Redmond Asset Management LLC Sells 413 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Redmond Asset Management LLC reduced its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 13.2% during the fourth quarter, Holdings Channel reports. The fund owned 2,715 shares of the medical equipment provider’s stock after selling 413 shares during the period. Redmond Asset Management LLC’s holdings in Align Technology were worth $566,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. Baker Avenue Asset Management LP bought a new stake in shares of Align Technology in the 3rd quarter valued at about $4,250,000. Swedbank AB increased its stake 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 purchasing an additional 90,000 shares during the period. KBC Group NV lifted its position in 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 purchasing an additional 5,663 shares during the last quarter. Nordea Investment Management AB boosted 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 purchasing an additional 9,139 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of Align Technology by 119.6% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 169,641 shares of the medical equipment provider’s stock worth $35,368,000 after purchasing an additional 92,407 shares during the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Trading Down 3.9 %

Shares of Align Technology stock opened at $190.43 on Friday. Align Technology, Inc. has a 12 month low of $186.82 and a 12 month high of $335.40. The firm has a market capitalization of $14.22 billion, a P/E ratio of 33.94, a P/E/G ratio of 2.33 and a beta of 1.67. The business has a fifty day simple moving average of $215.05 and a two-hundred day simple moving average of $224.29.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results 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%. Analysts predict that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Analyst Ratings Changes

ALGN has been the subject of a number of recent analyst reports. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a report on Thursday, February 6th. Wells Fargo & Company initiated coverage on shares of Align Technology in a research note on Friday, February 14th. They set an “overweight” rating and a $255.00 price objective for the company. Leerink Partners raised Align Technology from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $235.00 to $280.00 in a research note on Monday, January 6th. Leerink Partnrs raised Align Technology from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 6th. Finally, Mizuho initiated coverage on Align Technology in a report on Wednesday, December 4th. They issued 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 given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $269.91.

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.