Align Technology, Inc. $ALGN Position Increased by Swedbank AB

Swedbank AB boosted its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 8.5% in the first quarter, HoldingsChannel reports. The firm owned 690,200 shares of the medical equipment provider’s stock after purchasing an additional 54,038 shares during the quarter. Swedbank AB’s holdings in Align Technology were worth $118,321,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Whittier Trust Co. of Nevada Inc. boosted its holdings in shares of Align Technology by 45.0% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 461 shares of the medical equipment provider’s stock valued at $79,000 after acquiring an additional 143 shares during the period. DGS Capital Management LLC acquired a new stake in shares of Align Technology in the 1st quarter worth about $338,000. Stephens Inc. AR increased its holdings in shares of Align Technology by 26.8% in the 1st quarter. Stephens Inc. AR now owns 2,098 shares of the medical equipment provider’s stock worth $360,000 after acquiring an additional 444 shares during the period. Parrish Capital LLC lifted its position in Align Technology by 26.3% in the 1st quarter. Parrish Capital LLC now owns 3,185 shares of the medical equipment provider’s stock valued at $546,000 after purchasing an additional 663 shares during the last quarter. Finally, QRG Capital Management Inc. boosted its stake in Align Technology by 31.4% during the 1st quarter. QRG Capital Management Inc. now owns 1,692 shares of the medical equipment provider’s stock valued at $290,000 after purchasing an additional 404 shares during the period. 88.43% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on ALGN. Citigroup started coverage on shares of Align Technology in a research report on Wednesday, April 15th. They issued a “buy” rating and a $240.00 target price for the company. Barclays raised Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 price objective for the company in a report on Tuesday, March 17th. Zacks Research upgraded Align Technology from a “hold” rating to a “strong-buy” rating in a research report on Monday, June 1st. Leerink Partners lifted their target price on Align Technology from $225.00 to $230.00 in a research note on Thursday, April 30th. Finally, Morgan Stanley boosted their price target 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. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $205.85.

Align Technology Stock Performance

ALGN opened at $185.22 on Wednesday. The company has a market capitalization of $13.27 billion, a PE ratio of 31.08, a P/E/G ratio of 1.93 and a beta of 1.67. The stock’s fifty day moving average is $171.67 and its 200-day moving average is $173.44. Align Technology, Inc. has a one year low of $122.00 and a one year high of $208.30.

Align Technology (NASDAQ:ALGN) last released its earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for 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 revenue was up 6.2% compared to the same quarter last year. On average, equities research analysts forecast that Align Technology, Inc. will post 9.48 EPS for the current fiscal year.

Align Technology announced that its board has approved a share repurchase program on Wednesday, April 29th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the medical equipment provider to purchase up to 1.6% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

About Align Technology

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.