National Bank of Canada FI Increases Position in Align Technology, Inc. (NASDAQ:ALGN)

National Bank of Canada FI raised its position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 10.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 45,016 shares of the medical equipment provider's stock after acquiring an additional 4,190 shares during the quarter. National Bank of Canada FI owned approximately 0.06% of Align Technology worth $9,386,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of ALGN. Nordea Investment Management AB boosted its position in shares of Align Technology by 3.5% in the fourth quarter. Nordea Investment Management AB now owns 273,664 shares of the medical equipment provider's stock valued at $56,870,000 after acquiring an additional 9,139 shares during the period. Allspring Global Investments Holdings LLC grew its position in Align Technology by 119.6% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 169,641 shares of the medical equipment provider's stock worth $35,368,000 after buying an additional 92,407 shares in the last quarter. Swedbank AB increased its position in shares of Align Technology by 25.0% in the fourth quarter. Swedbank AB now owns 486,267 shares of the medical equipment provider's stock worth $101,392,000 after purchasing an additional 97,152 shares during the period. Principal Securities Inc. grew its stake in Align Technology by 34.5% during the fourth quarter. Principal Securities Inc. now owns 1,881 shares of the medical equipment provider's stock worth $392,000 after buying an additional 483 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its stake in Align Technology by 1.2% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 7,799 shares of the medical equipment provider's stock valued at $1,626,000 after acquiring an additional 91 shares during the last quarter. Institutional investors own 88.43% of the company's stock.

Align Technology Price Performance

Shares of NASDAQ ALGN traded down $7.29 during mid-day trading on Thursday, reaching $157.74. 399,627 shares of the company's stock traded hands, compared to its average volume of 857,942. The business has a 50-day simple moving average of $179.39 and a 200 day simple moving average of $208.51. The stock has a market cap of $11.55 billion, a P/E ratio of 28.17, a PEG ratio of 2.24 and a beta of 1.73. Align Technology, Inc. has a 1-year low of $141.74 and a 1-year high of $331.64.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.43 by ($0.47). Align Technology had a net margin of 10.54% and a return on equity of 13.84%. Equities research analysts anticipate that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ALGN. Morgan Stanley cut their target price on shares of Align Technology from $280.00 to $272.00 and set an "overweight" rating on the stock in a research report on Thursday, February 6th. Leerink Partners raised Align Technology from a "market perform" rating to an "outperform" rating and lifted their target price for the stock from $235.00 to $280.00 in a report on Monday, January 6th. Wells Fargo & Company initiated coverage on Align Technology in a research note on Friday, February 14th. They issued an "overweight" rating and a $255.00 price target for the company. Jefferies Financial Group cut their price objective on Align Technology from $285.00 to $260.00 and set a "buy" rating on the stock in a research note on Thursday, January 23rd. Finally, Mizuho decreased their target price on shares of Align Technology from $295.00 to $250.00 and set an "outperform" rating for the company in a research report on Tuesday, March 25th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Align Technology presently has a consensus rating of "Moderate Buy" and a consensus price target of $262.64.

Align Technology Company Profile

Align Technology, Inc designs, manufactures, and markets Invisalign clear aligners, and iTero intraoral scanners and services for orthodontists and general practitioner dentists in the United States, Switzerland, and internationally. The company's Clear Aligner segment offers comprehensive products, including Invisalign comprehensive package that addresses the orthodontic needs of younger patients, such as mandibular advancement, compliance indicators, and compensation for tooth eruption; and Invisalign First Phase I and Invisalign First Comprehensive Phase 2 package for younger patients generally between the ages of six and ten years, which is a mixture of primary/baby and permanent teeth.