Allspring Global Investments Holdings LLC Cuts Position in Align Technology, Inc. (NASDAQ:ALGN)

Allspring Global Investments Holdings LLC lessened its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 3.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 135,193 shares of the medical equipment provider’s stock after selling 5,040 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Align Technology were worth $37,043,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of ALGN. Metropolitan Life Insurance Co NY boosted its stake in Align Technology by 0.7% in the 4th quarter. Metropolitan Life Insurance Co NY now owns 4,202 shares of the medical equipment provider’s stock worth $886,000 after purchasing an additional 31 shares in the last quarter. Dfpg Investments LLC lifted its stake in shares of Align Technology by 3.3% during the fourth quarter. Dfpg Investments LLC now owns 1,327 shares of the medical equipment provider’s stock worth $340,000 after buying an additional 42 shares during the period. EFG Asset Management Americas Corp. grew its holdings in shares of Align Technology by 3.8% during the second quarter. EFG Asset Management Americas Corp. now owns 1,174 shares of the medical equipment provider’s stock valued at $415,000 after buying an additional 43 shares during the last quarter. Flagship Harbor Advisors LLC increased its holdings in shares of Align Technology by 2.7% in the third quarter. Flagship Harbor Advisors LLC now owns 1,694 shares of the medical equipment provider’s stock valued at $517,000 after purchasing an additional 44 shares during the period. Finally, Richard W. Paul & Associates LLC increased its holdings in Align Technology by 2.8% in the 4th quarter. Richard W. Paul & Associates LLC now owns 1,669 shares of the medical equipment provider’s stock worth $457,000 after buying an additional 45 shares during the period. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Price Performance

ALGN stock opened at $314.97 on Friday. Align Technology, Inc. has a 1 year low of $176.34 and a 1 year high of $413.20. The firm has a market capitalization of $23.70 billion, a P/E ratio of 54.12, a P/E/G ratio of 5.90 and a beta of 1.65. The business’s 50-day moving average is $311.38 and its two-hundred day moving average is $270.20.

Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, January 31st. The medical equipment provider reported $1.91 EPS for the quarter, topping analysts’ consensus estimates of $1.78 by $0.13. The firm had revenue of $956.73 million during the quarter, compared to the consensus estimate of $928.57 million. Align Technology had a net margin of 11.52% and a return on equity of 13.88%. On average, analysts expect that Align Technology, Inc. will post 7.65 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ALGN. Leerink Partnrs reissued a “market perform” rating on shares of Align Technology in a report on Monday, February 26th. UBS Group increased their price objective on Align Technology from $200.00 to $260.00 and gave the company a “neutral” rating in a research note on Tuesday, January 30th. Piper Sandler boosted their target price on Align Technology from $335.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, March 14th. Stifel Nicolaus lifted their price target on Align Technology from $340.00 to $350.00 and gave the stock a “buy” rating in a report on Friday, March 15th. Finally, SVB Leerink assumed coverage on shares of Align Technology in a report on Monday, February 26th. They issued a “market perform” rating and a $310.00 price objective for the company. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $334.45.

Insider Activity

In related news, EVP Emory Wright sold 2,524 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $287.45, for a total transaction of $725,523.80. Following the transaction, the executive vice president now owns 709 shares of the company’s stock, valued at $203,802.05. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Align Technology news, Director Joseph Lacob sold 15,000 shares of the stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $303.22, for a total value of $4,548,300.00. Following the completion of the transaction, the director now directly owns 131,994 shares of the company’s stock, valued at $40,023,220.68. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Emory Wright sold 2,524 shares of the company’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $287.45, for a total value of $725,523.80. Following the completion of the sale, the executive vice president now owns 709 shares in the company, valued at approximately $203,802.05. The disclosure for this sale can be found here. Insiders have sold 27,524 shares of company stock valued at $8,403,924 in the last ninety days. 0.64% of the stock is currently owned by company insiders.

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.