Geneva Capital Management LLC Sells 1,203 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Geneva Capital Management LLC decreased its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 5.4% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 20,904 shares of the medical equipment provider’s stock after selling 1,203 shares during the quarter. Geneva Capital Management LLC’s holdings in Align Technology were worth $5,728,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. Morgan Stanley grew its stake in shares of Align Technology by 9.8% during the third quarter. Morgan Stanley now owns 1,018,161 shares of the medical equipment provider’s stock valued at $310,866,000 after buying an additional 90,581 shares during the last quarter. Rhenman & Partners Asset Management AB bought a new position in Align Technology in the third quarter worth approximately $305,000. Invesco Ltd. grew its stake in Align Technology by 15.4% in the third quarter. Invesco Ltd. now owns 960,271 shares of the medical equipment provider’s stock worth $293,190,000 after purchasing an additional 128,273 shares in the last quarter. Northern Trust Corp grew its stake in Align Technology by 2.7% in the third quarter. Northern Trust Corp now owns 831,469 shares of the medical equipment provider’s stock worth $253,864,000 after purchasing an additional 21,490 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its stake in Align Technology by 348.9% in the third quarter. Ameriprise Financial Inc. now owns 756,393 shares of the medical equipment provider’s stock worth $230,938,000 after purchasing an additional 587,886 shares in the last quarter. Institutional investors own 88.43% of the company’s stock.

Insider Activity

In related news, Director Joseph Lacob sold 15,000 shares of Align Technology stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $303.22, for a total transaction of $4,548,300.00. Following the transaction, the director now owns 131,994 shares in the company, valued at $40,023,220.68. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.62% of the company’s stock.

Align Technology Price Performance

NASDAQ ALGN traded down $9.11 during trading hours on Friday, hitting $271.28. 338,556 shares of the company’s stock traded hands, compared to its average volume of 742,718. The company has a market capitalization of $20.41 billion, a PE ratio of 46.19, a PEG ratio of 5.29 and a beta of 1.66. Align Technology, Inc. has a 52-week low of $176.34 and a 52-week high of $413.20. The firm’s 50-day moving average is $309.52 and its 200-day moving average is $271.71.

Analyst Ratings Changes

ALGN has been the topic of several research analyst reports. The Goldman Sachs Group boosted their price target on Align Technology from $197.00 to $225.00 and gave the company a “sell” rating in a research note on Friday, February 2nd. UBS Group increased their price objective on shares of Align Technology from $280.00 to $320.00 and gave the stock a “neutral” rating in a research note on Monday, April 15th. Piper Sandler reaffirmed an “overweight” rating and issued a $375.00 price target (up from $355.00) on shares of Align Technology in a report on Thursday, April 25th. Stifel Nicolaus increased their price target on shares of Align Technology from $350.00 to $400.00 and gave the stock a “buy” rating in a report on Thursday, April 18th. Finally, Morgan Stanley lifted their price objective on shares of Align Technology from $344.00 to $360.00 and gave the company an “overweight” rating in a report on Thursday, April 25th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Align Technology currently has a consensus rating of “Moderate Buy” and an average price target of $353.00.

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.