Legal & General Group Plc Sells 117,451 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Legal & General Group Plc cut its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 22.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 416,202 shares of the medical equipment provider’s stock after selling 117,451 shares during the quarter. Legal & General Group Plc’s holdings in Align Technology were worth $86,782,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of ALGN. Invesco Ltd. grew its holdings in Align Technology by 17.1% in the 4th quarter. Invesco Ltd. now owns 1,082,162 shares of the medical equipment provider’s stock worth $225,642,000 after acquiring an additional 158,312 shares during the last quarter. Aster Capital Management DIFC Ltd purchased a new stake in shares of Align Technology during the fourth quarter worth about $35,000. Russell Investments Group Ltd. grew its stake in shares of Align Technology by 25.2% in the fourth quarter. Russell Investments Group Ltd. now owns 122,582 shares of the medical equipment provider’s stock worth $25,552,000 after purchasing an additional 24,680 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in Align Technology during the 4th quarter valued at about $971,000. Finally, Resona Asset Management Co. Ltd. bought a new position in Align Technology during the 4th quarter valued at approximately $47,853,000. 88.43% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on ALGN shares. Leerink Partners raised Align Technology from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $235.00 to $280.00 in a research note on Monday, January 6th. Piper Sandler reissued an “overweight” rating and set a $235.00 price objective (down from $270.00) on shares of Align Technology in a research report on Tuesday, March 18th. Mizuho dropped 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 report on Tuesday, March 25th. Morgan Stanley cut their target price on shares of Align Technology from $280.00 to $272.00 and set an “overweight” rating on the stock in a research note on Thursday, February 6th. Finally, Jefferies Financial Group decreased their price target on shares of Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a research note on Thursday, January 23rd. One equities 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 issued a strong buy rating to the stock. According to data from MarketBeat, Align Technology presently has an average rating of “Moderate Buy” and an average price target of $262.64.

Align Technology Price Performance

Shares of NASDAQ:ALGN opened at $164.14 on Friday. The company has a market capitalization of $12.02 billion, a PE ratio of 29.26, a PEG ratio of 2.24 and a beta of 1.73. The business has a fifty day moving average price of $177.26 and a 200-day moving average price of $207.35. Align Technology, Inc. has a 1-year low of $141.74 and a 1-year high of $327.49.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share 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%. On average, sell-side analysts anticipate that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

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.