Nuveen Asset Management LLC Trims Stock Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Nuveen Asset Management LLC trimmed its holdings in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 4.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,013,182 shares of the medical equipment provider's stock after selling 45,120 shares during the quarter. Nuveen Asset Management LLC owned 1.36% of Align Technology worth $211,259,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in shares of Align Technology in the fourth quarter worth about $190,792,000. Meridiem Investment Management Ltd. lifted its stake in shares of 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 valued at $159,470,000 after purchasing an additional 297,472 shares during the period. Senvest Management LLC grew its position in Align Technology by 58.1% during the fourth quarter. Senvest Management LLC now owns 726,243 shares of the medical equipment provider's stock valued at $151,429,000 after buying an additional 267,000 shares during the period. Resona Asset Management Co. Ltd. acquired a new position in shares of Align Technology in the fourth quarter worth about $47,853,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of Align Technology during the 4th quarter valued at about $42,243,000. 88.43% of the stock is owned by institutional investors and hedge funds.

Align Technology Trading Down 1.8%

NASDAQ:ALGN traded down $3.45 during trading hours on Monday, hitting $184.84. The company had a trading volume of 516,807 shares, compared to its average volume of 919,402. Align Technology, Inc. has a 1 year low of $141.74 and a 1 year high of $272.17. The company has a 50-day moving average of $169.83 and a 200 day moving average of $198.76. The company has a market cap of $13.40 billion, a P/E ratio of 32.95, a P/E/G ratio of 2.24 and a beta of 1.68.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The medical equipment provider reported $2.13 EPS for the quarter, beating the consensus estimate of $2.00 by $0.13. The business had revenue of $979.26 million during 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%. The business's revenue for the quarter was down 1.8% compared to the same quarter last year. During the same quarter last year, the firm posted $2.14 earnings per share. On average, analysts forecast that Align Technology, Inc. will post 7.98 earnings per share for the current year.

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

Analyst Upgrades and Downgrades

Several brokerages have commented on ALGN. Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a report on Thursday, May 1st. Jefferies Financial Group cut their price target on shares of Align Technology from $285.00 to $260.00 and set a "buy" rating for the company in a report on Thursday, January 23rd. 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 report on Thursday, May 1st. Wells Fargo & Company reduced their price target on shares of Align Technology from $255.00 to $246.00 and set an "overweight" rating for the company in a research report on Thursday, May 1st. Finally, HSBC cut Align Technology from a "buy" rating to a "hold" rating and lowered their price objective for the stock from $290.00 to $170.00 in a report on Friday, April 25th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Align Technology currently has an average rating of "Moderate Buy" and a consensus price target 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.