Handelsbanken Fonder AB Has $7.50 Million Stake in Align Technology, Inc. (NASDAQ:ALGN)

Handelsbanken Fonder AB trimmed its stake in Align Technology, Inc. (NASDAQ:ALGN) by 15.4% during the 4th quarter, HoldingsChannel.com reports. The firm owned 27,360 shares of the medical equipment provider’s stock after selling 4,988 shares during the period. Handelsbanken Fonder AB’s holdings in Align Technology were worth $7,497,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Bank of New York Mellon Corp boosted its position in shares of Align Technology by 2.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,228,875 shares of the medical equipment provider’s stock valued at $375,200,000 after acquiring an additional 29,497 shares in the last quarter. Morgan Stanley raised its stake in shares of Align Technology by 9.8% during the third quarter. Morgan Stanley now owns 1,018,161 shares of the medical equipment provider’s stock worth $310,866,000 after buying an additional 90,581 shares during the last quarter. Rhenman & Partners Asset Management AB bought a new stake in shares of Align Technology during the third quarter worth approximately $305,000. Invesco Ltd. raised its stake in shares of Align Technology by 15.4% during the third quarter. Invesco Ltd. now owns 960,271 shares of the medical equipment provider’s stock worth $293,190,000 after buying an additional 128,273 shares during the last quarter. Finally, Northern Trust Corp raised its stake in shares of Align Technology by 2.7% during the third quarter. Northern Trust Corp now owns 831,469 shares of the medical equipment provider’s stock worth $253,864,000 after buying an additional 21,490 shares during the last quarter. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Align Technology Stock Up 0.6 %

Align Technology stock opened at $313.78 on Thursday. The stock has a market capitalization of $23.61 billion, a PE ratio of 53.91, a price-to-earnings-growth ratio of 5.39 and a beta of 1.65. Align Technology, Inc. has a twelve month low of $176.34 and a twelve month high of $413.20. The company has a 50 day moving average of $313.37 and a 200-day moving average of $270.52.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, April 24th. The medical equipment provider reported $1.62 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.08. The company had revenue of $997.43 million during the quarter, compared to analysts’ expectations of $971.97 million. Align Technology had a net margin of 11.52% and a return on equity of 13.88%. Equities analysts anticipate that Align Technology, Inc. will post 7.69 EPS for the current fiscal year.

Insider Activity

In related news, Director Joseph Lacob sold 15,000 shares of the stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $303.22, for a total transaction of $4,548,300.00. Following the completion of the transaction, the director now owns 131,994 shares in the company, valued at $40,023,220.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Align Technology news, Director Joseph Lacob sold 15,000 shares of the company’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $303.22, for a total transaction of $4,548,300.00. Following the sale, the director now directly owns 131,994 shares of the company’s stock, valued at $40,023,220.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Emory Wright sold 2,524 shares of the company’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $287.45, for a total transaction of $725,523.80. Following the sale, the executive vice president now directly owns 709 shares in the company, valued at $203,802.05. The disclosure for this sale can be found here. Insiders sold 27,524 shares of company stock worth $8,403,924 over the last quarter. 0.72% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. SVB Leerink assumed coverage on shares of Align Technology in a research note on Monday, February 26th. They set a “market perform” rating and a $310.00 price target for the company. Leerink Partnrs restated a “market perform” rating on shares of Align Technology in a report on Monday, February 26th. UBS Group boosted their price objective on shares of Align Technology from $280.00 to $320.00 and gave the company a “neutral” rating in a report on Monday, April 15th. Piper Sandler boosted their price objective on shares of Align Technology from $335.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, March 14th. Finally, Stifel Nicolaus boosted their price objective on shares of Align Technology from $350.00 to $400.00 and gave the company a “buy” rating in a report on Thursday, April 18th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $344.45.

About Align Technology

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.