Ninety One UK Ltd Buys 43,524 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Ninety One UK Ltd lifted its stake in Align Technology, Inc. (NASDAQ:ALGN) by 3.7% in the fourth quarter, HoldingsChannel.com reports. The fund owned 1,220,601 shares of the medical equipment provider’s stock after purchasing an additional 43,524 shares during the period. Ninety One UK Ltd’s holdings in Align Technology were worth $254,508,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in ALGN. Trust Point Inc. purchased a new stake in Align Technology in the fourth quarter worth approximately $362,000. Jennison Associates LLC bought a new position in shares of Align Technology during the 4th quarter valued at $22,135,000. U.S. Capital Wealth Advisors LLC purchased a new position in shares of Align Technology in the 4th quarter worth $311,000. DAVENPORT & Co LLC boosted its stake in shares of Align Technology by 30.6% in the 4th quarter. DAVENPORT & Co LLC now owns 579,083 shares of the medical equipment provider’s stock worth $120,287,000 after buying an additional 135,666 shares during the last quarter. Finally, Tokio Marine Asset Management Co. Ltd. grew its holdings in shares of Align Technology by 7.5% in the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 2,344 shares of the medical equipment provider’s stock worth $489,000 after acquiring an additional 163 shares during the period. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Stock Down 0.5 %

NASDAQ ALGN opened at $214.75 on Wednesday. The business has a 50-day moving average price of $222.45 and a 200-day moving average price of $226.48. The firm has a market cap of $16.03 billion, a price-to-earnings ratio of 36.65, a price-to-earnings-growth ratio of 4.80 and a beta of 1.67. Align Technology, Inc. has a twelve month low of $196.09 and a twelve month high of $335.40.

Analyst Ratings Changes

Several brokerages have issued reports on ALGN. Morgan Stanley dropped their target price on Align Technology from $310.00 to $280.00 and set an “overweight” rating on the stock in a research report on Thursday, October 24th. Bank of America raised their price objective on shares of Align Technology from $200.00 to $206.00 and gave the stock an “underperform” rating in a report on Friday, December 13th. Leerink Partnrs raised shares of Align Technology from a “hold” rating to a “strong-buy” rating in a report on Monday, January 6th. Mizuho assumed coverage on shares of Align Technology in a research note on Wednesday, December 4th. They set an “outperform” rating and a $295.00 price target on the stock. Finally, Piper Sandler reduced their price objective on Align Technology from $285.00 to $275.00 and set an “overweight” rating for the company in a research note on Thursday, October 24th. One analyst has rated the stock with a sell rating, two have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Align Technology currently has an average rating of “Moderate Buy” and a consensus price target of $271.70.

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.