Allianz Asset Management GmbH decreased its stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 4.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 487,294 shares of the medical equipment provider's stock after selling 22,260 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.65% of Align Technology worth $101,604,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ALGN. Creative Planning lifted its holdings in Align Technology by 7.9% during the 3rd quarter. Creative Planning now owns 11,144 shares of the medical equipment provider's stock valued at $2,834,000 after buying an additional 817 shares in the last quarter. Blue Trust Inc. increased its position in Align Technology by 327.1% during the 3rd quarter. Blue Trust Inc. now owns 568 shares of the medical equipment provider's stock valued at $137,000 after purchasing an additional 435 shares during the period. Raymond James & Associates increased its position in Align Technology by 17.6% during the 3rd quarter. Raymond James & Associates now owns 21,214 shares of the medical equipment provider's stock valued at $5,395,000 after purchasing an additional 3,170 shares during the period. Allspring Global Investments Holdings LLC increased its position in Align Technology by 12.8% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 77,234 shares of the medical equipment provider's stock valued at $19,642,000 after purchasing an additional 8,781 shares during the period. Finally, Sequoia Financial Advisors LLC increased its position in Align Technology by 44.4% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 1,473 shares of the medical equipment provider's stock valued at $375,000 after purchasing an additional 453 shares during the period. Institutional investors own 88.43% of the company's stock.
NASDAQ:ALGN traded down $7.63 during trading hours on Friday, hitting $190.43. 1,695,090 shares of the company were exchanged, compared to its average volume of 886,494. The stock has a market capitalization of $14.22 billion, a price-to-earnings ratio of 33.94, a PEG ratio of 2.33 and a beta of 1.67. Align Technology, Inc. has a 52-week low of $186.82 and a 52-week high of $335.40. The company's 50 day moving average price is $215.05 and its 200-day moving average price is $224.17.
Align Technology (NASDAQ:ALGN - Get Free Report) last announced its quarterly earnings data on Wednesday, February 5th. The medical equipment provider reported $1.96 EPS for the quarter, missing the consensus estimate 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 analysts predict that Align Technology, Inc. will post 7.98 earnings per share for the current year.
A number of research analysts have commented on ALGN shares. Jefferies Financial Group cut their target price on shares of Align Technology from $285.00 to $260.00 and set a "buy" rating on the stock in a research report on Thursday, January 23rd. Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a research report on Thursday, February 6th. Bank of America lifted their price objective on shares of Align Technology from $200.00 to $206.00 and gave the stock an "underperform" rating in a research report on Friday, December 13th. Evercore ISI lifted their price objective on shares of Align Technology from $240.00 to $260.00 and gave the stock an "outperform" rating in a research report on Thursday, February 6th. Finally, 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 research report on Thursday, February 6th. One analyst has rated the stock with a sell rating, two have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $269.91.
Read Our Latest Analysis on 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.
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