Avanza Fonder AB Buys New Position in Align Technology, Inc. (NASDAQ:ALGN)

Avanza Fonder AB purchased a new position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 8,516 shares of the medical equipment provider's stock, valued at approximately $1,776,000.

Several other large investors have also made changes to their positions in ALGN. Beech Hill Advisors Inc. grew its stake in shares of Align Technology by 0.6% during the 4th quarter. Beech Hill Advisors Inc. now owns 11,632 shares of the medical equipment provider's stock worth $2,425,000 after purchasing an additional 65 shares during the period. Assenagon Asset Management S.A. boosted its holdings in Align Technology by 54.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 189,022 shares of the medical equipment provider's stock worth $39,413,000 after buying an additional 66,756 shares in the last quarter. Fulcrum Capital LLC grew its position in Align Technology by 5.6% during the fourth quarter. Fulcrum Capital LLC now owns 9,212 shares of the medical equipment provider's stock valued at $1,921,000 after buying an additional 489 shares during the period. Czech National Bank increased its holdings in Align Technology by 6.4% in the fourth quarter. Czech National Bank now owns 15,216 shares of the medical equipment provider's stock valued at $3,173,000 after buying an additional 913 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its position in shares of 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 worth $1,626,000 after acquiring an additional 91 shares during the period. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Stock Up 2.4 %

NASDAQ:ALGN traded up $5.32 during mid-day trading on Friday, reaching $224.23. 670,068 shares of the stock were exchanged, compared to its average volume of 592,980. The stock has a market capitalization of $16.74 billion, a P/E ratio of 38.26, a P/E/G ratio of 4.64 and a beta of 1.67. Align Technology, Inc. has a 1 year low of $196.09 and a 1 year high of $335.40. The company has a 50 day simple moving average of $222.11 and a 200-day simple moving average of $228.19.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share for the quarter, beating the consensus estimate of $2.31 by $0.04. The company had revenue of $977.87 million for the quarter, compared to the consensus estimate of $990.05 million. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The company's revenue was up 1.8% on a year-over-year basis. During the same period last year, the business posted $1.62 EPS. As a group, research analysts predict that Align Technology, Inc. will post 7.44 EPS for the current year.

Analysts Set New Price Targets

Several research firms have issued reports on ALGN. Leerink Partnrs raised Align Technology from a "hold" rating to a "strong-buy" rating in a research note on Monday, January 6th. Evercore ISI reduced their price objective on Align Technology from $270.00 to $250.00 and set an "outperform" rating on the stock in a research report on Thursday, October 24th. Stifel Nicolaus lowered their price target on shares of Align Technology from $285.00 to $275.00 and set a "buy" rating on the stock in a research report on Thursday, October 24th. Robert W. Baird dropped their price target on shares of Align Technology from $325.00 to $276.00 and set an "outperform" rating for the company in a research note on Thursday, October 24th. Finally, Piper Sandler cut their target price on Align Technology from $285.00 to $275.00 and set an "overweight" rating for the company in a research note on Thursday, October 24th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Align Technology presently has an average rating of "Moderate Buy" and a consensus target price of $268.20.

About Align Technology

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.