Redmond Asset Management LLC Sells 413 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Redmond Asset Management LLC lowered its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 13.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,715 shares of the medical equipment provider’s stock after selling 413 shares during the period. Redmond Asset Management LLC’s holdings in Align Technology were worth $566,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of ALGN. Ieq Capital LLC increased its position in Align Technology by 9.0% in the fourth quarter. Ieq Capital LLC now owns 39,036 shares of the medical equipment provider’s stock worth $8,139,000 after buying an additional 3,216 shares during the last quarter. Venturi Wealth Management LLC grew its stake in shares of Align Technology by 53.0% during the 4th quarter. Venturi Wealth Management LLC now owns 465 shares of the medical equipment provider’s stock worth $97,000 after acquiring an additional 161 shares during the period. D.A. Davidson & CO. increased its holdings in Align Technology by 2.6% in the 4th quarter. D.A. Davidson & CO. now owns 7,530 shares of the medical equipment provider’s stock worth $1,570,000 after acquiring an additional 194 shares during the last quarter. CIBC Asset Management Inc raised its stake in Align Technology by 4.6% in the 4th quarter. CIBC Asset Management Inc now owns 10,890 shares of the medical equipment provider’s stock valued at $2,271,000 after acquiring an additional 479 shares during the period. Finally, Meridiem Investment Management Ltd. lifted its holdings in Align Technology by 63.7% during the fourth quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider’s stock valued at $159,470,000 after purchasing an additional 297,472 shares during the last quarter. Institutional investors own 88.43% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on ALGN shares. Wells Fargo & Company began coverage on shares of Align Technology in a research note on Friday, February 14th. They issued an “overweight” rating and a $255.00 target price for the company. Bank of America lifted their price objective on shares of Align Technology from $200.00 to $206.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. 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 report 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, Mizuho initiated coverage on Align Technology in a research note on Wednesday, December 4th. They set an “outperform” rating and a $295.00 price objective on the stock. One analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $269.91.

Align Technology Trading Down 3.9 %

Shares of ALGN opened at $190.43 on Friday. Align Technology, Inc. has a 12-month low of $186.82 and a 12-month high of $335.40. The company has a market cap of $14.22 billion, a PE ratio of 33.94, a price-to-earnings-growth ratio of 2.33 and a beta of 1.67. The stock has a 50-day moving average price of $215.05 and a 200-day moving average price of $224.29.

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 net margin of 10.54% and a return on equity of 13.84%. As a group, analysts predict that Align Technology, Inc. will post 7.98 earnings per share for the current 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.