Avanza Fonder AB Purchases Shares of 8,516 Align Technology, Inc. (NASDAQ:ALGN)

Avanza Fonder AB acquired a new position in shares of Align Technology, Inc. (NASDAQ:ALGN) in the 4th quarter, HoldingsChannel reports. The fund acquired 8,516 shares of the medical equipment provider’s stock, valued at approximately $1,776,000.

A number of other hedge funds have also made changes to their positions in the business. Beech Hill Advisors Inc. increased its stake in 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 valued at $2,425,000 after purchasing an additional 65 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Align Technology by 54.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 189,022 shares of the medical equipment provider’s stock valued at $39,413,000 after buying an additional 66,756 shares in the last quarter. Fulcrum Capital LLC grew its position in shares of Align Technology by 5.6% in the 4th quarter. Fulcrum Capital LLC now owns 9,212 shares of the medical equipment provider’s stock valued at $1,921,000 after buying an additional 489 shares during the last quarter. Czech National Bank raised its stake in Align Technology by 6.4% during the 4th quarter. Czech National Bank now owns 15,216 shares of the medical equipment provider’s stock worth $3,173,000 after acquiring an additional 913 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its position in Align Technology by 1.2% in 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 acquiring an additional 91 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Trading Up 2.4 %

NASDAQ ALGN opened at $224.23 on Friday. The stock has a market capitalization of $16.74 billion, a price-to-earnings ratio of 38.26, a PEG ratio of 4.64 and a beta of 1.67. The business’s 50 day moving average is $222.11 and its two-hundred day moving average is $228.27. Align Technology, Inc. has a 12-month low of $196.09 and a 12-month high of $335.40.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) for the quarter, topping the consensus estimate 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 return on equity of 13.99% and a net margin of 11.15%. Align Technology’s revenue was up 1.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.62 earnings per share. Equities analysts forecast that Align Technology, Inc. will post 7.44 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ALGN has been the topic of a number of research analyst reports. Bank of America lifted their target price on Align Technology from $200.00 to $206.00 and gave the stock an “underperform” rating in a research report on Friday, December 13th. Leerink Partnrs upgraded Align Technology from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 6th. Stifel Nicolaus lowered their target price on shares of Align Technology from $285.00 to $275.00 and set a “buy” rating on the stock in a research report on Thursday, October 24th. Evercore ISI reduced their price target on shares of Align Technology from $270.00 to $250.00 and set an “outperform” rating for the company in a research report on Thursday, October 24th. Finally, Robert W. Baird lowered their price objective on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $268.20.

Align Technology 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.