Wells Fargo & Company MN Has $36.68 Million Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Wells Fargo & Company MN increased its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 9.3% in the fourth quarter, HoldingsChannel reports. The firm owned 175,894 shares of the medical equipment provider’s stock after buying an additional 15,010 shares during the period. Wells Fargo & Company MN’s holdings in Align Technology were worth $36,676,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ALGN. Geode Capital Management LLC grew its stake in shares of Align Technology by 2.2% in the fourth quarter. Geode Capital Management LLC now owns 1,790,014 shares of the medical equipment provider’s stock valued at $372,299,000 after acquiring an additional 39,209 shares in the last quarter. Ninety One UK Ltd grew its stake in shares of Align Technology by 3.7% during the fourth quarter. Ninety One UK Ltd now owns 1,220,601 shares of the medical equipment provider’s stock worth $254,508,000 after buying an additional 43,524 shares during the last quarter. Norges Bank bought a new stake in Align Technology during the 4th quarter worth $190,792,000. Meridiem Investment Management Ltd. raised its holdings in Align Technology by 63.7% in the 4th quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider’s stock valued at $159,470,000 after buying an additional 297,472 shares during the last quarter. Finally, DAVENPORT & Co LLC lifted its holdings in shares of Align Technology by 30.6% during the fourth quarter. DAVENPORT & Co LLC now owns 579,083 shares of the medical equipment provider’s stock worth $120,287,000 after purchasing an additional 135,666 shares during the period. 88.43% of the stock is owned by institutional investors.

Align Technology Stock Performance

Shares of NASDAQ ALGN opened at $160.14 on Friday. The firm’s fifty day moving average is $178.28 and its two-hundred day moving average is $207.89. Align Technology, Inc. has a 52-week low of $141.74 and a 52-week high of $331.64. The company has a market cap of $11.72 billion, a P/E ratio of 28.55, a P/E/G ratio of 2.24 and a beta of 1.73.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results 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 forecast that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on ALGN shares. Mizuho lowered their target price on shares of Align Technology from $295.00 to $250.00 and set an “outperform” rating for the company in a research note on Tuesday, March 25th. Needham & Company LLC restated a “hold” rating on shares of Align Technology in a report on Thursday, February 6th. Jefferies Financial Group decreased their target price on Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a research report on Thursday, January 23rd. Evercore ISI increased their price objective on Align Technology from $240.00 to $260.00 and gave the company an “outperform” rating in a report on Thursday, February 6th. Finally, Leerink Partnrs upgraded shares of Align Technology from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $262.64.

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.