Candriam S.C.A. Reduces Stock Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Candriam S.C.A. lowered its position in Align Technology, Inc. (NASDAQ:ALGN) by 4.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 44,349 shares of the medical equipment provider’s stock after selling 2,161 shares during the quarter. Candriam S.C.A. owned about 0.06% of Align Technology worth $9,247,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Baker Avenue Asset Management LP purchased a new stake in shares of Align Technology in the third quarter valued at about $4,250,000. Swedbank AB grew its holdings in shares of Align Technology by 30.1% in the third quarter. Swedbank AB now owns 389,115 shares of the medical equipment provider’s stock valued at $98,960,000 after purchasing an additional 90,000 shares during the period. KBC Group NV grew its holdings in shares of Align Technology by 11.8% in the third quarter. KBC Group NV now owns 53,458 shares of the medical equipment provider’s stock valued at $13,595,000 after purchasing an additional 5,663 shares during the period. Nordea Investment Management AB grew its holdings in shares of Align Technology by 3.5% in the fourth quarter. Nordea Investment Management AB now owns 273,664 shares of the medical equipment provider’s stock valued at $56,870,000 after purchasing an additional 9,139 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of Align Technology by 119.6% in 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 purchasing an additional 92,407 shares during the period. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Stock Performance

NASDAQ ALGN opened at $173.75 on Friday. The firm has a 50 day simple moving average of $208.02 and a 200-day simple moving average of $221.37. Align Technology, Inc. has a one year low of $167.32 and a one year high of $335.40. The firm has a market cap of $12.79 billion, a price-to-earnings ratio of 30.97, a PEG ratio of 2.24 and a beta of 1.69.

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 net margin of 10.54% and a return on equity of 13.84%. Equities analysts predict that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on ALGN shares. Leerink Partners raised shares of Align Technology from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $235.00 to $280.00 in a research note on Monday, January 6th. Mizuho started coverage on shares of Align Technology in a research note on Wednesday, December 4th. They set an “outperform” rating and a $295.00 target price for the company. Leerink Partnrs raised shares of Align Technology from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 6th. Morgan Stanley lowered their target price on shares of Align Technology from $280.00 to $272.00 and set an “overweight” rating for the company in a research note on Thursday, February 6th. Finally, Piper Sandler lowered their target price on shares of Align Technology from $275.00 to $270.00 and set an “overweight” rating for the company in a research note on Thursday, February 6th. One analyst has rated the stock with a sell rating, two have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price 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.