Swedbank AB Purchases 229,703 Shares of Align Technology, Inc. $ALGN

Swedbank AB lifted its position in Align Technology, Inc. (NASDAQ:ALGN) by 56.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 636,162 shares of the medical equipment provider’s stock after buying an additional 229,703 shares during the period. Swedbank AB owned about 0.89% of Align Technology worth $99,337,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in ALGN. Capital International Investors lifted its stake in shares of Align Technology by 88.6% in the third quarter. Capital International Investors now owns 3,050,373 shares of the medical equipment provider’s stock worth $381,968,000 after buying an additional 1,433,393 shares in the last quarter. Holocene Advisors LP bought a new position in shares of Align Technology in the third quarter worth approximately $179,035,000. Bank of America Corp DE lifted its stake in shares of Align Technology by 72.0% in the third quarter. Bank of America Corp DE now owns 1,353,125 shares of the medical equipment provider’s stock worth $169,438,000 after buying an additional 566,488 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Align Technology by 35,513.8% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 545,604 shares of the medical equipment provider’s stock worth $85,196,000 after buying an additional 544,072 shares in the last quarter. Finally, LSV Asset Management bought a new position in shares of Align Technology in the fourth quarter worth approximately $82,626,000. Institutional investors own 88.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Wells Fargo & Company increased their price objective on shares of Align Technology from $181.00 to $200.00 and gave the company an “overweight” rating in a research report on Thursday, February 5th. Wall Street Zen upgraded shares of Align Technology from a “buy” rating to a “strong-buy” rating in a research report on Saturday, March 7th. UBS Group increased their price objective on shares of Align Technology from $175.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday, February 5th. Robert W. Baird set a $218.00 price objective on shares of Align Technology in a research report on Thursday, February 5th. Finally, Piper Sandler increased their price objective on shares of Align Technology from $220.00 to $235.00 and gave the company an “overweight” rating in a research report on Tuesday, April 21st. Eight research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $205.85.

Align Technology Stock Up 0.3%

Shares of Align Technology stock opened at $163.61 on Friday. Align Technology, Inc. has a twelve month low of $122.00 and a twelve month high of $208.30. The company has a market cap of $11.72 billion, a price-to-earnings ratio of 27.45, a price-to-earnings-growth ratio of 1.68 and a beta of 1.70. The company’s 50 day moving average is $173.96 and its 200 day moving average is $167.18.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 EPS for the quarter, beating analysts’ consensus estimates of $2.26 by $0.32. Align Technology had a net margin of 10.50% and a return on equity of 15.82%. The business had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.02 billion. During the same period in the prior year, the company earned $2.13 earnings per share. The firm’s revenue was up 6.2% on a year-over-year basis. Sell-side analysts expect that Align Technology, Inc. will post 9.48 EPS for the current fiscal year.

Align Technology announced that its Board of Directors has approved a share buyback plan on Wednesday, April 29th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the medical equipment provider to purchase up to 1.6% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Align Technology Profile

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.