Citigroup Inc. Sells 24,649 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Citigroup Inc. lessened its position in Align Technology, Inc. (NASDAQ:ALGN) by 28.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 61,934 shares of the medical equipment provider’s stock after selling 24,649 shares during the quarter. Citigroup Inc.’s holdings in Align Technology were worth $15,751,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in ALGN. SVB Wealth LLC bought a new position in shares of Align Technology during the 1st quarter valued at about $240,000. Tidal Investments LLC grew its position in Align Technology by 122.9% during the first quarter. Tidal Investments LLC now owns 4,408 shares of the medical equipment provider’s stock valued at $1,445,000 after acquiring an additional 2,430 shares during the last quarter. Comerica Bank raised its stake in shares of Align Technology by 4.9% during the first quarter. Comerica Bank now owns 28,842 shares of the medical equipment provider’s stock worth $9,458,000 after acquiring an additional 1,352 shares in the last quarter. Wahed Invest LLC lifted its holdings in shares of Align Technology by 14.1% in the 1st quarter. Wahed Invest LLC now owns 1,485 shares of the medical equipment provider’s stock worth $487,000 after acquiring an additional 183 shares during the last quarter. Finally, LRI Investments LLC bought a new stake in shares of Align Technology in the 1st quarter worth approximately $29,000. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Piper Sandler decreased their target price on shares of Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a research report on Thursday, October 24th. Evercore ISI decreased their price objective on Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. Robert W. Baird dropped their target price on Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. StockNews.com raised Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday, September 19th. Finally, Morgan Stanley dropped their price objective on Align Technology from $310.00 to $280.00 and set an “overweight” rating for the company in a research note on Thursday, October 24th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, Align Technology currently has an average rating of “Hold” and a consensus price target of $276.38.

Align Technology Trading Up 0.8 %

Shares of Align Technology stock opened at $229.66 on Thursday. Align Technology, Inc. has a 12-month low of $196.09 and a 12-month high of $335.40. The company has a market cap of $17.14 billion, a P/E ratio of 39.19, a PEG ratio of 6.23 and a beta of 1.65. The company’s fifty day simple moving average is $227.38 and its two-hundred day simple moving average is $236.92.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share for the quarter, beating analysts’ consensus estimates of $2.31 by $0.04. Align Technology had a net margin of 11.15% and a return on equity of 13.99%. The firm had revenue of $977.87 million for the quarter, compared to analyst estimates of $990.05 million. During the same quarter in the previous year, the firm posted $1.62 EPS. The company’s revenue for the quarter was up 1.8% compared to the same quarter last year. Analysts predict that Align Technology, Inc. will post 7.45 EPS for the current fiscal year.

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.