Amundi Trims Stake in Align Technology, Inc. $ALGN

Amundi reduced its position in Align Technology, Inc. (NASDAQ:ALGN) by 22.3% in the 2nd quarter, Holdings Channel.com reports. The fund owned 251,090 shares of the medical equipment provider’s stock after selling 72,062 shares during the quarter. Amundi’s holdings in Align Technology were worth $49,460,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in ALGN. Invesco Ltd. increased its stake in Align Technology by 12.7% in the 1st quarter. Invesco Ltd. now owns 1,219,715 shares of the medical equipment provider’s stock valued at $193,764,000 after buying an additional 137,553 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Align Technology by 32.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 832,313 shares of the medical equipment provider’s stock worth $132,221,000 after acquiring an additional 202,616 shares during the period. Norges Bank purchased a new position in Align Technology in the 2nd quarter valued at approximately $155,297,000. Navera Investment Management Ltd. increased its stake in Align Technology by 3.0% in the 2nd quarter. Navera Investment Management Ltd. now owns 787,559 shares of the medical equipment provider’s stock valued at $149,126,000 after purchasing an additional 23,080 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its holdings in Align Technology by 0.7% during the first quarter. Jacobs Levy Equity Management Inc. now owns 736,635 shares of the medical equipment provider’s stock worth $117,022,000 after purchasing an additional 4,789 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Trading Up 0.8%

Shares of NASDAQ ALGN opened at $159.00 on Wednesday. The stock has a fifty day moving average price of $138.30 and a 200 day moving average price of $154.98. Align Technology, Inc. has a 12-month low of $122.00 and a 12-month high of $246.19. The company has a market cap of $11.41 billion, a P/E ratio of 30.81, a P/E/G ratio of 1.92 and a beta of 1.86.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, October 29th. The medical equipment provider reported $2.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.38 by $0.23. Align Technology had a net margin of 9.50% and a return on equity of 13.96%. The company had revenue of $995.69 million during the quarter, compared to the consensus estimate of $980.75 million. During the same quarter last year, the company earned $2.35 earnings per share. Align Technology’s revenue for the quarter was up 1.8% on a year-over-year basis. On average, sell-side analysts forecast that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Evercore ISI lowered their target price on Align Technology from $220.00 to $170.00 and set an “outperform” rating on the stock in a report on Tuesday, November 25th. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a research report on Thursday, October 30th. Zacks Research raised shares of Align Technology from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 30th. UBS Group dropped their target price on shares of Align Technology from $160.00 to $155.00 and set a “neutral” rating for the company in a report on Thursday, October 16th. Finally, Mizuho reduced their price target on shares of Align Technology from $210.00 to $170.00 and set an “outperform” rating on the stock in a report on Monday, October 13th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $175.00.

Align Technology Company 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.