Dynamic Technology Lab Private Ltd Makes New $971,000 Investment in Align Technology, Inc. (NASDAQ:ALGN)

Dynamic Technology Lab Private Ltd acquired a new stake in Align Technology, Inc. (NASDAQ:ALGN) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 4,655 shares of the medical equipment provider’s stock, valued at approximately $971,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank acquired a new position in Align Technology in the 4th quarter valued at $190,792,000. Meridiem Investment Management Ltd. boosted its holdings in shares of Align Technology by 63.7% in the fourth quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider’s stock valued at $159,470,000 after acquiring an additional 297,472 shares in the last quarter. Resona Asset Management Co. Ltd. purchased a new stake in shares of Align Technology in the fourth quarter valued at about $47,853,000. Raymond James Financial Inc. purchased a new position in Align Technology during the fourth quarter worth about $42,243,000. Finally, Amundi lifted its position in Align Technology by 77.6% in the fourth quarter. Amundi now owns 360,813 shares of the medical equipment provider’s stock valued at $77,708,000 after purchasing an additional 157,654 shares during the period. 88.43% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on ALGN shares. Piper Sandler reissued an “overweight” rating and issued a $235.00 price target (down from $270.00) on shares of Align Technology in a report on Tuesday, March 18th. Evercore ISI boosted their target price on shares of Align Technology from $240.00 to $260.00 and gave the stock an “outperform” rating in a research report on Thursday, February 6th. Bank of America increased their price target on shares of Align Technology from $200.00 to $206.00 and gave the company an “underperform” rating in a report on Friday, December 13th. Leerink Partners upgraded shares of Align Technology from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $235.00 to $280.00 in a research report on Monday, January 6th. Finally, Wells Fargo & Company started coverage on shares of Align Technology in a report on Friday, February 14th. They issued an “overweight” rating and a $255.00 target price for the company. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Align Technology has a consensus rating of “Moderate Buy” and an average target price of $262.64.

Align Technology Price Performance

Shares of ALGN opened at $153.51 on Monday. Align Technology, Inc. has a 1-year low of $138.00 and a 1-year high of $331.64. The stock has a market cap of $11.24 billion, a price-to-earnings ratio of 27.36, a price-to-earnings-growth ratio of 2.24 and a beta of 1.73. The firm has a 50 day simple moving average of $186.45 and a 200-day simple moving average of $211.38.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share for the quarter, missing the consensus estimate of $2.43 by ($0.47). Align Technology had a return on equity of 13.84% and a net margin of 10.54%. On average, equities analysts expect that Align Technology, Inc. will post 7.98 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.