Posted by Defense World Staff on Jun 22nd, 2024 
American International Group Inc. trimmed its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN – Free Report) by 19.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 21,040 shares of the medical equipment provider’s stock after selling 4,921 shares during the quarter. American International Group Inc.’s holdings in Align Technology were worth $5,765,000 at the end of the most recent quarter.
Other institutional investors also recently bought and sold shares of the company. Parnassus Investments LLC increased its holdings in shares of Align Technology by 11.3% during the 4th quarter. Parnassus Investments LLC now owns 396,603 shares of the medical equipment provider’s stock valued at $108,669,000 after acquiring an additional 40,406 shares during the last quarter. Deepwater Asset Management LLC raised its position in shares of Align Technology by 46.8% in the fourth quarter. Deepwater Asset Management LLC now owns 48,981 shares of the medical equipment provider’s stock valued at $13,421,000 after purchasing an additional 15,608 shares during the period. London & Capital Asset Management Ltd lifted its stake in shares of Align Technology by 7.1% in the fourth quarter. London & Capital Asset Management Ltd now owns 58,025 shares of the medical equipment provider’s stock worth $15,899,000 after buying an additional 3,843 shares during the last quarter. Morgan Stanley boosted its holdings in shares of Align Technology by 9.8% during the 3rd quarter. Morgan Stanley now owns 1,018,161 shares of the medical equipment provider’s stock worth $310,866,000 after buying an additional 90,581 shares during the period. Finally, Truist Financial Corp boosted its holdings in shares of Align Technology by 24.8% during the 4th quarter. Truist Financial Corp now owns 11,165 shares of the medical equipment provider’s stock worth $3,059,000 after buying an additional 2,220 shares during the period. 88.43% of the stock is currently owned by institutional investors.
A number of research firms have issued reports on ALGN. OTR Global restated a “mixed” rating on shares of Align Technology in a report on Tuesday, June 4th. Robert W. Baird increased their target price on Align Technology from $333.00 to $370.00 and gave the company an “outperform” rating in a research note on Thursday, April 25th. Stifel Nicolaus lifted their price target on Align Technology from $350.00 to $400.00 and gave the stock a “buy” rating in a research report on Thursday, April 18th. Evercore ISI reduced their price objective on Align Technology from $370.00 to $300.00 and set an “outperform” rating for the company in a research report on Monday, June 10th. Finally, Piper Sandler dropped their target price on shares of Align Technology from $375.00 to $330.00 and set an “overweight” rating on the stock in a research report on Friday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $346.50.
Read Our Latest Stock Analysis on ALGN
NASDAQ ALGN opened at $242.19 on Friday. The firm has a market cap of $18.23 billion, a price-to-earnings ratio of 39.90, a PEG ratio of 4.48 and a beta of 1.62. The company has a 50 day moving average of $272.89 and a 200-day moving average of $282.47. Align Technology, Inc. has a 1-year low of $176.34 and a 1-year high of $413.20.
Align Technology (NASDAQ:ALGN – Get Free Report) last released its quarterly earnings results on Wednesday, April 24th. The medical equipment provider reported $1.62 EPS for the quarter, topping analysts’ consensus estimates of $1.54 by $0.08. The business had revenue of $997.43 million for the quarter, compared to analyst estimates of $971.97 million. Align Technology had a return on equity of 14.15% and a net margin of 11.80%. On average, analysts forecast that Align Technology, Inc. will post 7.86 earnings per share for the current year.
(Free Report)
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.
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