Riverbridge Partners LLC Sells 25,320 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Riverbridge Partners LLC lowered its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 9.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 236,287 shares of the medical equipment provider’s stock after selling 25,320 shares during the period. Riverbridge Partners LLC’s holdings in Align Technology were worth $49,268,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Baker Avenue Asset Management LP bought a new position in shares of Align Technology during the 3rd quarter valued at $4,250,000. Swedbank AB grew its holdings in Align Technology by 30.1% in the 3rd quarter. Swedbank AB now owns 389,115 shares of the medical equipment provider’s stock worth $98,960,000 after acquiring an additional 90,000 shares during the last quarter. KBC Group NV increased its position in shares of Align Technology by 11.8% in the third quarter. KBC Group NV now owns 53,458 shares of the medical equipment provider’s stock valued at $13,595,000 after acquiring an additional 5,663 shares during the period. Nordea Investment Management AB raised its stake in shares of Align Technology by 3.5% during the fourth quarter. Nordea Investment Management AB now owns 273,664 shares of the medical equipment provider’s stock valued at $56,870,000 after acquiring an additional 9,139 shares during the last quarter. Finally, Fisher Asset Management LLC boosted its holdings in shares of Align Technology by 2.6% during the third quarter. Fisher Asset Management LLC now owns 105,770 shares of the medical equipment provider’s stock worth $26,900,000 after purchasing an additional 2,717 shares during the period. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Align Technology Stock Up 1.8 %

ALGN stock opened at $232.14 on Thursday. The business has a 50 day moving average of $222.61 and a 200 day moving average of $227.87. Align Technology, Inc. has a twelve month low of $196.09 and a twelve month high of $335.40. The firm has a market cap of $17.33 billion, a PE ratio of 39.61, a price-to-earnings-growth ratio of 4.91 and a beta of 1.67.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share for the quarter, beating the consensus estimate of $2.31 by $0.04. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The firm had revenue of $977.87 million during the quarter, compared to the consensus estimate of $990.05 million. During the same period last year, the company earned $1.62 earnings per share. The company’s revenue was up 1.8% on a year-over-year basis. On average, research analysts expect that Align Technology, Inc. will post 7.48 earnings per share for the current fiscal year.

Analyst Ratings Changes

ALGN has been the topic of a number of research analyst reports. Morgan Stanley reduced their price target on Align Technology from $310.00 to $280.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Robert W. Baird decreased their target price on Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. Leerink Partners upgraded shares of Align Technology from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $235.00 to $280.00 in a report on Monday, January 6th. Piper Sandler decreased their price objective on shares of Align Technology from $285.00 to $275.00 and set an “overweight” rating for the company in a report on Thursday, October 24th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a research note on Monday, November 4th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $268.20.

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.