CIBC Private Wealth Group LLC Sells 16,703 Shares of Align Technology, Inc. (NASDAQ:ALGN)

CIBC Private Wealth Group LLC reduced its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 10.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 144,375 shares of the medical equipment provider’s stock after selling 16,703 shares during the quarter. CIBC Private Wealth Group LLC owned 0.19% of Align Technology worth $31,094,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of ALGN. Nordea Investment Management AB raised its position in shares of Align Technology by 3.5% during the fourth quarter. Nordea Investment Management AB now owns 273,664 shares of the medical equipment provider’s stock valued at $56,870,000 after buying an additional 9,139 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in Align Technology by 119.6% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 169,641 shares of the medical equipment provider’s stock valued at $35,368,000 after acquiring an additional 92,407 shares during the period. National Bank of Canada FI raised its holdings in Align Technology by 25.7% in the 3rd quarter. National Bank of Canada FI now owns 40,826 shares of the medical equipment provider’s stock valued at $10,383,000 after acquiring an additional 8,338 shares in the last quarter. Swedbank AB lifted its position in shares of Align Technology by 25.0% in the 4th quarter. Swedbank AB now owns 486,267 shares of the medical equipment provider’s stock worth $101,392,000 after acquiring an additional 97,152 shares during the period. Finally, Principal Securities Inc. grew its holdings in shares of Align Technology by 34.5% during the 4th quarter. Principal Securities Inc. now owns 1,881 shares of the medical equipment provider’s stock worth $392,000 after purchasing an additional 483 shares in the last quarter. 88.43% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on ALGN shares. Piper Sandler reaffirmed an “overweight” rating and set a $235.00 price objective (down from $270.00) on shares of Align Technology in a report on Tuesday, March 18th. Bank of America raised their price target on shares of Align Technology from $200.00 to $206.00 and gave the stock an “underperform” rating in a research note on Friday, December 13th. Jefferies Financial Group lowered their price objective on Align Technology from $285.00 to $260.00 and set a “buy” rating on the stock in a research note on Thursday, January 23rd. Leerink Partnrs upgraded Align Technology from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 6th. Finally, Mizuho lowered their price target on Align Technology from $295.00 to $250.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 25th. One investment 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. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $262.64.

Align Technology Stock Down 0.2 %

Align Technology stock opened at $158.86 on Tuesday. The stock has a 50-day simple moving average of $192.42 and a 200 day simple moving average of $213.98. The stock has a market capitalization of $11.69 billion, a price-to-earnings ratio of 28.32, a P/E/G ratio of 2.24 and a beta of 1.69. Align Technology, Inc. has a 12-month low of $153.77 and a 12-month high of $331.64.

Align Technology (NASDAQ:ALGN) last announced its earnings results 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 return on equity of 13.84% and a net margin of 10.54%. As a group, sell-side analysts anticipate that Align Technology, Inc. will post 7.98 EPS for the current year.

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.