Norges Bank Makes New Investment in Align Technology, Inc. $ALGN

Norges Bank acquired a new stake in Align Technology, Inc. (NASDAQ:ALGN) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 996,197 shares of the medical equipment provider’s stock, valued at approximately $155,556,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ALGN. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Align Technology by 4.8% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,222 shares of the medical equipment provider’s stock valued at $1,624,000 after purchasing an additional 469 shares during the last quarter. Focus Partners Wealth lifted its position in Align Technology by 5.2% in the first quarter. Focus Partners Wealth now owns 3,062 shares of the medical equipment provider’s stock valued at $486,000 after purchasing an additional 151 shares during the last quarter. Sivia Capital Partners LLC bought a new stake in Align Technology in the second quarter valued at approximately $204,000. EverSource Wealth Advisors LLC lifted its position in Align Technology by 55.7% in the second quarter. EverSource Wealth Advisors LLC now owns 531 shares of the medical equipment provider’s stock valued at $101,000 after purchasing an additional 190 shares during the last quarter. Finally, First Trust Advisors LP lifted its position in Align Technology by 201.7% in the second quarter. First Trust Advisors LP now owns 88,270 shares of the medical equipment provider’s stock valued at $16,712,000 after purchasing an additional 59,010 shares during the last quarter. Institutional investors own 88.43% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on the company. Piper Sandler boosted their price objective on Align Technology from $220.00 to $235.00 and gave the company an “overweight” rating in a research report on Tuesday, April 21st. Jefferies Financial Group boosted their price objective on Align Technology from $155.00 to $185.00 and gave the company a “hold” rating in a research report on Thursday, February 5th. Wall Street Zen upgraded Align Technology from a “buy” rating to a “strong-buy” rating in a research report on Saturday, March 7th. Citigroup assumed coverage on Align Technology in a research report on Wednesday, April 15th. They issued a “buy” rating and a $240.00 price objective for the company. Finally, Wells Fargo & Company boosted their price objective on Align Technology from $181.00 to $200.00 and gave the company an “overweight” rating in a research report on Thursday, February 5th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $205.85.

Align Technology Stock Down 3.0%

Shares of ALGN stock opened at $161.66 on Thursday. The stock has a fifty day moving average of $173.10 and a 200 day moving average of $169.01. Align Technology, Inc. has a 52 week low of $122.00 and a 52 week high of $208.30. The firm has a market capitalization of $11.58 billion, a price-to-earnings ratio of 27.12, a PEG ratio of 1.71 and a beta of 1.67.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 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 company had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.02 billion. During the same quarter last year, the firm posted $2.13 earnings per share. The firm’s revenue was up 6.2% on a year-over-year basis. Equities research analysts anticipate that Align Technology, Inc. will post 9.48 earnings per share for the current year.

Align Technology announced that its Board of Directors has approved a share repurchase program 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 shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is 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.