Align Technology, Inc. (NASDAQ:ALGN) Stock Holdings Lessened by AQR Capital Management LLC

AQR Capital Management LLC reduced its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 33.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 198,002 shares of the medical equipment provider’s stock after selling 98,740 shares during the quarter. AQR Capital Management LLC owned about 0.27% of Align Technology worth $41,129,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Picton Mahoney Asset Management lifted its position in Align Technology by 69.9% in the fourth quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider’s stock worth $30,000 after purchasing an additional 58 shares during the period. GKV Capital Management Co. Inc. acquired a new stake in shares of Align Technology in the fourth quarter worth $31,000. Aster Capital Management DIFC Ltd purchased a new position in Align Technology during the 4th quarter valued at about $35,000. Private Trust Co. NA increased its stake in Align Technology by 113.4% in the 4th quarter. Private Trust Co. NA now owns 175 shares of the medical equipment provider’s stock valued at $36,000 after buying an additional 93 shares during the period. Finally, Versant Capital Management Inc raised its holdings in shares of Align Technology by 212.2% during the fourth quarter. Versant Capital Management Inc now owns 231 shares of the medical equipment provider’s stock worth $48,000 after acquiring an additional 157 shares in the last quarter. Institutional investors and hedge funds own 88.43% of the company’s stock.

Align Technology Stock Up 1.7 %

Shares of Align Technology stock opened at $179.82 on Friday. Align Technology, Inc. has a 12 month low of $141.74 and a 12 month high of $295.69. The business has a fifty day simple moving average of $168.42 and a 200 day simple moving average of $201.12. The stock has a market cap of $13.16 billion, a PE ratio of 32.05, a price-to-earnings-growth ratio of 2.24 and a beta of 1.73.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share for the quarter, beating analysts’ consensus estimates of $2.00 by $0.13. The business had revenue of $979.26 million for the quarter, compared to the consensus estimate of $977.90 million. Align Technology had a net margin of 10.54% and a return on equity of 13.84%. Align Technology’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same period last year, the company posted $2.14 EPS. Analysts expect that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently issued reports on ALGN. Wells Fargo & Company decreased their price target on Align Technology from $255.00 to $246.00 and set an “overweight” rating for the company in a research note on Thursday. Mizuho reduced their target price on shares of Align Technology from $250.00 to $245.00 and set an “outperform” rating for the company in a research note on Tuesday. HSBC lowered shares of Align Technology from a “buy” rating to a “hold” rating and lowered their price target for the company from $290.00 to $170.00 in a report on Friday, April 25th. Needham & Company LLC restated a “hold” rating on shares of Align Technology in a research report on Thursday. Finally, Piper Sandler restated an “overweight” rating and issued a $250.00 price target (up from $235.00) on shares of Align Technology in a research report on Thursday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $241.25.

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.