MML Investors Services LLC Reduces Position in Align Technology, Inc. (NASDAQ:ALGN)

MML Investors Services LLC lessened its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 9.3% in the third quarter, HoldingsChannel.com reports. The firm owned 6,684 shares of the medical equipment provider’s stock after selling 688 shares during the quarter. MML Investors Services LLC’s holdings in Align Technology were worth $1,700,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Wellington Management Group LLP lifted its stake in Align Technology by 49.0% in the third quarter. Wellington Management Group LLP now owns 2,634,600 shares of the medical equipment provider’s stock worth $670,031,000 after acquiring an additional 866,663 shares during the period. FMR LLC lifted its stake in Align Technology by 43.0% in the third quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock worth $310,736,000 after acquiring an additional 367,508 shares during the period. Bank of New York Mellon Corp lifted its stake in Align Technology by 1.4% in the second quarter. Bank of New York Mellon Corp now owns 1,148,282 shares of the medical equipment provider’s stock worth $277,230,000 after acquiring an additional 15,540 shares during the period. Disciplined Growth Investors Inc. MN lifted its stake in Align Technology by 0.5% in the second quarter. Disciplined Growth Investors Inc. MN now owns 707,542 shares of the medical equipment provider’s stock worth $170,822,000 after acquiring an additional 3,600 shares during the period. Finally, Point72 Asset Management L.P. lifted its stake in Align Technology by 96.3% in the third quarter. Point72 Asset Management L.P. now owns 674,319 shares of the medical equipment provider’s stock worth $171,493,000 after acquiring an additional 330,807 shares during the period. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Price Performance

Align Technology stock opened at $228.81 on Wednesday. Align Technology, Inc. has a one year low of $196.09 and a one year high of $335.40. The stock has a market capitalization of $17.08 billion, a PE ratio of 39.05, a price-to-earnings-growth ratio of 6.20 and a beta of 1.66. The business’s fifty day moving average is $223.91 and its 200 day moving average is $233.79.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $2.35 EPS for the quarter, beating the consensus estimate of $2.31 by $0.04. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The company had revenue of $977.87 million for the quarter, compared to analysts’ expectations of $990.05 million. During the same period last year, the firm posted $1.62 earnings per share. Align Technology’s revenue was up 1.8% compared to the same quarter last year. As a group, sell-side analysts expect that Align Technology, Inc. will post 7.45 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on ALGN shares. Bank of America increased their price objective on Align Technology from $200.00 to $206.00 and gave the stock an “underperform” rating in a report on Friday, December 13th. Robert W. Baird decreased their price objective on Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. Piper Sandler decreased their price objective on Align Technology from $285.00 to $275.00 and set an “overweight” rating for the company in a 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 for the company in a report on Thursday, October 24th. Finally, Stifel Nicolaus decreased their price objective on Align Technology from $285.00 to $275.00 and set a “buy” rating for the company in a report on Thursday, October 24th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Align Technology currently has an average rating of “Hold” and a consensus target price of $271.20.

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.