Keybank National Association OH Trims Stock Position in Align Technology, Inc. (NASDAQ:ALGN)

Keybank National Association OH cut its stake in Align Technology, Inc. (NASDAQ:ALGN) by 0.2% during the 4th quarter, Holdings Channel.com reports. The fund owned 320,060 shares of the medical equipment provider’s stock after selling 785 shares during the period. Keybank National Association OH’s holdings in Align Technology were worth $66,736,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Wellington Management Group LLP increased its position in shares of Align Technology by 49.0% in the 3rd 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 bought a new position in shares of Align Technology in the third quarter valued at approximately $137,287,000. FMR LLC raised its stake in shares of Align Technology by 43.0% in the 3rd quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock worth $310,736,000 after buying an additional 367,508 shares in the last quarter. Point72 Asset Management L.P. lifted its holdings in 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 valued at $171,493,000 after acquiring an additional 330,807 shares during the last quarter. Finally, Meridiem Investment Management Ltd. boosted its stake 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 worth $159,470,000 after acquiring an additional 297,472 shares in the last quarter. Institutional investors and hedge funds own 88.43% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Leerink Partnrs raised Align Technology from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 6th. Jefferies Financial Group cut their target price on shares of Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a research report on Thursday, January 23rd. Wells Fargo & Company initiated coverage on shares of Align Technology in a report on Friday, February 14th. They issued an “overweight” rating and a $255.00 price target for the company. Leerink Partners upgraded shares of Align Technology from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $235.00 to $280.00 in a research note on Monday, January 6th. Finally, Mizuho began coverage on Align Technology in a report on Wednesday, December 4th. They set an “outperform” rating and a $295.00 price objective for the company. One 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 assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $269.91.

Align Technology Stock Performance

Shares of NASDAQ:ALGN opened at $175.09 on Tuesday. Align Technology, Inc. has a 52-week low of $174.89 and a 52-week high of $335.40. The company has a market capitalization of $13.07 billion, a PE ratio of 31.21, a price-to-earnings-growth ratio of 2.24 and a beta of 1.67. The company has a fifty day moving average of $211.30 and a 200-day moving average of $223.01.

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 return on equity of 13.84% and a net margin of 10.54%. On average, equities analysts forecast that Align Technology, Inc. will post 7.98 EPS for the current fiscal 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.