ING Groep NV Sells 19,428 Shares of Align Technology, Inc. (NASDAQ:ALGN)

ING Groep NV cut its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 68.4% during the 4th quarter, HoldingsChannel.com reports. The fund owned 8,963 shares of the medical equipment provider’s stock after selling 19,428 shares during the period. ING Groep NV’s holdings in Align Technology were worth $1,869,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. True Wealth Design LLC grew its stake in shares of Align Technology by 10,700.0% in the third quarter. True Wealth Design LLC now owns 108 shares of the medical equipment provider’s stock worth $27,000 after acquiring an additional 107 shares during the period. Neo Ivy Capital Management bought a new stake in Align Technology in the 3rd quarter worth approximately $32,000. Versant Capital Management Inc grew its position in Align Technology by 212.2% in the 4th quarter. Versant Capital Management Inc now owns 231 shares of the medical equipment provider’s stock worth $48,000 after purchasing an additional 157 shares during the period. Newbridge Financial Services Group Inc. purchased a new stake in Align Technology during the 4th quarter valued at $52,000. Finally, Quarry LP lifted its holdings in shares of Align Technology by 74.8% during the 3rd quarter. Quarry LP now owns 222 shares of the medical equipment provider’s stock valued at $56,000 after buying an additional 95 shares during the period. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Align Technology Price Performance

ALGN opened at $190.43 on Monday. The company has a 50 day simple moving average of $215.05 and a two-hundred day simple moving average of $224.43. The firm has a market cap of $14.22 billion, a P/E ratio of 33.94, a PEG ratio of 2.33 and a beta of 1.67. Align Technology, Inc. has a 1-year low of $186.82 and a 1-year high of $335.40.

Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share for the quarter, missing the consensus estimate of $2.43 by ($0.47). Align Technology had a return on equity of 13.84% and a net margin of 10.54%. Equities analysts anticipate that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts recently commented on ALGN shares. Bank of America lifted their price objective on Align Technology from $200.00 to $206.00 and gave the stock an “underperform” rating in a report on Friday, December 13th. Leerink Partnrs upgraded Align Technology from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 6th. Leerink Partners upgraded shares of Align Technology from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $235.00 to $280.00 in a research note on Monday, January 6th. Jefferies Financial Group cut their target price on shares of Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a research report on Thursday, January 23rd. Finally, Wells Fargo & Company started coverage on shares of Align Technology in a research report on Friday, February 14th. They issued an “overweight” rating and a $255.00 price target on the stock. One investment analyst has rated the stock with a sell rating, two have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $269.91.

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.