Align Technology, Inc. (NASDAQ:ALGN) Shares Sold by Pitcairn Co.

Pitcairn Co. cut its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 7.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,868 shares of the medical equipment provider’s stock after selling 567 shares during the period. Pitcairn Co.’s holdings in Align Technology were worth $1,432,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in ALGN. ExodusPoint Capital Management LP boosted its stake in shares of Align Technology by 56.2% in the fourth quarter. ExodusPoint Capital Management LP now owns 124,818 shares of the medical equipment provider’s stock worth $26,026,000 after buying an additional 44,903 shares during the last quarter. Motley Fool Asset Management LLC raised its position in Align Technology by 6.9% during the fourth quarter. Motley Fool Asset Management LLC now owns 1,099 shares of the medical equipment provider’s stock valued at $229,000 after acquiring an additional 71 shares in the last quarter. Huntington National Bank lifted its holdings in Align Technology by 103.8% in the fourth quarter. Huntington National Bank now owns 326 shares of the medical equipment provider’s stock valued at $68,000 after acquiring an additional 166 shares during the period. Trexquant Investment LP purchased a new stake in Align Technology in the 4th quarter worth approximately $7,218,000. Finally, Headlands Technologies LLC acquired a new stake in shares of Align Technology during the 4th quarter worth approximately $2,232,000. 88.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ALGN has been the subject of several analyst reports. Evercore ISI boosted their target price on shares of Align Technology from $240.00 to $260.00 and gave the company an “outperform” rating in a research note on Thursday, February 6th. Jefferies Financial Group decreased their price objective on shares of Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a research report on Thursday, January 23rd. Wells Fargo & Company began coverage on shares of Align Technology in a research note on Friday, February 14th. They set an “overweight” rating and a $255.00 target price on the stock. Leerink Partnrs upgraded Align Technology from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 6th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a report on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Align Technology presently has a consensus rating of “Moderate Buy” and an average price target of $262.64.

Align Technology Price Performance

NASDAQ ALGN opened at $154.24 on Friday. The stock’s 50 day simple moving average is $188.04 and its 200-day simple moving average is $212.63. The company has a market cap of $11.35 billion, a PE ratio of 27.49, a price-to-earnings-growth ratio of 2.24 and a beta of 1.69. Align Technology, Inc. has a 1-year low of $150.80 and a 1-year high of $331.64.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data 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 net margin of 10.54% and a return on equity of 13.84%. On average, equities research analysts anticipate that Align Technology, Inc. will post 7.98 EPS 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.