Norges Bank Invests $190.79 Million in Align Technology, Inc. (NASDAQ:ALGN)

Norges Bank bought a new position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 915,027 shares of the medical equipment provider's stock, valued at approximately $190,792,000. Norges Bank owned approximately 1.23% of Align Technology as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently made changes to their positions in ALGN. Nordea Investment Management AB boosted its stake in Align Technology by 3.5% during the fourth quarter. Nordea Investment Management AB now owns 273,664 shares of the medical equipment provider's stock worth $56,870,000 after acquiring an additional 9,139 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of Align Technology by 119.6% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 169,641 shares of the medical equipment provider's stock worth $35,368,000 after purchasing an additional 92,407 shares in the last quarter. National Bank of Canada FI grew its stake in shares of Align Technology by 25.7% in the 3rd quarter. National Bank of Canada FI now owns 40,826 shares of the medical equipment provider's stock worth $10,383,000 after buying an additional 8,338 shares during the last quarter. Swedbank AB increased its position in Align Technology by 25.0% during the 4th quarter. Swedbank AB now owns 486,267 shares of the medical equipment provider's stock valued at $101,392,000 after buying an additional 97,152 shares in the last quarter. Finally, Principal Securities Inc. raised 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 valued at $392,000 after buying an additional 483 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company's stock.

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Align Technology Stock Down 0.5 %

NASDAQ:ALGN traded down $0.73 on Friday, hitting $153.51. The stock had a trading volume of 2,165,233 shares, compared to its average volume of 843,456. The business's 50-day simple moving average is $186.45 and its two-hundred day simple moving average is $211.96. The stock has a market cap of $11.24 billion, a price-to-earnings ratio of 27.36, a price-to-earnings-growth ratio of 2.24 and a beta of 1.73. Align Technology, Inc. has a 52-week low of $143.60 and a 52-week high of $331.64.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its quarterly earnings data 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 return on equity of 13.84% and a net margin of 10.54%. As a group, equities research analysts anticipate that Align Technology, Inc. will post 7.98 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on ALGN shares. Evercore ISI lifted their price target on Align Technology from $240.00 to $260.00 and gave the stock an "outperform" rating in a research report on Thursday, February 6th. Leerink Partnrs upgraded shares of Align Technology from a "hold" rating to a "strong-buy" rating in a research note on Monday, January 6th. Leerink Partners upgraded shares of Align Technology from a "market perform" rating to an "outperform" rating and upped their target price for the stock from $235.00 to $280.00 in a research note on Monday, January 6th. Bank of America raised their price target on shares of Align Technology from $200.00 to $206.00 and gave the company an "underperform" rating in a research report on Friday, December 13th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Align Technology in a research report on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Align Technology currently has an average rating of "Moderate Buy" and an average target price of $262.64.

Align Technology 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.