Nuveen Asset Management LLC Sells 45,120 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Nuveen Asset Management LLC cut its position in Align Technology, Inc. (NASDAQ:ALGN) by 4.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,013,182 shares of the medical equipment provider’s stock after selling 45,120 shares during the quarter. Nuveen Asset Management LLC owned about 1.36% of Align Technology worth $211,259,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Picton Mahoney Asset Management increased its stake in shares of Align Technology by 69.9% during the 4th 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 last quarter. GKV Capital Management Co. Inc. bought a new stake in Align Technology in the fourth quarter valued at approximately $31,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Align Technology in the fourth quarter valued at approximately $35,000. Private Trust Co. NA boosted its stake in shares of Align Technology by 113.4% during the 4th quarter. Private Trust Co. NA now owns 175 shares of the medical equipment provider’s stock worth $36,000 after acquiring an additional 93 shares during the period. Finally, Newbridge Financial Services Group Inc. acquired a new position in shares of Align Technology during the 4th quarter worth approximately $52,000. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ALGN has been the subject of several research reports. Mizuho cut their price target on Align Technology from $250.00 to $245.00 and set an “outperform” rating for the company in a report on Tuesday, April 29th. Jefferies Financial Group cut their target price on shares of Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a research note on Thursday, January 23rd. Wells Fargo & Company decreased their price target on shares of Align Technology from $255.00 to $246.00 and set an “overweight” rating on the stock in a research note on Thursday, May 1st. Evercore ISI raised their price objective on shares of Align Technology from $165.00 to $200.00 and gave the stock an “outperform” rating in a research report on Thursday, May 1st. Finally, Morgan Stanley decreased their target price on Align Technology from $280.00 to $272.00 and set an “overweight” rating on the stock in a research report on Thursday, February 6th. One research analyst has rated the stock with a sell rating, four have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $241.25.

Align Technology Stock Performance

ALGN opened at $186.72 on Friday. Align Technology, Inc. has a 52-week low of $141.74 and a 52-week high of $283.00. The firm has a market cap of $13.53 billion, a P/E ratio of 33.28, a price-to-earnings-growth ratio of 2.24 and a beta of 1.68. The business’s fifty day moving average is $169.37 and its 200-day moving average is $199.06.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.00 by $0.13. The firm 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%. The business’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same period in the prior year, the company posted $2.14 earnings per share. On average, research analysts predict that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Align Technology declared that its Board of Directors has approved a stock repurchase plan on Tuesday, May 6th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the medical equipment provider to repurchase up to 7.9% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Align Technology Company Profile

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.