Align Technology, Inc. (NASDAQ:ALGN) Shares Sold by Ameriprise Financial Inc.

Ameriprise Financial Inc. decreased its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 13.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 29,913 shares of the medical equipment provider's stock after selling 4,688 shares during the quarter. Ameriprise Financial Inc.'s holdings in Align Technology were worth $6,237,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Geode Capital Management LLC raised its position in shares of Align Technology by 2.2% during the 4th quarter. Geode Capital Management LLC now owns 1,790,014 shares of the medical equipment provider's stock valued at $372,299,000 after purchasing an additional 39,209 shares during the period. Ninety One UK Ltd raised its position in shares of Align Technology by 3.7% during the 4th quarter. Ninety One UK Ltd now owns 1,220,601 shares of the medical equipment provider's stock valued at $254,508,000 after buying an additional 43,524 shares in the last quarter. Invesco Ltd. raised its position in shares of Align Technology by 17.1% during the 4th quarter. Invesco Ltd. now owns 1,082,162 shares of the medical equipment provider's stock valued at $225,642,000 after buying an additional 158,312 shares in the last quarter. Norges Bank purchased a new stake in shares of Align Technology during the 4th quarter valued at about $190,792,000. Finally, Meridiem Investment Management Ltd. raised its position in Align Technology by 63.7% in the 4th quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider's stock worth $159,470,000 after purchasing an additional 297,472 shares during the period. Hedge funds and other institutional investors own 88.43% of the company's stock.

Align Technology Price Performance

NASDAQ ALGN traded up $2.94 during trading hours on Thursday, reaching $183.05. The company's stock had a trading volume of 1,282,041 shares, compared to its average volume of 922,231. The firm has a market capitalization of $13.27 billion, a price-to-earnings ratio of 32.63, a P/E/G ratio of 2.24 and a beta of 1.68. Align Technology, Inc. has a 1-year low of $141.74 and a 1-year high of $271.59. The company's 50-day moving average is $171.75 and its two-hundred day moving average is $196.51.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share for the quarter, topping analysts' consensus estimates of $2.00 by $0.13. The company had revenue of $979.26 million during the quarter, compared to analysts' expectations of $977.90 million. Align Technology had a return on equity of 13.84% and a net margin of 10.54%. Align Technology's quarterly revenue was down 1.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.14 EPS. Equities analysts forecast that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology announced that its board has authorized a stock repurchase plan on Tuesday, May 6th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the medical equipment provider to reacquire up to 7.9% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on ALGN shares. Hsbc Global Res downgraded shares of Align Technology from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 25th. Mizuho dropped their target price 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. Wells Fargo & Company dropped their price objective 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 increased their price objective on shares of Align Technology from $165.00 to $200.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. Finally, HSBC downgraded shares of Align Technology from a "buy" rating to a "hold" rating and dropped their price objective for the company from $290.00 to $170.00 in a research note on Friday, April 25th. One analyst has rated the stock with a sell rating, four have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $241.25.

Align Technology 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.