Jennison Associates LLC Decreases Stake in Align Technology, Inc. (NASDAQ:ALGN)

Jennison Associates LLC reduced its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 21.4% during the 4th quarter, Holdings Channel.com reports. The firm owned 87,699 shares of the medical equipment provider’s stock after selling 23,938 shares during the period. Jennison Associates LLC’s holdings in Align Technology were worth $24,030,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. EFG Asset Management Americas Corp. boosted its position in shares of Align Technology by 3.6% during the 4th quarter. EFG Asset Management Americas Corp. now owns 1,167 shares of the medical equipment provider’s stock worth $320,000 after purchasing an additional 41 shares in the last quarter. Hussman Strategic Advisors Inc. raised its stake in shares of Align Technology by 600.0% during the 4th quarter. Hussman Strategic Advisors Inc. now owns 14,700 shares of the medical equipment provider’s stock worth $4,028,000 after buying an additional 12,600 shares during the last quarter. CWM LLC raised its stake in shares of Align Technology by 3.3% during the 4th quarter. CWM LLC now owns 3,218 shares of the medical equipment provider’s stock worth $882,000 after buying an additional 102 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in shares of Align Technology by 1.6% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 6,825 shares of the medical equipment provider’s stock worth $1,870,000 after buying an additional 105 shares during the last quarter. Finally, abrdn plc raised its stake in shares of Align Technology by 25.2% during the 4th quarter. abrdn plc now owns 38,134 shares of the medical equipment provider’s stock worth $10,449,000 after buying an additional 7,665 shares during the last quarter. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Emory Wright sold 2,524 shares of the firm’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $287.45, for a total value of $725,523.80. Following the transaction, the executive vice president now owns 709 shares in the company, valued at $203,802.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, EVP Emory Wright sold 2,524 shares of the firm’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $287.45, for a total value of $725,523.80. Following the transaction, the executive vice president now owns 709 shares in the company, valued at $203,802.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Joseph Lacob sold 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $303.22, for a total transaction of $4,548,300.00. Following the completion of the transaction, the director now owns 131,994 shares in the company, valued at approximately $40,023,220.68. The disclosure for this sale can be found here. Insiders sold a total of 27,524 shares of company stock valued at $8,403,924 in the last 90 days. 0.72% of the stock is currently owned by insiders.

Align Technology Trading Up 0.6 %

Shares of ALGN stock opened at $313.78 on Thursday. Align Technology, Inc. has a twelve month low of $176.34 and a twelve month high of $413.20. The firm has a 50-day moving average price of $313.37 and a 200 day moving average price of $270.52. The company has a market capitalization of $23.61 billion, a price-to-earnings ratio of 53.91, a PEG ratio of 5.39 and a beta of 1.65.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings data on Wednesday, January 31st. The medical equipment provider reported $1.91 EPS for the quarter, beating analysts’ consensus estimates of $1.78 by $0.13. Align Technology had a net margin of 11.52% and a return on equity of 13.88%. The company had revenue of $956.73 million during the quarter, compared to the consensus estimate of $928.57 million. As a group, research analysts predict that Align Technology, Inc. will post 7.69 earnings per share for the current year.

Analyst Upgrades and Downgrades

ALGN has been the subject of several research reports. SVB Leerink initiated coverage on Align Technology in a research note on Monday, February 26th. They set a “market perform” rating and a $310.00 price target for the company. Leerink Partnrs reaffirmed a “market perform” rating on shares of Align Technology in a research note on Monday, February 26th. The Goldman Sachs Group lifted their price target on Align Technology from $197.00 to $225.00 and gave the stock a “sell” rating in a research note on Friday, February 2nd. Stifel Nicolaus lifted their price target on Align Technology from $350.00 to $400.00 and gave the stock a “buy” rating in a research note on Thursday, April 18th. Finally, UBS Group boosted their target price on shares of Align Technology from $280.00 to $320.00 and gave the company a “neutral” rating in a research note on Monday, April 15th. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $344.45.

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.