Charles Schwab Investment Management Inc. Acquires 18,731 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Charles Schwab Investment Management Inc. increased its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 4.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 424,586 shares of the medical equipment provider's stock after purchasing an additional 18,731 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.55% of Align Technology worth $116,337,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in ALGN. Morgan Stanley raised its stake in shares of Align Technology by 9.8% in the third quarter. Morgan Stanley now owns 1,018,161 shares of the medical equipment provider's stock valued at $310,866,000 after acquiring an additional 90,581 shares in the last quarter. Rhenman & Partners Asset Management AB purchased a new position in shares of Align Technology in the 3rd quarter valued at about $305,000. Invesco Ltd. lifted its position in shares of Align Technology by 15.4% during the 3rd quarter. Invesco Ltd. now owns 960,271 shares of the medical equipment provider's stock worth $293,190,000 after buying an additional 128,273 shares during the last quarter. Northern Trust Corp grew its position in shares of Align Technology by 2.7% in the 3rd quarter. Northern Trust Corp now owns 831,469 shares of the medical equipment provider's stock valued at $253,864,000 after buying an additional 21,490 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its stake in Align Technology by 348.9% during the 3rd quarter. Ameriprise Financial Inc. now owns 756,393 shares of the medical equipment provider's stock worth $230,938,000 after acquiring an additional 587,886 shares in the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Joseph Lacob sold 15,000 shares of the company's stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $303.22, for a total transaction of $4,548,300.00. Following the completion of the sale, the director now directly owns 131,994 shares of the company's stock, valued at approximately $40,023,220.68. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.62% of the company's stock.

Align Technology Stock Down 3.1 %

Shares of Align Technology stock traded down $8.69 during trading on Friday, hitting $271.70. 731,078 shares of the company were exchanged, compared to its average volume of 690,249. Align Technology, Inc. has a fifty-two week low of $176.34 and a fifty-two week high of $413.20. The firm has a 50 day moving average price of $308.52 and a 200 day moving average price of $271.86. The stock has a market capitalization of $20.45 billion, a price-to-earnings ratio of 44.76, a P/E/G ratio of 4.99 and a beta of 1.66.

Analyst Ratings Changes

Several research firms have recently weighed in on ALGN. SVB Leerink assumed coverage on Align Technology in a report on Monday, February 26th. They issued a "market perform" rating and a $310.00 target price for the company. The Goldman Sachs Group upped their price target on shares of Align Technology from $197.00 to $225.00 and gave the company a "sell" rating in a research report on Friday, February 2nd. UBS Group raised their price objective on shares of Align Technology from $280.00 to $320.00 and gave the stock a "neutral" rating in a research report on Monday, April 15th. Stifel Nicolaus upped their price target on Align Technology from $350.00 to $400.00 and gave the stock a "buy" rating in a research note on Thursday, April 18th. Finally, Morgan Stanley raised their target price on shares of Align Technology from $344.00 to $360.00 and gave the stock an "overweight" rating in a research note on Thursday, April 25th. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $353.00.

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.