Oppenheimer Asset Management Inc. Cuts Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Oppenheimer Asset Management Inc. lowered its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 16.1% in the 4th quarter, Holdings Channel reports. The firm owned 16,842 shares of the medical equipment provider’s stock after selling 3,232 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Align Technology were worth $3,512,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Empirical Finance LLC raised its position in Align Technology by 2.1% in the 3rd quarter. Empirical Finance LLC now owns 2,486 shares of the medical equipment provider’s stock worth $632,000 after buying an additional 50 shares during the last quarter. Crestwood Advisors Group LLC grew its stake in shares of Align Technology by 6.6% in the third quarter. Crestwood Advisors Group LLC now owns 1,000 shares of the medical equipment provider’s stock worth $254,000 after acquiring an additional 62 shares during the period. Beech Hill Advisors Inc. raised its holdings in shares of Align Technology by 0.6% during the fourth quarter. Beech Hill Advisors Inc. now owns 11,632 shares of the medical equipment provider’s stock valued at $2,425,000 after purchasing an additional 65 shares during the last quarter. New York Life Investment Management LLC raised its holdings in shares of Align Technology by 0.7% during the fourth quarter. New York Life Investment Management LLC now owns 9,406 shares of the medical equipment provider’s stock valued at $1,961,000 after purchasing an additional 68 shares during the last quarter. Finally, Covestor Ltd lifted its position in Align Technology by 26.6% during the third quarter. Covestor Ltd now owns 362 shares of the medical equipment provider’s stock valued at $92,000 after purchasing an additional 76 shares during the period. 88.43% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on ALGN shares. Morgan Stanley cut their target price on shares of Align Technology from $280.00 to $272.00 and set an “overweight” rating for the company in a research report on Thursday, February 6th. Mizuho began coverage on Align Technology in a report on Wednesday, December 4th. They issued an “outperform” rating and a $295.00 price objective for the company. Piper Sandler lowered their target price on Align Technology from $275.00 to $270.00 and set an “overweight” rating on the stock in a report on Thursday, February 6th. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a research report on Thursday, February 6th. Finally, Bank of America upped 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. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Align Technology presently has an average rating of “Moderate Buy” and an average target price of $269.91.

Align Technology Stock Performance

ALGN opened at $187.03 on Friday. The stock has a market capitalization of $13.96 billion, a price-to-earnings ratio of 33.34, a PEG ratio of 2.24 and a beta of 1.67. The company has a fifty day moving average of $211.95 and a 200 day moving average of $223.41. Align Technology, Inc. has a fifty-two week low of $183.24 and a fifty-two week high of $335.40.

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