Principal Financial Group Inc. Sells 966 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Principal Financial Group Inc. cut its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 1.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 81,054 shares of the medical equipment provider’s stock after selling 966 shares during the period. Principal Financial Group Inc. owned 0.11% of Align Technology worth $16,901,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ALGN. Empirical Finance LLC lifted its holdings in shares of Align Technology by 2.1% in the third quarter. Empirical Finance LLC now owns 2,486 shares of the medical equipment provider’s stock worth $632,000 after buying an additional 50 shares in the last quarter. Crestwood Advisors Group LLC grew its position in shares of Align Technology by 6.6% during the third quarter. Crestwood Advisors Group LLC now owns 1,000 shares of the medical equipment provider’s stock valued at $254,000 after purchasing an additional 62 shares in the last quarter. Beech Hill Advisors Inc. increased its holdings in shares of 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 purchasing an additional 65 shares during the last quarter. Covestor Ltd lifted its position in shares of Align Technology by 26.6% in the third quarter. Covestor Ltd now owns 362 shares of the medical equipment provider’s stock worth $92,000 after buying an additional 76 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in Align Technology by 1.2% during 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 buying an additional 91 shares during the last quarter. 88.43% of the stock is currently owned by institutional investors.

Align Technology Stock Performance

ALGN opened at $186.62 on Wednesday. The stock’s 50 day moving average price is $213.42 and its 200-day moving average price is $224.07. Align Technology, Inc. has a one year low of $183.26 and a one year high of $335.40. The stock has a market cap of $13.93 billion, a price-to-earnings ratio of 33.27, a P/E/G ratio of 2.24 and a beta of 1.67.

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

Analysts Set New Price Targets

A number of analysts have issued reports on ALGN shares. Wells Fargo & Company began coverage on Align Technology in a research note on Friday, February 14th. They issued an “overweight” rating and a $255.00 price objective on the stock. Leerink Partners upgraded shares of Align Technology from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $235.00 to $280.00 in a research report on Monday, January 6th. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a research report on Thursday, February 6th. Piper Sandler dropped their price objective on shares of Align Technology from $275.00 to $270.00 and set an “overweight” rating for the company in a research note on Thursday, February 6th. Finally, Evercore ISI upped their target price on shares of Align Technology from $240.00 to $260.00 and gave the company an “outperform” rating in a research report on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Align Technology presently has an average rating of “Moderate Buy” and a consensus target price of $269.91.

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.