Oppenheimer & Co. Inc. Trims Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Oppenheimer & Co. Inc. cut its stake in Align Technology, Inc. (NASDAQ:ALGN) by 4.3% during the 4th quarter, HoldingsChannel reports. The fund owned 10,329 shares of the medical equipment provider’s stock after selling 466 shares during the period. Oppenheimer & Co. Inc.’s holdings in Align Technology were worth $2,154,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Wellington Management Group LLP lifted its position in shares of Align Technology by 49.0% during the third quarter. Wellington Management Group LLP now owns 2,634,600 shares of the medical equipment provider’s stock worth $670,031,000 after purchasing an additional 866,663 shares during the last quarter. Holocene Advisors LP acquired a new stake in Align Technology during the third quarter valued at approximately $137,287,000. FMR LLC raised its stake in Align Technology by 43.0% during the third quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock valued at $310,736,000 after buying an additional 367,508 shares in the last quarter. Point72 Asset Management L.P. grew its position in shares of Align Technology by 96.3% in the 3rd quarter. Point72 Asset Management L.P. now owns 674,319 shares of the medical equipment provider’s stock worth $171,493,000 after acquiring an additional 330,807 shares in the last quarter. Finally, Meridiem Investment Management Ltd. raised its position in shares of Align Technology by 63.7% during the 4th quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider’s stock valued at $159,470,000 after acquiring an additional 297,472 shares in the last quarter. 88.43% of the stock is owned by institutional investors and hedge funds.

Align Technology Trading Up 0.7 %

ALGN stock opened at $187.03 on Monday. The firm’s 50-day moving average is $211.95 and its two-hundred day moving average is $223.44. The company has a market capitalization of $13.96 billion, a price-to-earnings ratio of 33.34, a price-to-earnings-growth ratio of 2.24 and a beta of 1.67. Align Technology, Inc. has a 52 week low of $183.24 and a 52 week high of $335.40.

Align Technology (NASDAQ:ALGN) last announced its earnings results 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 return on equity of 13.84% and a net margin of 10.54%. On average, equities research analysts predict that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Analysts Set New Price Targets

ALGN has been the subject of a number of recent research reports. Leerink Partnrs raised shares of Align Technology from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 6th. Piper Sandler lowered their target price on Align Technology from $275.00 to $270.00 and set an “overweight” rating for the company in a report on Thursday, February 6th. Bank of America increased their price target on Align Technology from $200.00 to $206.00 and gave the stock an “underperform” rating in a research report on Friday, December 13th. Morgan Stanley reduced their price objective on Align Technology from $280.00 to $272.00 and set an “overweight” rating for the company in a research report on Thursday, February 6th. Finally, Mizuho assumed coverage on Align Technology in a research note on Wednesday, December 4th. They issued an “outperform” rating and a $295.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, two have assigned 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, the company has an average rating of “Moderate Buy” and a consensus target price of $269.91.

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.