Handelsbanken Fonder AB Decreases Stock Position in Align Technology, Inc. (NASDAQ:ALGN)

Handelsbanken Fonder AB trimmed its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 62.5% in the 1st quarter, HoldingsChannel reports. The firm owned 38,891 shares of the medical equipment provider’s stock after selling 64,701 shares during the period. Handelsbanken Fonder AB’s holdings in Align Technology were worth $6,178,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of ALGN. Norges Bank purchased a new position in shares of Align Technology in the 4th quarter valued at about $190,792,000. Meridiem Investment Management Ltd. raised its holdings in 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. Senvest Management LLC raised its holdings in Align Technology by 58.1% in the fourth quarter. Senvest Management LLC now owns 726,243 shares of the medical equipment provider’s stock valued at $151,429,000 after acquiring an additional 267,000 shares in the last quarter. Resona Asset Management Co. Ltd. purchased a new position in Align Technology in the fourth quarter worth approximately $47,853,000. Finally, Raymond James Financial Inc. acquired a new position in Align Technology during the 4th quarter worth approximately $42,243,000. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on ALGN. Evercore ISI raised their price objective on shares of Align Technology from $165.00 to $200.00 and gave the company an “outperform” rating in a report on Thursday, May 1st. UBS Group decreased their target price on Align Technology from $240.00 to $215.00 and set a “neutral” rating for the company in a research note on Thursday, April 24th. Mizuho dropped their price target on shares of Align Technology from $250.00 to $245.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 29th. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a report on Thursday, May 1st. Finally, Piper Sandler restated an “overweight” rating and issued a $250.00 target price (up previously from $235.00) on shares of Align Technology in a report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Align Technology currently has a consensus rating of “Moderate Buy” and an average price target of $241.25.

Align Technology Stock Performance

Shares of ALGN opened at $181.69 on Friday. The company has a market capitalization of $13.17 billion, a price-to-earnings ratio of 32.39, a price-to-earnings-growth ratio of 2.24 and a beta of 1.64. Align Technology, Inc. has a fifty-two week low of $141.74 and a fifty-two week high of $271.59. The firm has a 50-day simple moving average of $176.02 and a 200-day simple moving average of $193.51.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings data on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share for the quarter, topping analysts’ consensus estimates of $2.00 by $0.13. The company had revenue of $979.26 million during the quarter, compared to analysts’ expectations of $977.90 million. Align Technology had a return on equity of 13.84% and a net margin of 10.54%. The firm’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same period last year, the firm earned $2.14 EPS. Equities research analysts forecast that Align Technology, Inc. will post 7.98 EPS for the current year.

Align Technology declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, May 6th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the medical equipment provider to repurchase up to 7.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its stock is undervalued.

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.