Envestnet Portfolio Solutions Inc. Sells 935 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Envestnet Portfolio Solutions Inc. cut its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 14.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,660 shares of the medical equipment provider’s stock after selling 935 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Align Technology were worth $1,180,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Picton Mahoney Asset Management raised its position in Align Technology by 69.9% during the fourth quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider’s stock valued at $30,000 after purchasing an additional 58 shares during the period. Smartleaf Asset Management LLC lifted its position in Align Technology by 9.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 766 shares of the medical equipment provider’s stock worth $158,000 after buying an additional 64 shares during the last quarter. Beech Hill Advisors Inc. lifted its position in Align Technology by 0.6% in the fourth quarter. Beech Hill Advisors Inc. now owns 11,632 shares of the medical equipment provider’s stock worth $2,425,000 after buying an additional 65 shares during the last quarter. New York Life Investment Management LLC increased its position in Align Technology by 0.7% during the fourth quarter. New York Life Investment Management LLC now owns 9,406 shares of the medical equipment provider’s stock valued at $1,961,000 after acquiring an additional 68 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its stake in shares of Align Technology by 1.2% in the fourth 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. Institutional investors own 88.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on ALGN shares. Jefferies Financial Group dropped their price target on shares of Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a research note on Thursday, January 23rd. Bank of America upped their target price on Align Technology from $200.00 to $206.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a research note on Thursday, February 6th. Mizuho began coverage on Align Technology in a research report on Wednesday, December 4th. They issued an “outperform” rating and a $295.00 price objective on the stock. Finally, Evercore ISI lifted their target price on Align Technology from $240.00 to $260.00 and gave the stock an “outperform” rating in a research report on Thursday, February 6th. One research analyst has rated the stock with a sell rating, two have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $266.73.

Align Technology Stock Performance

NASDAQ:ALGN opened at $168.61 on Friday. The firm has a 50-day simple moving average of $198.78 and a 200-day simple moving average of $216.57. Align Technology, Inc. has a one year low of $158.13 and a one year high of $331.64. The firm has a market cap of $12.41 billion, a P/E ratio of 30.06, a P/E/G ratio of 2.24 and a beta of 1.69.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). Align Technology had a return on equity of 13.84% and a net margin of 10.54%. On average, research analysts predict that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

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.