Cinctive Capital Management LP Trims Stake in Align Technology, Inc. (NASDAQ:ALGN)

Cinctive Capital Management LP cut its stake in Align Technology, Inc. (NASDAQ:ALGN) by 87.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,987 shares of the medical equipment provider’s stock after selling 20,407 shares during the period. Cinctive Capital Management LP’s holdings in Align Technology were worth $623,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Nordea Investment Management AB lifted its stake in shares of Align Technology by 3.5% in the 4th quarter. Nordea Investment Management AB now owns 273,664 shares of the medical equipment provider’s stock valued at $56,870,000 after purchasing an additional 9,139 shares during the period. Allspring Global Investments Holdings LLC lifted its position 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 buying an additional 92,407 shares during the period. National Bank of Canada FI boosted its holdings in shares of Align Technology by 25.7% during 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 buying an additional 8,338 shares in the last quarter. Swedbank AB grew 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 buying an additional 97,152 shares during the period. Finally, Principal Securities Inc. increased its stake in shares of Align Technology by 34.5% in the 4th quarter. Principal Securities Inc. now owns 1,881 shares of the medical equipment provider’s stock worth $392,000 after acquiring an additional 483 shares in the last quarter. 88.43% of the stock is owned by institutional investors.

Align Technology Stock Performance

ALGN opened at $154.24 on Friday. The company’s 50-day simple moving average is $188.04 and its two-hundred day simple moving average is $212.63. The stock has a market capitalization of $11.35 billion, a P/E ratio of 27.49, a P/E/G ratio of 2.24 and a beta of 1.69. Align Technology, Inc. has a 52-week low of $150.80 and a 52-week high of $331.64.

Align Technology (NASDAQ:ALGN) last issued 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%. Research analysts forecast that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

ALGN has been the topic of a number of recent research reports. Morgan Stanley cut their price objective on shares of Align Technology from $280.00 to $272.00 and set an “overweight” rating on the stock in a report on Thursday, February 6th. Mizuho cut their price target on Align Technology from $295.00 to $250.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 25th. Evercore ISI lifted their price objective on Align Technology from $240.00 to $260.00 and gave the company an “outperform” rating in a research note on Thursday, February 6th. Leerink Partnrs raised Align Technology from a “hold” rating to a “strong-buy” rating in a report on Monday, January 6th. Finally, Jefferies Financial Group reduced their price target on Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a report on Thursday, January 23rd. One analyst has rated the stock with a sell rating, two have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Align Technology currently has a consensus rating of “Moderate Buy” and an average price target of $262.64.

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.