Bank of New York Mellon Corp Decreases Stake in Align Technology, Inc. (NASDAQ:ALGN)

Bank of New York Mellon Corp cut its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 5.5% during the fourth quarter, HoldingsChannel.com reports. The fund owned 1,065,546 shares of the medical equipment provider’s stock after selling 61,599 shares during the period. Bank of New York Mellon Corp’s holdings in Align Technology were worth $222,177,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. True Wealth Design LLC boosted its holdings in shares of Align Technology by 10,700.0% during the 3rd quarter. True Wealth Design LLC now owns 108 shares of the medical equipment provider’s stock worth $27,000 after purchasing an additional 107 shares during the last quarter. Neo Ivy Capital Management purchased a new position in Align Technology during the third quarter worth approximately $32,000. Versant Capital Management Inc boosted its stake in 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 buying an additional 157 shares during the last quarter. Newbridge Financial Services Group Inc. purchased a new stake in Align Technology in the 4th quarter valued at $52,000. Finally, Quarry LP increased its stake in shares of Align Technology by 74.8% in the 3rd quarter. Quarry LP now owns 222 shares of the medical equipment provider’s stock worth $56,000 after acquiring an additional 95 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a research report on Thursday, February 6th. Wells Fargo & Company assumed coverage on shares of Align Technology in a report on Friday, February 14th. They issued an “overweight” rating and a $255.00 target price on the stock. Mizuho began coverage on shares of Align Technology in a research note on Wednesday, December 4th. They issued an “outperform” rating and a $295.00 price target for the company. Bank of America lifted their price target on shares of Align Technology from $200.00 to $206.00 and gave the company an “underperform” rating in a research report on Friday, December 13th. Finally, Leerink Partnrs upgraded Align Technology from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 6th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $269.91.

Align Technology Trading Down 2.8 %

ALGN stock opened at $185.77 on Friday. The business’s fifty day moving average price is $212.44 and its 200 day moving average price is $223.57. Align Technology, Inc. has a 12-month low of $183.26 and a 12-month high of $335.40. The company has a market capitalization of $13.87 billion, a PE ratio of 33.11, a P/E/G ratio of 2.24 and a beta of 1.67.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). Align Technology had a return on equity of 13.84% and a net margin of 10.54%. Research analysts predict that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

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.