Align Technology, Inc. (NASDAQ:ALGN) Shares Sold by Swiss National Bank

Swiss National Bank cut its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 5.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 200,500 shares of the medical equipment provider's stock after selling 11,700 shares during the quarter. Swiss National Bank owned 0.27% of Align Technology worth $41,806,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Victory Capital Management Inc. increased its position in shares of Align Technology by 17.0% in the 3rd quarter. Victory Capital Management Inc. now owns 134,036 shares of the medical equipment provider's stock valued at $34,088,000 after purchasing an additional 19,518 shares during the last quarter. KBC Group NV increased its position 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 during the last quarter. Metis Global Partners LLC increased its position in shares of Align Technology by 3.5% in the 3rd quarter. Metis Global Partners LLC now owns 2,780 shares of the medical equipment provider's stock valued at $707,000 after purchasing an additional 94 shares during the last quarter. CIBC Asset Management Inc increased its position in shares of Align Technology by 8.5% in the 3rd quarter. CIBC Asset Management Inc now owns 10,411 shares of the medical equipment provider's stock valued at $2,648,000 after purchasing an additional 812 shares during the last quarter. Finally, Empirical Finance LLC increased its position in shares of Align Technology by 2.1% in the 3rd quarter. Empirical Finance LLC now owns 2,486 shares of the medical equipment provider's stock valued at $632,000 after purchasing an additional 50 shares during the last quarter. 88.43% of the stock is currently owned by institutional investors and hedge funds.

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Align Technology Stock Up 1.6 %

Shares of NASDAQ ALGN traded up $2.67 during midday trading on Thursday, hitting $168.81. The company had a trading volume of 1,228,035 shares, compared to its average volume of 796,153. Align Technology, Inc. has a twelve month low of $158.13 and a twelve month high of $335.40. The business has a 50-day simple moving average of $200.58 and a two-hundred day simple moving average of $217.45. The firm has a market capitalization of $12.42 billion, a price-to-earnings ratio of 30.09, a price-to-earnings-growth ratio of 2.24 and a beta of 1.69.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.43 by ($0.47). Align Technology had a return on equity of 13.84% and a net margin of 10.54%. On average, equities analysts forecast that Align Technology, Inc. will post 7.98 EPS for the current year.

Analyst Ratings Changes

A number of research analysts recently commented on ALGN shares. Evercore ISI increased their target price on shares of Align Technology from $240.00 to $260.00 and gave the company an "outperform" rating in a research report on Thursday, February 6th. Piper Sandler reissued an "overweight" rating and set a $235.00 price objective (down from $270.00) on shares of Align Technology in a research report on Tuesday. Leerink Partners raised shares of Align Technology from a "market perform" rating to an "outperform" rating and raised their price objective for the stock from $235.00 to $280.00 in a research report on Monday, January 6th. Wells Fargo & Company started coverage on shares of Align Technology in a research report on Friday, February 14th. They set an "overweight" rating and a $255.00 price objective on the stock. Finally, Leerink Partnrs raised shares of Align Technology from a "hold" rating to a "strong-buy" rating in a research report on Monday, January 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 issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $266.73.

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.