Abrdn Plc Reduces Stake in Align Technology, Inc.

Abrdn plc has lowered its investment in Align Technology, Inc. (NASDAQ:ALGN) by 4.2% during the fourth quarter, as indicated by its recent filing with the Securities and Exchange Commission (SEC). Following the sale of 1,208 shares during this period, the fund now holds 27,480 shares of the medical equipment provider. The value of Abrdn's holdings in Align Technology was approximately $5,682,000 at the end of the last quarter.

Additionally, several other investment firms have also adjusted their positions in Align Technology. Wellington Management Group LLP increased its stake by 49.0% in the third quarter, acquiring an additional 866,663 shares to hold a total of 2,634,600 shares valued at $670,031,000. Similarly, Geode Capital Management LLC raised its holdings by 1.2%, owning 1,750,805 shares worth $443,810,000 after buying an extra 21,605 shares. FMR LLC also expanded its stake by 43.0% in the same quarter, bringing its total to 1,221,831 shares, with a value of $310,736,000 after the purchase of 367,508 shares. Disciplined Growth Investors Inc. MN grew its holdings by 6.4%, now owning 753,026 shares worth $191,510,000 after acquiring 45,484 shares. Point72 Asset Management L.P. boosted its position by 96.3%, owning 674,319 shares valued at $171,493,000 after obtaining an additional 330,807 shares. Overall, institutional investors and hedge funds account for 88.43% of the ownership of Align Technology.

Analysts Update Price Targets

Recent comments from equities analysts on Align Technology shares have shown a range of price target adjustments. Morgan Stanley reduced its price target from $280.00 to $272.00 while maintaining an "overweight" rating on the stock. Evercore ISI increased its price objective from $240.00 to $260.00, issuing an "outperform" rating. Additionally, Piper Sandler decreased its price target from $275.00 to $270.00, preserving an "overweight" rating. Bank of America raised its target from $200.00 to $206.00, giving the stock an "underperform" rating. Mizuho started coverage with an "outperform" rating and a price target of $295.00. Out of the equity analysts, one has rated the stock as a sell, two as hold, nine as buy, and one as strong buy. According to MarketBeat.com, Align Technology has an average rating of "Moderate Buy" and a consensus price target of $271.40.

Recent Performance Metrics

On a recent trading day, shares of Align Technology opened at $210.55. The stock has been volatile, with a 1-year low of $196.09 and a high of $335.40. The company's 50-day moving average price stands at $221.25, while the 200-day moving average price is $225.83. Align Technology boasts a market capitalization of $15.72 billion, a price-to-earnings ratio of 37.53, a PEG ratio of 4.79, and a beta of 1.67.

Corporate Overview

Align Technology, Inc. designs, manufacturers, and markets Invisalign clear aligners and iTero intraoral scanners and services specifically for orthodontists and general dental practitioners in the U.S., Switzerland, and globally. The Clear Aligner segment provides a variety of products, including the comprehensive Invisalign package, which caters to younger patients' orthodontic needs, such as mandibular advancement options and compliance indicators.

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