in a report on Tuesday, March 25th. Finally, Evercore ISI boosted their price target on shares of Align Technology from $240.00 to $260.00 and gave the stock an "outperform" rating in a research report on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Align Technology has a consensus rating of "Moderate Buy" and a consensus target price of $262.64.

Align Technology Stock Performance

Shares of NASDAQ:ALGN traded down $5.92 during midday trading on Thursday, hitting $159.12. 863,165 shares of the stock were exchanged, compared to its average volume of 859,613. The company has a market capitalization of $11.65 billion, a PE ratio of 28.36, a P/E/G ratio of 2.24 and a beta of 1.73. Align Technology, Inc. has a 52-week low of $141.74 and a 52-week high of $331.64. The business's fifty day simple moving average is $179.39 and its two-hundred day simple moving average is $208.51.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its quarterly earnings results 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 net margin of 10.54% and a return on equity of 13.84%. As a group, equities 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.