Rhenman & Partners Asset Management AB Sells 13,100 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Rhenman & Partners Asset Management AB lowered its position in Align Technology, Inc. (NASDAQ:ALGN) by 23.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 41,900 shares of the medical equipment provider’s stock after selling 13,100 shares during the quarter. Rhenman & Partners Asset Management AB’s holdings in Align Technology were worth $8,737,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Picton Mahoney Asset Management increased its position in Align Technology by 69.9% in the 4th quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider’s stock valued at $30,000 after acquiring an additional 58 shares during the period. Neo Ivy Capital Management bought a new stake in shares of Align Technology in the third quarter worth $32,000. Private Trust Co. NA increased its holdings in Align Technology by 113.4% in the fourth quarter. Private Trust Co. NA now owns 175 shares of the medical equipment provider’s stock valued at $36,000 after purchasing an additional 93 shares during the period. Versant Capital Management Inc raised its position in Align Technology by 212.2% during 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 last quarter. Finally, Newbridge Financial Services Group Inc. bought a new position in Align Technology during the 4th quarter worth $52,000. Institutional investors own 88.43% of the company’s stock.

Align Technology Stock Down 0.5 %

Shares of NASDAQ:ALGN opened at $153.51 on Friday. The stock has a market cap of $11.24 billion, a price-to-earnings ratio of 27.36, a PEG ratio of 2.24 and a beta of 1.73. The business’s 50 day moving average is $186.45 and its 200 day moving average is $211.96. Align Technology, Inc. has a 12-month low of $143.00 and a 12-month high of $331.64.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share (EPS) 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%. As a group, equities research analysts expect that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Leerink Partnrs raised Align Technology from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 6th. Leerink Partners raised shares of Align Technology from a “market perform” rating to an “outperform” rating and increased their target price for the company from $235.00 to $280.00 in a research report on Monday, January 6th. Needham & Company LLC restated a “hold” rating on shares of Align Technology in a research report on Thursday, February 6th. Wells Fargo & Company assumed coverage on shares of Align Technology in a research report on Friday, February 14th. They set an “overweight” rating and a $255.00 price objective for the company. Finally, Morgan Stanley cut their price target on shares of Align Technology from $280.00 to $272.00 and set an “overweight” rating on the stock in a research report on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $262.64.

About Align Technology

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.