Align Technology, Inc. $ALGN Shares Bought by Swedbank AB

Swedbank AB raised its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 8.5% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 690,200 shares of the medical equipment provider’s stock after purchasing an additional 54,038 shares during the period. Swedbank AB owned 0.96% of Align Technology worth $118,321,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Banco Bilbao Vizcaya Argentaria S.A. raised its holdings in Align Technology by 3.7% in the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 1,896 shares of the medical equipment provider’s stock valued at $296,000 after buying an additional 68 shares during the period. Blue Trust Inc. lifted its position in shares of Align Technology by 77.5% during the first quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider’s stock worth $27,000 after purchasing an additional 69 shares in the last quarter. Comerica Bank boosted its stake in shares of Align Technology by 0.6% in the fourth quarter. Comerica Bank now owns 13,656 shares of the medical equipment provider’s stock valued at $2,132,000 after purchasing an additional 76 shares during the period. Independence Bank of Kentucky boosted its stake in shares of Align Technology by 77.7% in the fourth quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider’s stock valued at $29,000 after purchasing an additional 80 shares during the period. Finally, Allworth Financial LP grew its holdings in Align Technology by 3.3% during the 3rd quarter. Allworth Financial LP now owns 2,874 shares of the medical equipment provider’s stock valued at $360,000 after purchasing an additional 92 shares in the last quarter. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ALGN has been the topic of several analyst reports. Piper Sandler lifted their price target on shares of Align Technology from $220.00 to $235.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 21st. Wall Street Zen upgraded Align Technology from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Morgan Stanley lifted their target price on Align Technology from $169.00 to $188.00 and gave the stock an “equal weight” rating in a research report on Friday, April 24th. Evercore boosted their price target on Align Technology from $200.00 to $220.00 in a research note on Thursday, April 30th. Finally, Barclays raised Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 price target for the company in a report on Tuesday, March 17th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $205.85.

Align Technology Stock Performance

Shares of Align Technology stock opened at $185.22 on Wednesday. Align Technology, Inc. has a 1 year low of $122.00 and a 1 year high of $208.30. The firm’s 50-day simple moving average is $171.67 and its 200-day simple moving average is $173.44. The firm has a market cap of $13.27 billion, a PE ratio of 31.08, a price-to-earnings-growth ratio of 1.93 and a beta of 1.67.

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

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

Align Technology Company 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.