Allworth Financial LP Lowers Stake in Align Technology, Inc. (NASDAQ:ALGN)

Allworth Financial LP reduced its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 56.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 135 shares of the medical equipment provider’s stock after selling 176 shares during the quarter. Allworth Financial LP’s holdings in Align Technology were worth $37,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Rhenman & Partners Asset Management AB bought a new stake in shares of Align Technology in the third quarter valued at about $305,000. Norges Bank bought a new stake in shares of Align Technology in the fourth quarter valued at about $150,692,000. Ameriprise Financial Inc. raised its holdings in shares of Align Technology by 348.9% in the third quarter. Ameriprise Financial Inc. now owns 756,393 shares of the medical equipment provider’s stock valued at $230,938,000 after acquiring an additional 587,886 shares in the last quarter. Penn Capital Management Company LLC bought a new position in Align Technology in the first quarter worth about $52,560,000. Finally, BNP Paribas Arbitrage SA raised its holdings in Align Technology by 481.8% in the first quarter. BNP Paribas Arbitrage SA now owns 188,512 shares of the medical equipment provider’s stock worth $82,191,000 after purchasing an additional 156,110 shares in the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Stock Performance

Shares of ALGN stock opened at $314.97 on Monday. The stock’s 50-day simple moving average is $311.38 and its 200-day simple moving average is $269.77. The firm has a market capitalization of $23.70 billion, a price-to-earnings ratio of 54.12, a PEG ratio of 5.67 and a beta of 1.65. Align Technology, Inc. has a fifty-two week low of $176.34 and a fifty-two week high of $413.20.

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

Insider Activity at Align Technology

In related news, 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 sale, the executive vice president now owns 709 shares in the company, valued at $203,802.05. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Align Technology news, Director Joseph Lacob sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $313.01, for a total value of $3,130,100.00. Following the sale, the director now owns 146,994 shares in the company, valued at approximately $46,010,591.94. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 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 a total of 27,524 shares of company stock worth $8,403,924 over the last quarter. Insiders own 0.64% of the company’s stock.

Analyst Ratings Changes

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

Align Technology Company 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.