NewEdge Wealth LLC Decreases Holdings in Align Technology, Inc. (NASDAQ:ALGN)

NewEdge Wealth LLC reduced its position in Align Technology, Inc. (NASDAQ:ALGN) by 35.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,567 shares of the medical equipment provider’s stock after selling 860 shares during the period. NewEdge Wealth LLC’s holdings in Align Technology were worth $429,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Deepwater Asset Management LLC boosted its position in Align Technology by 46.8% in the fourth quarter. Deepwater Asset Management LLC now owns 48,981 shares of the medical equipment provider’s stock worth $13,421,000 after purchasing an additional 15,608 shares during the last quarter. Morgan Stanley raised its position in Align Technology by 9.8% in the third quarter. Morgan Stanley now owns 1,018,161 shares of the medical equipment provider’s stock worth $310,866,000 after acquiring an additional 90,581 shares during the period. Country Trust Bank boosted its stake in shares of Align Technology by 27.7% during the 4th quarter. Country Trust Bank now owns 80,830 shares of the medical equipment provider’s stock worth $22,147,000 after acquiring an additional 17,515 shares during the last quarter. Factory Mutual Insurance Co. grew its position in shares of Align Technology by 26.3% during the 4th quarter. Factory Mutual Insurance Co. now owns 143,293 shares of the medical equipment provider’s stock valued at $39,262,000 after acquiring an additional 29,800 shares during the period. Finally, Empirical Finance LLC increased its stake in shares of Align Technology by 10.1% in the 3rd quarter. Empirical Finance LLC now owns 2,495 shares of the medical equipment provider’s stock worth $762,000 after purchasing an additional 229 shares in the last quarter. Institutional investors own 88.43% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. UBS Group lifted their target price on Align Technology from $280.00 to $320.00 and gave the company a “neutral” rating in a research report on Monday. Leerink Partnrs reiterated a “market perform” rating on shares of Align Technology in a research note on Monday, February 26th. Stifel Nicolaus increased 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. Piper Sandler lifted their price target on shares of Align Technology from $335.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, March 14th. Finally, The Goldman Sachs Group upped their price target on shares of Align Technology from $197.00 to $225.00 and gave the stock a “sell” rating in a research report on Friday, February 2nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $339.91.

Align Technology Stock Performance

ALGN opened at $300.14 on Thursday. The stock has a market capitalization of $22.59 billion, a price-to-earnings ratio of 51.57, a PEG ratio of 5.49 and a beta of 1.65. The company has a fifty day moving average of $312.61 and a 200 day moving average of $269.97. 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 quarterly earnings data on Wednesday, January 31st. The medical equipment provider reported $1.91 earnings per share for the quarter, beating analysts’ consensus estimates of $1.78 by $0.13. Align Technology had a return on equity of 13.88% and a net margin of 11.52%. The firm had revenue of $956.73 million during the quarter, compared to analyst estimates of $928.57 million. On average, equities research analysts forecast that Align Technology, Inc. will post 7.65 earnings per share for the current year.

Insider Buying and Selling at Align Technology

In other news, Director Joseph Lacob sold 15,000 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $303.22, for a total transaction of $4,548,300.00. Following the sale, the director now directly owns 131,994 shares of the company’s stock, valued at approximately $40,023,220.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP Emory Wright sold 2,524 shares of Align Technology stock in a transaction dated 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 transaction, the executive vice president now owns 709 shares in the company, valued at $203,802.05. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Joseph Lacob sold 15,000 shares of the company’s stock in a transaction that occurred on 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 sale, the director now owns 131,994 shares in the company, valued at $40,023,220.68. The disclosure for this sale can be found here. Insiders sold 27,524 shares of company stock worth $8,403,924 in the last quarter. 0.72% of the stock is owned by corporate insiders.

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.