Prudential Financial Inc. Sells 11,592 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Prudential Financial Inc. reduced its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 19.4% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 48,291 shares of the medical equipment provider’s stock after selling 11,592 shares during the quarter. Prudential Financial Inc.’s holdings in Align Technology were worth $10,069,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Algert Global LLC raised its stake in shares of Align Technology by 46.7% during the third quarter. Algert Global LLC now owns 2,022 shares of the medical equipment provider’s stock valued at $514,000 after acquiring an additional 644 shares during the last quarter. Bank of Montreal Can raised its position in Align Technology by 73.6% during the 3rd quarter. Bank of Montreal Can now owns 140,192 shares of the medical equipment provider’s stock valued at $35,722,000 after purchasing an additional 59,436 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Align Technology by 0.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 74,354 shares of the medical equipment provider’s stock worth $18,910,000 after buying an additional 255 shares during the period. FMR LLC grew its position 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 during the last quarter. Finally, D.A. Davidson & CO. increased its stake in shares of Align Technology by 11.0% during the third quarter. D.A. Davidson & CO. now owns 7,336 shares of the medical equipment provider’s stock valued at $1,866,000 after buying an additional 725 shares during the period. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Wall Street Analysts Forecast Growth

ALGN has been the subject of a number of research analyst reports. Wells Fargo & Company began coverage on Align Technology in a research note on Friday, February 14th. They issued an “overweight” rating and a $255.00 price target for the company. Piper Sandler reaffirmed an “overweight” rating and set a $235.00 target price (down previously from $270.00) on shares of Align Technology in a research note on Tuesday, March 18th. Bank of America boosted their price target on shares of Align Technology from $200.00 to $206.00 and gave the company an “underperform” rating in a research report on Friday, December 13th. Mizuho lowered their price objective on shares of Align Technology from $295.00 to $250.00 and set an “outperform” rating for the company in a report on Tuesday. Finally, Evercore ISI upped their target price on Align Technology from $240.00 to $260.00 and gave the stock an “outperform” rating in a report on Thursday, February 6th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $262.64.

Align Technology Stock Performance

ALGN stock opened at $159.21 on Friday. The firm has a 50 day moving average price of $193.72 and a 200-day moving average price of $214.64. Align Technology, Inc. has a 52-week low of $157.57 and a 52-week high of $331.64. The firm has a market capitalization of $11.72 billion, a price-to-earnings ratio of 28.38, a PEG ratio of 2.24 and a beta of 1.69.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). Align Technology had a net margin of 10.54% and a return on equity of 13.84%. As a group, sell-side analysts forecast that Align Technology, Inc. will post 7.98 earnings per share 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.