Swedbank AB Grows Position in Align Technology, Inc. (NASDAQ:ALGN)

Swedbank AB lifted its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 30.1% in the third quarter, HoldingsChannel.com reports. The fund owned 389,115 shares of the medical equipment provider’s stock after acquiring an additional 90,000 shares during the quarter. Swedbank AB’s holdings in Align Technology were worth $98,960,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Cullen Frost Bankers Inc. grew its stake in shares of Align Technology by 854.5% in the second quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock worth $25,000 after purchasing an additional 94 shares during the last quarter. Innealta Capital LLC purchased a new position in shares of Align Technology during the second quarter valued at about $26,000. Rothschild Investment LLC bought a new position in Align Technology in the second quarter worth about $26,000. Versant Capital Management Inc lifted its holdings in Align Technology by 547.1% in the second quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider’s stock worth $27,000 after buying an additional 93 shares during the period. Finally, LRI Investments LLC bought a new stake in Align Technology during the 1st quarter valued at approximately $29,000. Institutional investors own 88.43% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on ALGN shares. Robert W. Baird decreased their price objective on Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. StockNews.com upgraded shares of Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday, September 19th. Stifel Nicolaus dropped their price objective on shares of Align Technology from $285.00 to $275.00 and set a “buy” rating on the stock in a research note on Thursday, October 24th. Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a research note on Monday, November 4th. Finally, Piper Sandler lowered their target price on shares of Align Technology from $285.00 to $275.00 and set an “overweight” rating for the company in a report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Align Technology currently has an average rating of “Hold” and a consensus price target of $276.38.

Align Technology Price Performance

Shares of NASDAQ ALGN opened at $225.89 on Monday. The stock has a market capitalization of $16.86 billion, a P/E ratio of 38.55, a PEG ratio of 5.91 and a beta of 1.65. Align Technology, Inc. has a 1-year low of $196.09 and a 1-year high of $335.40. The business’s 50 day moving average is $228.54 and its two-hundred day moving average is $237.57.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 EPS for the quarter, topping analysts’ consensus estimates of $2.31 by $0.04. The firm had revenue of $977.87 million during the quarter, compared to analysts’ expectations of $990.05 million. Align Technology had a net margin of 11.15% and a return on equity of 13.99%. The firm’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same period in the previous year, the company earned $1.62 EPS. As a group, equities research analysts anticipate that Align Technology, Inc. will post 7.45 earnings per share for the current fiscal year.

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.