Brown Advisory Inc. Sells 111,862 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Brown Advisory Inc. cut its position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 11.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 860,077 shares of the medical equipment provider's stock after selling 111,862 shares during the quarter. Brown Advisory Inc. owned about 1.15% of Align Technology worth $179,335,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Nordea Investment Management AB boosted its position in shares of Align Technology by 3.5% in the fourth quarter. Nordea Investment Management AB now owns 273,664 shares of the medical equipment provider's stock valued at $56,870,000 after acquiring an additional 9,139 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in Align Technology by 119.6% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 169,641 shares of the medical equipment provider's stock valued at $35,368,000 after purchasing an additional 92,407 shares during the period. Swedbank AB grew its position in shares of Align Technology by 25.0% during the 4th quarter. Swedbank AB now owns 486,267 shares of the medical equipment provider's stock worth $101,392,000 after purchasing an additional 97,152 shares in the last quarter. Principal Securities Inc. increased its holdings in shares of Align Technology by 34.5% during the fourth quarter. Principal Securities Inc. now owns 1,881 shares of the medical equipment provider's stock worth $392,000 after purchasing an additional 483 shares during the period. Finally, Wealth Enhancement Advisory Services LLC raised its position in shares of Align Technology by 1.2% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 7,799 shares of the medical equipment provider's stock valued at $1,626,000 after buying an additional 91 shares in the last quarter. 88.43% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have weighed in on ALGN shares. Needham & Company LLC reaffirmed a "hold" rating on shares of Align Technology in a report on Thursday, May 1st. Mizuho reduced their price objective on shares of Align Technology from $250.00 to $245.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 29th. Jefferies Financial Group decreased their target price on shares of Align Technology from $285.00 to $260.00 and set a "buy" rating on the stock in a report on Thursday, January 23rd. Piper Sandler reaffirmed an "overweight" rating and set a $250.00 price target (up previously from $235.00) on shares of Align Technology in a report on Thursday, May 1st. Finally, Leerink Partners upgraded shares of Align Technology from a "market perform" rating to an "outperform" rating and boosted their price objective for the company from $235.00 to $280.00 in a research report on Monday, January 6th. One equities 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 stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $241.25.

Align Technology Trading Down 2.5 %

NASDAQ:ALGN traded down $4.37 during mid-day trading on Tuesday, hitting $173.24. 1,447,657 shares of the company's stock were exchanged, compared to its average volume of 910,689. Align Technology, Inc. has a fifty-two week low of $141.74 and a fifty-two week high of $291.80. The firm has a market capitalization of $12.68 billion, a P/E ratio of 30.88, a PEG ratio of 2.24 and a beta of 1.68. The company has a 50 day simple moving average of $167.90 and a 200-day simple moving average of $200.42.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 EPS for the quarter, topping analysts' consensus estimates of $2.00 by $0.13. The company had revenue of $979.26 million for the quarter, compared to analyst estimates 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 was down 1.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.14 earnings per share. As a group, analysts expect that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Align Technology declared that its board has approved a share buyback program on Tuesday, May 6th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the medical equipment provider to purchase up to 7.9% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's board of directors believes its shares are undervalued.

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.