Avanza Fonder AB Takes Position in Align Technology, Inc. (NASDAQ:ALGN)

Avanza Fonder AB bought a new stake in Align Technology, Inc. (NASDAQ:ALGN) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 8,516 shares of the medical equipment provider’s stock, valued at approximately $1,776,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Quarry LP boosted its holdings in shares of Align Technology by 53.0% during the 2nd quarter. Quarry LP now owns 127 shares of the medical equipment provider’s stock worth $31,000 after purchasing an additional 44 shares during the last quarter. Empirical Finance LLC lifted its position in Align Technology by 2.1% during the third quarter. Empirical Finance LLC now owns 2,486 shares of the medical equipment provider’s stock worth $632,000 after buying an additional 50 shares in the last quarter. Lake Street Advisors Group LLC boosted its stake in Align Technology by 5.6% during the third quarter. Lake Street Advisors Group LLC now owns 1,042 shares of the medical equipment provider’s stock worth $265,000 after buying an additional 55 shares during the last quarter. Benjamin F. Edwards & Company Inc. boosted its stake in Align Technology by 8.9% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 687 shares of the medical equipment provider’s stock worth $166,000 after buying an additional 56 shares during the last quarter. Finally, Crestwood Advisors Group LLC increased its stake in shares of Align Technology by 6.6% in the 3rd quarter. Crestwood Advisors Group LLC now owns 1,000 shares of the medical equipment provider’s stock worth $254,000 after acquiring an additional 62 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on ALGN. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a report on Monday, November 4th. Leerink Partnrs raised shares of Align Technology from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 6th. Mizuho started coverage on shares of Align Technology in a research report on Wednesday, December 4th. They set an “outperform” rating and a $295.00 price target on the stock. Evercore ISI lowered their price objective on 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 reduced their target price on 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 research analysts have rated the stock with a sell rating, two have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $268.20.

Align Technology Stock Up 2.4 %

Shares of ALGN opened at $224.23 on Friday. The company has a market cap of $16.74 billion, a P/E ratio of 38.26, a PEG ratio of 4.64 and a beta of 1.67. Align Technology, Inc. has a fifty-two week low of $196.09 and a fifty-two week high of $335.40. The firm’s 50 day moving average price is $222.11 and its 200 day moving average price is $228.27.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.31 by $0.04. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The business had revenue of $977.87 million for the quarter, compared to analysts’ expectations of $990.05 million. During the same period last year, the firm earned $1.62 earnings per share. The company’s revenue for the quarter was up 1.8% compared to the same quarter last year. Research analysts forecast that Align Technology, Inc. will post 7.44 earnings per share for the current year.

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.