CIBC Private Wealth Group LLC Sells 16,703 Shares of Align Technology, Inc. (NASDAQ:ALGN)

CIBC Private Wealth Group LLC lessened its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 10.4% during the 4th quarter, Holdings Channel reports. The firm owned 144,375 shares of the medical equipment provider’s stock after selling 16,703 shares during the period. CIBC Private Wealth Group LLC’s holdings in Align Technology were worth $31,094,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Allianz SE acquired a new stake in shares of Align Technology during the fourth quarter worth $380,000. Allstate Corp acquired a new position in shares of Align Technology during the 4th quarter worth about $437,000. Pictet Asset Management Holding SA increased its stake in shares of Align Technology by 24.0% in the 4th quarter. Pictet Asset Management Holding SA now owns 49,084 shares of the medical equipment provider’s stock valued at $10,235,000 after acquiring an additional 9,487 shares during the last quarter. Norges Bank acquired a new stake in shares of Align Technology in the 4th quarter valued at approximately $190,792,000. Finally, UniSuper Management Pty Ltd boosted its stake in Align Technology by 23.5% during the 4th quarter. UniSuper Management Pty Ltd now owns 9,543 shares of the medical equipment provider’s stock worth $1,990,000 after acquiring an additional 1,817 shares during the last quarter. Institutional investors own 88.43% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on ALGN shares. Leerink Partners raised shares of Align Technology from a “market perform” rating to an “outperform” rating and upped their target price for the company from $235.00 to $280.00 in a research note on Monday, January 6th. Bank of America upped their price objective 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. Evercore ISI lifted 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. Mizuho lowered their price target on Align Technology from $295.00 to $250.00 and set an “outperform” rating for the company in a report on Tuesday, March 25th. Finally, Wells Fargo & Company started coverage on Align Technology in a research report on Friday, February 14th. They set an “overweight” rating and a $255.00 price target on the stock. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $262.64.

Align Technology Stock Down 0.2 %

NASDAQ:ALGN opened at $158.86 on Tuesday. The company has a market cap of $11.69 billion, a P/E ratio of 28.32, a price-to-earnings-growth ratio of 2.24 and a beta of 1.69. Align Technology, Inc. has a twelve month low of $153.77 and a twelve month high of $331.64. The business has a 50 day moving average price of $192.42 and a two-hundred day moving average price of $213.98.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, February 5th. The medical equipment provider reported $1.96 EPS 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%. As a group, analysts anticipate 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.