Wells Fargo & Company MN Boosts Position in Align Technology, Inc. (NASDAQ:ALGN)

Wells Fargo & Company MN increased its holdings in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 9.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 175,894 shares of the medical equipment provider's stock after buying an additional 15,010 shares during the period. Wells Fargo & Company MN owned 0.24% of Align Technology worth $36,676,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Prudential PLC boosted its position in shares of Align Technology by 158.7% in the fourth quarter. Prudential PLC now owns 2,235 shares of the medical equipment provider's stock valued at $466,000 after acquiring an additional 1,371 shares during the period. PAX Financial Group LLC boosted its holdings in Align Technology by 3.2% in the 4th quarter. PAX Financial Group LLC now owns 3,458 shares of the medical equipment provider's stock valued at $721,000 after purchasing an additional 108 shares during the period. Provident Investment Management Inc. grew its position in shares of Align Technology by 2.4% during the 4th quarter. Provident Investment Management Inc. now owns 152,215 shares of the medical equipment provider's stock valued at $31,738,000 after purchasing an additional 3,527 shares in the last quarter. ExodusPoint Capital Management LP grew its position in shares of Align Technology by 56.2% during the 4th quarter. ExodusPoint Capital Management LP now owns 124,818 shares of the medical equipment provider's stock valued at $26,026,000 after purchasing an additional 44,903 shares in the last quarter. Finally, Motley Fool Asset Management LLC increased its holdings in shares of Align Technology by 6.9% in the fourth quarter. Motley Fool Asset Management LLC now owns 1,099 shares of the medical equipment provider's stock worth $229,000 after purchasing an additional 71 shares during the period. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Needham & Company LLC restated a "hold" rating on shares of Align Technology in a research report on Thursday, February 6th. Morgan Stanley cut their price objective on Align Technology from $280.00 to $272.00 and set an "overweight" rating for the company in a report on Thursday, February 6th. Piper Sandler reaffirmed an "overweight" rating and issued a $235.00 target price (down from $270.00) on shares of Align Technology in a research note on Tuesday, March 18th. Wells Fargo & Company initiated coverage on shares of Align Technology in a report on Friday, February 14th. They issued an "overweight" rating and a $255.00 price target on the stock. Finally, Leerink Partnrs raised shares of Align Technology from a "hold" rating to a "strong-buy" rating in a report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $256.90.

Align Technology Price Performance

Align Technology stock traded up $3.42 during mid-day trading on Wednesday, hitting $167.57. The company's stock had a trading volume of 210,955 shares, compared to its average volume of 866,595. The business has a 50 day moving average price of $175.16 and a 200-day moving average price of $206.13. Align Technology, Inc. has a 12 month low of $141.74 and a 12 month high of $327.49. The stock has a market cap of $12.27 billion, a price-to-earnings ratio of 29.90, a price-to-earnings-growth ratio of 2.24 and a beta of 1.73.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its quarterly earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share (EPS) 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%. On average, equities 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.