Jennison Associates LLC Reduces Stock Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Jennison Associates LLC reduced its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 21.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 87,699 shares of the medical equipment provider’s stock after selling 23,938 shares during the period. Jennison Associates LLC owned about 0.11% of Align Technology worth $24,030,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in ALGN. Huntington National Bank boosted its holdings in shares of Align Technology by 94.9% in the 3rd quarter. Huntington National Bank now owns 115 shares of the medical equipment provider’s stock valued at $35,000 after acquiring an additional 56 shares during the last quarter. Compagnie Lombard Odier SCmA purchased a new stake in shares of Align Technology in the 3rd quarter valued at $61,000. Orion Capital Management LLC purchased a new stake in Align Technology during the third quarter worth $61,000. Operose Advisors LLC purchased a new stake in Align Technology during the third quarter worth $63,000. Finally, Covestor Ltd boosted its holdings in Align Technology by 379.5% during the third quarter. Covestor Ltd now owns 211 shares of the medical equipment provider’s stock worth $64,000 after buying an additional 167 shares in the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Emory Wright sold 2,524 shares of the stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $287.45, for a total value of $725,523.80. Following the completion of the sale, the executive vice president now directly owns 709 shares in the company, valued at $203,802.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, EVP Emory Wright sold 2,524 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $287.45, for a total transaction of $725,523.80. Following the completion of the sale, the executive vice president now directly owns 709 shares in the company, valued at $203,802.05. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Joseph Lacob sold 15,000 shares of the firm’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $303.22, for a total transaction of $4,548,300.00. Following the sale, the director now owns 131,994 shares of the company’s stock, valued at $40,023,220.68. The disclosure for this sale can be found here. Insiders sold 27,524 shares of company stock worth $8,403,924 over the last three months. Insiders own 0.72% of the company’s stock.

Analyst Upgrades and Downgrades

ALGN has been the topic of a number of recent analyst reports. Piper Sandler increased their price target on shares of Align Technology from $335.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, March 14th. SVB Leerink initiated coverage on shares of Align Technology in a report on Monday, February 26th. They set a “market perform” rating and a $310.00 price target on the stock. Stifel Nicolaus increased their price target on shares of Align Technology from $350.00 to $400.00 and gave the stock a “buy” rating in a report on Thursday, April 18th. UBS Group increased their price target on shares of Align Technology from $280.00 to $320.00 and gave the stock a “neutral” rating in a report on Monday, April 15th. Finally, The Goldman Sachs Group increased their price target on shares of Align Technology from $197.00 to $225.00 and gave the stock a “sell” rating in a report on Friday, February 2nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Align Technology presently has an average rating of “Moderate Buy” and an average price target of $344.45.

Align Technology Stock Up 0.6 %

Shares of NASDAQ ALGN opened at $313.78 on Thursday. The firm has a 50-day simple moving average of $313.37 and a 200-day simple moving average of $270.52. The stock has a market capitalization of $23.61 billion, a price-to-earnings ratio of 53.91, a price-to-earnings-growth ratio of 5.39 and a beta of 1.65. Align Technology, Inc. has a 52 week low of $176.34 and a 52 week high of $413.20.

Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, January 31st. The medical equipment provider reported $1.91 EPS for the quarter, beating analysts’ consensus estimates of $1.78 by $0.13. The business had revenue of $956.73 million during the quarter, compared to analysts’ expectations of $928.57 million. Align Technology had a net margin of 11.52% and a return on equity of 13.88%. As a group, equities research analysts expect that Align Technology, Inc. will post 7.69 EPS for the current year.

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.