Swedbank AB Increases Stake in Align Technology, Inc. $ALGN

Swedbank AB lifted its position in Align Technology, Inc. (NASDAQ:ALGN) by 56.5% in the fourth quarter, HoldingsChannel.com reports. The firm owned 636,162 shares of the medical equipment provider’s stock after purchasing an additional 229,703 shares during the quarter. Swedbank AB’s holdings in Align Technology were worth $99,337,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Comerica Bank increased its stake in shares of Align Technology by 0.6% in the fourth quarter. Comerica Bank now owns 13,656 shares of the medical equipment provider’s stock worth $2,132,000 after purchasing an additional 76 shares in the last quarter. Arizona State Retirement System increased its stake in shares of Align Technology by 0.4% in the third quarter. Arizona State Retirement System now owns 20,387 shares of the medical equipment provider’s stock worth $2,553,000 after purchasing an additional 79 shares in the last quarter. Sentry Investment Management LLC increased its stake in shares of Align Technology by 73.1% in the third quarter. Sentry Investment Management LLC now owns 187 shares of the medical equipment provider’s stock worth $25,000 after purchasing an additional 79 shares in the last quarter. Independence Bank of Kentucky increased its stake in shares of Align Technology by 77.7% in the fourth quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider’s stock worth $29,000 after purchasing an additional 80 shares in the last quarter. Finally, Allworth Financial LP increased its stake in shares of Align Technology by 3.3% in the third quarter. Allworth Financial LP now owns 2,874 shares of the medical equipment provider’s stock worth $360,000 after purchasing an additional 92 shares in the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ALGN. Jefferies Financial Group increased their price objective on shares of Align Technology from $155.00 to $185.00 and gave the stock a “hold” rating in a research note on Thursday, February 5th. Mizuho increased their price objective on shares of Align Technology from $200.00 to $215.00 and gave the stock an “outperform” rating in a research note on Thursday, February 5th. Stifel Nicolaus increased their price objective on shares of Align Technology from $200.00 to $210.00 and gave the stock a “buy” rating in a research note on Thursday, February 5th. Evercore increased their price objective on shares of Align Technology from $200.00 to $220.00 in a research note on Thursday, April 30th. Finally, Wall Street Zen raised shares of Align Technology from a “buy” rating to a “strong-buy” rating in a research note on Saturday, March 7th. Eight investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $205.85.

Align Technology Price Performance

ALGN stock opened at $163.61 on Friday. The company has a market capitalization of $11.72 billion, a PE ratio of 27.45, a P/E/G ratio of 1.68 and a beta of 1.70. Align Technology, Inc. has a 12 month low of $122.00 and a 12 month high of $208.30. The firm’s 50-day moving average is $173.96 and its 200 day moving average is $167.18.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 EPS for the quarter, topping the consensus estimate of $2.26 by $0.32. The company had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.02 billion. Align Technology had a net margin of 10.50% and a return on equity of 15.82%. The firm’s revenue was up 6.2% compared to the same quarter last year. During the same quarter last year, the firm posted $2.13 EPS. Sell-side analysts forecast that Align Technology, Inc. will post 9.48 EPS for the current fiscal year.

Align Technology declared that its board has approved a stock buyback program on Wednesday, April 29th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the medical equipment provider to reacquire up to 1.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

About Align Technology

Align Technology, Inc (NASDAQ: ALGN) pioneered the use of digital technology in orthodontics through the development of the Invisalign system, a series of clear, removable aligners that provide an alternative to traditional metal braces. Since its founding in 1997 by Zia Chishti and Kelsey Wirth, the Tempe, Arizona–based company has expanded its focus to include intraoral scanners, CAD/CAM software for dental laboratories and comprehensive digital dentistry solutions.

The company’s signature Invisalign system leverages 3D imaging and computer-aided design (CAD) to create customized aligners that gradually reposition teeth, improving patient comfort and treatment predictability.