Curated Wealth Partners LLC Sells 433,734 Shares of Align Technology, Inc. $ALGN

Key Points

• Curated Wealth Partners cut its Align Technology stake by 98.5%, selling 433,734 shares and retaining 6,685 shares valued at approximately $907,000.
• Despite the major reduction, institutional ownership remains high at 88.43%, with several large investors—including BlackRock, Deutsche Bank and Bank of America—recently initiating or increasing positions.
• Align reported quarterly results slightly above expectations, with $2.64 in EPS and $1.06 billion in revenue. Analysts maintain a consensus “Moderate Buy” rating and an average price target of $194.14, versus a recent share price of $149.34.

Curated Wealth Partners LLC lowered its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 98.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,685 shares of the medical equipment provider's stock after selling 433,734 shares during the quarter. Curated Wealth Partners LLC's holdings in Align Technology were worth $907,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of ALGN. BlackRock Inc. bought a new position in shares of Align Technology in the 2nd quarter worth about $745,370,000. Assenagon Asset Management S.A. lifted its stake in shares of Align Technology by 413.0% in the 1st quarter. Assenagon Asset Management S.A. now owns 989,388 shares of the medical equipment provider's stock valued at $169,611,000 after purchasing an additional 796,529 shares during the period. Deutsche Bank AG bought a new stake in shares of Align Technology during the 2nd quarter valued at about $99,779,000. Bank of America Corp DE bought a new stake in shares of Align Technology during the 2nd quarter valued at about $93,085,000. Finally, Nykredit A S bought a new stake in shares of Align Technology during the 2nd quarter valued at about $74,077,000. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Align Technology Stock Performance

Shares of NASDAQ:ALGN opened at $149.34 on Friday. The business's 50 day simple moving average is $154.54 and its two-hundred day simple moving average is $167.32. The firm has a market cap of $10.70 billion, a P/E ratio of 25.97, a PEG ratio of 1.54 and a beta of 1.67. Align Technology, Inc. has a 52-week low of $128.65 and a 52-week high of $200.43.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The medical equipment provider reported $2.64 EPS for the quarter, beating analysts' consensus estimates of $2.62 by $0.02. The firm had revenue of $1.06 billion during the quarter, compared to analysts' expectations of $1.05 billion. Align Technology had a return on equity of 15.86% and a net margin of 9.99%. The company's revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter last year, the firm posted $2.49 earnings per share. On average, equities analysts forecast that Align Technology, Inc. will post 9.36 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Raymond James Financial reaffirmed a "buy" rating on shares of Align Technology in a research note on Monday, October 5th. Stifel Nicolaus dropped their price target on Align Technology from $210.00 to $175.00 and set a "buy" rating on the stock in a research note on Friday, October 9th. BMO Capital Markets began coverage on Align Technology in a research note on Wednesday, July 8th. They issued an "outperform" rating and a $209.00 price target on the stock. UBS Group restated a "neutral" rating and set a $189.00 price target on shares of Align Technology in a report on Thursday, July 23rd. Finally, Wall Street Zen downgraded shares of Align Technology from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 1st. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, Align Technology currently has a consensus rating of "Moderate Buy" and an average target price of $194.14.

Align Technology Profile

Align Technology, Inc is a medical device and digital technology company that designs, manufactures and markets products used in orthodontics and restorative dentistry. The company is best known for Invisalign clear aligners, which are custom-made orthodontic devices intended to gradually move patients' teeth under the supervision of dental professionals.

Align also develops the iTero family of intraoral scanners and related digital imaging systems, which help dental professionals create digital impressions and treatment plans.

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