Rhumbline Advisers Sells 1,990 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Rhumbline Advisers cut its stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 1.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 134,512 shares of the medical equipment provider's stock after selling 1,990 shares during the quarter. Rhumbline Advisers owned approximately 0.18% of Align Technology worth $28,047,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Baker Avenue Asset Management LP bought a new position in Align Technology in the 3rd quarter valued at about $4,250,000. Swedbank AB boosted its stake in shares of Align Technology by 30.1% in the 3rd quarter. Swedbank AB now owns 389,115 shares of the medical equipment provider's stock valued at $98,960,000 after purchasing an additional 90,000 shares in the last quarter. KBC Group NV boosted its stake in shares of Align Technology by 11.8% in the 3rd quarter. KBC Group NV now owns 53,458 shares of the medical equipment provider's stock valued at $13,595,000 after purchasing an additional 5,663 shares in the last quarter. Nordea Investment Management AB boosted its stake in shares of Align Technology by 3.5% in the 4th quarter. Nordea Investment Management AB now owns 273,664 shares of the medical equipment provider's stock valued at $56,870,000 after purchasing an additional 9,139 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of Align Technology by 119.6% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 169,641 shares of the medical equipment provider's stock valued at $35,368,000 after purchasing an additional 92,407 shares in the last quarter. 88.43% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on ALGN. Wells Fargo & Company began coverage on shares of Align Technology in a research report on Friday, February 14th. They set an "overweight" rating and a $255.00 target price on the stock. Evercore ISI lifted their target price 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. Mizuho began coverage on shares of Align Technology in a research report on Wednesday, December 4th. They set an "outperform" rating and a $295.00 target price on the stock. Morgan Stanley cut their target price on shares of Align Technology from $280.00 to $272.00 and set an "overweight" rating on the stock in a research report on Thursday, February 6th. Finally, Needham & Company LLC restated a "hold" rating on shares of Align Technology 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 given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $269.91.

Align Technology Price Performance

Shares of NASDAQ:ALGN traded down $7.63 during mid-day trading on Friday, hitting $190.43. The company had a trading volume of 1,695,090 shares, compared to its average volume of 886,494. The firm has a fifty day moving average price of $215.05 and a 200 day moving average price of $224.17. The company has a market capitalization of $14.22 billion, a PE ratio of 33.94, a price-to-earnings-growth ratio of 2.33 and a beta of 1.67. Align Technology, Inc. has a one year low of $186.82 and a one year high of $335.40.

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 net margin of 10.54% and a return on equity of 13.84%. Research analysts expect that Align Technology, Inc. will post 7.98 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.