Sumitomo Mitsui Trust Group Inc. Sells 3,589 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Sumitomo Mitsui Trust Group Inc. lowered its stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 2.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 158,503 shares of the medical equipment provider's stock after selling 3,589 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.21% of Align Technology worth $33,049,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Wellington Management Group LLP increased its stake in Align Technology by 49.0% during the third quarter. Wellington Management Group LLP now owns 2,634,600 shares of the medical equipment provider's stock worth $670,031,000 after acquiring an additional 866,663 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Align Technology by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 1,750,805 shares of the medical equipment provider's stock worth $443,810,000 after purchasing an additional 21,605 shares during the last quarter. FMR LLC lifted its holdings in shares of Align Technology by 43.0% in the 3rd quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider's stock worth $310,736,000 after purchasing an additional 367,508 shares during the last quarter. Ninety One UK Ltd increased its position in Align Technology by 3.7% in the 4th quarter. Ninety One UK Ltd now owns 1,220,601 shares of the medical equipment provider's stock valued at $254,508,000 after acquiring an additional 43,524 shares during the period. Finally, Disciplined Growth Investors Inc. MN increased its position in shares of Align Technology by 6.4% during the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 753,026 shares of the medical equipment provider's stock valued at $191,510,000 after purchasing an additional 45,484 shares during the period. Institutional investors and hedge funds own 88.43% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Robert W. Baird cut their target price on Align Technology from $325.00 to $276.00 and set an "outperform" rating on the stock in a report on Thursday, October 24th. Leerink Partnrs upgraded shares of 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 report on Friday. They issued an "overweight" rating and a $255.00 price target on the stock. Evercore ISI increased 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. Finally, Bank of America lifted their price target on shares of Align Technology from $200.00 to $206.00 and gave the stock an "underperform" rating in a report on Friday, December 13th. 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 issued a strong buy rating to the company. According to MarketBeat, Align Technology presently has an average rating of "Moderate Buy" and an average target price of $269.91.

Align Technology Stock Up 0.9 %

NASDAQ:ALGN traded up $1.88 on Friday, reaching $206.77. 880,550 shares of the company's stock were exchanged, compared to its average volume of 760,952. Align Technology, Inc. has a 52-week low of $196.09 and a 52-week high of $335.40. The firm has a market capitalization of $15.44 billion, a price-to-earnings ratio of 36.86, a price-to-earnings-growth ratio of 4.79 and a beta of 1.67. The business has a fifty day moving average of $218.77 and a 200-day moving average of $224.95.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its quarterly earnings results 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%. As a group, equities analysts anticipate that Align Technology, Inc. will post 8.09 earnings per share 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.