Rhenman & Partners Asset Management AB Grows Position in Align Technology, Inc. $ALGN

Rhenman & Partners Asset Management AB increased its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 19.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 99,000 shares of the medical equipment provider’s stock after purchasing an additional 16,000 shares during the period. Rhenman & Partners Asset Management AB’s holdings in Align Technology were worth $15,459,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in ALGN. Capital International Investors boosted its stake in shares of Align Technology by 52.2% during the 4th quarter. Capital International Investors now owns 4,643,221 shares of the medical equipment provider’s stock worth $725,039,000 after purchasing an additional 1,592,848 shares during the period. Holocene Advisors LP bought a new stake in Align Technology during the 3rd quarter valued at about $179,035,000. Ruane Cunniff & Goldfarb L.P. bought a new stake in Align Technology during the 4th quarter valued at about $190,899,000. Norges Bank bought a new stake in Align Technology during the 4th quarter valued at about $155,556,000. Finally, Bank of America Corp DE lifted its holdings in Align Technology by 72.0% during the 3rd quarter. Bank of America Corp DE now owns 1,353,125 shares of the medical equipment provider’s stock valued at $169,438,000 after buying an additional 566,488 shares in the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Price Performance

Shares of ALGN opened at $174.84 on Friday. Align Technology, Inc. has a 1-year low of $122.00 and a 1-year high of $208.30. The company has a 50-day moving average of $172.98 and a 200 day moving average of $170.60. The firm has a market capitalization of $12.52 billion, a price-to-earnings ratio of 29.34, a PEG ratio of 1.81 and a beta of 1.67.

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, beating the consensus estimate 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 analyst estimates of $1.02 billion. During the same quarter in the previous year, the business posted $2.13 EPS. The company’s quarterly revenue was up 6.2% compared to the same quarter last year. On average, equities analysts anticipate that Align Technology, Inc. will post 9.48 earnings per share for the current fiscal year.

Align Technology announced that its board has approved a stock repurchase plan on Wednesday, April 29th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the medical equipment provider to buy up to 1.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ALGN. Piper Sandler lifted their price objective on shares of Align Technology from $220.00 to $235.00 and gave the company an “overweight” rating in a report on Tuesday, April 21st. Morgan Stanley lifted their price objective on shares of Align Technology from $169.00 to $188.00 and gave the company an “equal weight” rating in a report on Friday, April 24th. Wall Street Zen lowered shares of Align Technology from a “strong-buy” rating to a “buy” rating in a report on Saturday. Citigroup began coverage on shares of Align Technology in a report on Wednesday, April 15th. They set a “buy” rating and a $240.00 price objective for the company. Finally, Leerink Partners lifted their price objective on shares of Align Technology from $225.00 to $230.00 in a report on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Align Technology presently has an average rating of “Moderate Buy” and an average target price of $205.85.

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.