Voya Investment Management LLC Cuts Stock Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Voya Investment Management LLC lowered its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 15.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 65,942 shares of the medical equipment provider's stock after selling 12,259 shares during the period. Voya Investment Management LLC owned about 0.09% of Align Technology worth $13,750,000 at the end of the most recent quarter.

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

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on ALGN shares. HSBC lowered Align Technology from a "buy" rating to a "hold" rating and cut their target price for the company from $290.00 to $170.00 in a research note on Friday, April 25th. UBS Group cut their price target on shares of Align Technology from $240.00 to $215.00 and set a "neutral" rating on the stock in a report on Thursday, April 24th. Piper Sandler reiterated an "overweight" rating and set a $250.00 price objective (up previously from $235.00) on shares of Align Technology in a report on Thursday. Wells Fargo & Company decreased their price target on Align Technology from $255.00 to $246.00 and set an "overweight" rating for the company in a research note on Thursday. Finally, Jefferies Financial Group dropped their price target on Align Technology from $285.00 to $260.00 and set a "buy" rating on the stock in a research note on Thursday, January 23rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Align Technology presently has an average rating of "Moderate Buy" and an average price target of $241.25.

Align Technology Stock Up 2.0 %

Shares of ALGN traded up $3.44 during mid-day trading on Thursday, reaching $176.74. The company had a trading volume of 2,693,314 shares, compared to its average volume of 900,407. The stock has a 50 day moving average of $168.84 and a two-hundred day moving average of $201.70. The stock has a market capitalization of $12.94 billion, a P/E ratio of 31.50, a PEG ratio of 2.24 and a beta of 1.73. Align Technology, Inc. has a 52-week low of $141.74 and a 52-week high of $295.69.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share for the quarter, beating the consensus estimate of $2.00 by $0.13. Align Technology had a net margin of 10.54% and a return on equity of 13.84%. The firm had revenue of $979.26 million during the quarter, compared to analyst estimates of $977.90 million. During the same period in the previous year, the firm earned $2.14 EPS. The business's quarterly revenue was down 1.8% on a year-over-year basis. On average, sell-side analysts expect that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Align Technology Company 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.