Banque Pictet & Cie SA Sells 1,438 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Banque Pictet & Cie SA cut its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 8.2% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 16,158 shares of the medical equipment provider’s stock after selling 1,438 shares during the quarter. Banque Pictet & Cie SA’s holdings in Align Technology were worth $3,369,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in ALGN. Vontobel Holding Ltd. raised its stake in Align Technology by 2.6% during the fourth quarter. Vontobel Holding Ltd. now owns 11,547 shares of the medical equipment provider’s stock valued at $2,408,000 after buying an additional 297 shares during the last quarter. Asset Management One Co. Ltd. raised its stake in Align Technology by 0.9% during the fourth quarter. Asset Management One Co. Ltd. now owns 27,615 shares of the medical equipment provider’s stock valued at $5,839,000 after buying an additional 246 shares during the last quarter. Van ECK Associates Corp purchased a new position in Align Technology during the fourth quarter valued at $2,415,000. Allspring Global Investments Holdings LLC raised its stake in Align Technology by 119.6% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 169,641 shares of the medical equipment provider’s stock valued at $35,368,000 after buying an additional 92,407 shares during the last quarter. Finally, Certuity LLC purchased a new position in Align Technology during the fourth quarter valued at $212,000. 88.43% of the stock is currently owned by institutional investors.

Align Technology Stock Performance

ALGN stock opened at $206.77 on Friday. Align Technology, Inc. has a fifty-two week low of $196.09 and a fifty-two week high of $335.40. The business’s 50-day moving average is $219.29 and its two-hundred day moving average is $225.07. The company has a market cap of $15.44 billion, a price-to-earnings ratio of 36.86, a P/E/G ratio of 4.79 and a beta of 1.67.

Align Technology (NASDAQ:ALGN) last issued 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%. Equities analysts predict that Align Technology, Inc. will post 8.09 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on ALGN shares. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a research note on Thursday, February 6th. Bank of America boosted their price target on Align Technology from $200.00 to $206.00 and gave the stock an “underperform” rating in a research note 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. Mizuho assumed coverage on Align Technology in a research note on Wednesday, December 4th. They issued an “outperform” rating and a $295.00 price target for the company. Finally, Jefferies Financial Group decreased their price target on 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 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 stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $269.91.

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.