Align Technology, Inc. (NASDAQ:ALGN) Stock Holdings Lowered by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans trimmed its stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 13.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 296,478 shares of the medical equipment provider's stock after selling 45,899 shares during the quarter. Thrivent Financial for Lutherans owned approximately 0.40% of Align Technology worth $61,819,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Wellington Management Group LLP boosted its holdings in Align Technology by 49.0% in 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 purchasing an additional 866,663 shares during the period. Holocene Advisors LP acquired a new position in shares of Align Technology in the 3rd quarter valued at about $137,287,000. FMR LLC grew its position in shares of Align Technology by 43.0% during the 3rd quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider's stock valued at $310,736,000 after buying an additional 367,508 shares during the last quarter. Point72 Asset Management L.P. raised its stake in Align Technology by 96.3% during the third quarter. Point72 Asset Management L.P. now owns 674,319 shares of the medical equipment provider's stock worth $171,493,000 after acquiring an additional 330,807 shares during the period. Finally, Meridiem Investment Management Ltd. raised its stake in Align Technology by 63.7% during the fourth quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider's stock worth $159,470,000 after acquiring an additional 297,472 shares during the period. 88.43% of the stock is owned by institutional investors and hedge funds.

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Wall Street Analysts Forecast Growth

ALGN has been the subject of several recent research reports. Morgan Stanley lowered their target price on Align Technology from $280.00 to $272.00 and set an "overweight" rating for the company in a report on Thursday, February 6th. Wells Fargo & Company assumed coverage on Align Technology in a research report on Friday, February 14th. They issued an "overweight" rating and a $255.00 target price on the stock. Evercore ISI boosted their price target on shares of Align Technology from $240.00 to $260.00 and gave the company an "outperform" rating in a report on Thursday, February 6th. Leerink Partners upgraded shares of Align Technology from a "market perform" rating to an "outperform" rating and upped their price target for the stock from $235.00 to $280.00 in a research report on Monday, January 6th. Finally, Bank of America lifted their price objective on shares of Align Technology from $200.00 to $206.00 and gave the company an "underperform" rating in a research report on Friday, December 13th. One investment 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 stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $266.73.

Align Technology Stock Performance

Shares of NASDAQ:ALGN traded up $1.76 during trading on Monday, reaching $170.37. The company had a trading volume of 726,808 shares, compared to its average volume of 803,505. The firm's fifty day moving average is $198.78 and its 200 day moving average is $216.53. The firm has a market capitalization of $12.54 billion, a PE ratio of 30.37, a price-to-earnings-growth ratio of 2.24 and a beta of 1.69. Align Technology, Inc. has a twelve month low of $158.13 and a twelve month high of $331.64.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share 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%. Equities analysts predict that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

About Align Technology

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.