American International Group Sells Shares of Align Technology
American International Group Inc. recently sold 4,921 shares of Align Technology, Inc. during the fourth quarter. This sale reduced their holdings by 19.0%, leaving them with 21,040 shares valued at $5,765,000.
Parnassus Investments LLC increased its stake in Align Technology by 11.3%. They now own 396,603 shares, valued at $108,669,000, after acquiring an additional 40,406 shares in the same period.
Other Major Investors
Deepwater Asset Management LLC and London & Capital Asset Management Ltd also made significant moves:
- Deepwater Asset Management LLC increased its holdings by 46.8%, owning 48,981 shares worth $13,421,000.
- London & Capital Asset Management Ltd lifted its stake by 7.1%, now owning 58,025 shares worth $15,899,000.
Morgan Stanley and Truist Financial Corp further boosted their positions:
- Morgan Stanley increased its holdings by 9.8%, now holding 1,018,161 shares worth $310,866,000.
- Truist Financial Corp increased by 24.8%, now holding 11,165 shares worth $3,059,000.
Currently, 88.43% of Align Technology’s stock is owned by institutional investors.
Analyst Ratings Changes
Several research firms issued reports on Align Technology:
- OTR Global rated the shares as "mixed."
- Robert W. Baird increased their target price from $333.00 to $370.00 and gave an “outperform” rating.
- Stifel Nicolaus raised their price target from $350.00 to $400.00 with a “buy” rating.
- Evercore ISI reduced their price objective from $370.00 to $300.00 while maintaining an “outperform” rating.
- Piper Sandler dropped their target price from $375.00 to $330.00 and set an “overweight” rating.
In total, one analyst has given a "sell" rating, three a "hold" rating, and seven a "buy" rating, resulting in an average rating of "Moderate Buy" and a consensus price target of $346.50.
Align Technology Stock Performance
As of the latest update, NASDAQ ALGN opened at $242.19. The company has a market cap of $18.23 billion, a price-to-earnings ratio of 39.90, a PEG ratio of 4.48, and a beta of 1.62. The stock has a 50-day moving average of $272.89 and a 200-day moving average of $282.47, with a one-year low of $176.34 and a high of $413.20.
Recent Earnings Report
Align Technology recently published its quarterly earnings, reporting $1.62 EPS, outperforming analysts' expectations of $1.54. The company generated $997.43 million in revenue, surpassing estimates of $971.97 million. Align Technology holds a return on equity of 14.15% and a net margin of 11.80%. Analysts forecast Align Technology, Inc. will post 7.86 earnings per share for the current year.
Align Technology Company Profile
Align Technology, Inc. is renowned for designing, manufacturing, and marketing Invisalign clear aligners and iTero intraoral scanners. The company's product lineup includes various packages addressing orthodontic needs for both young and older patients. They serve markets in the United States, Switzerland, and internationally.
Align Technology continues to capture attention for its innovative solutions in dental care, ensuring robust investor interest and fluctuating market evaluations.
