Swedbank AB Increases Stock Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Swedbank AB raised its position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 30.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 389,115 shares of the medical equipment provider's stock after buying an additional 90,000 shares during the period. Swedbank AB owned about 0.52% of Align Technology worth $98,960,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Bank of New York Mellon Corp increased its position in shares of Align Technology by 1.4% during the second quarter. Bank of New York Mellon Corp now owns 1,148,282 shares of the medical equipment provider's stock worth $277,230,000 after purchasing an additional 15,540 shares in the last quarter. Ninety One UK Ltd grew its holdings in shares of Align Technology by 1.0% during the second quarter. Ninety One UK Ltd now owns 1,147,124 shares of the medical equipment provider's stock worth $276,950,000 after buying an additional 10,919 shares in the last quarter. Disciplined Growth Investors Inc. MN raised its position in shares of Align Technology by 0.5% in the second quarter. Disciplined Growth Investors Inc. MN now owns 707,542 shares of the medical equipment provider's stock valued at $170,822,000 after buying an additional 3,600 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC lifted its stake in shares of Align Technology by 4,391.3% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 488,251 shares of the medical equipment provider's stock worth $117,879,000 after buying an additional 477,380 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Align Technology by 2.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 448,028 shares of the medical equipment provider's stock worth $113,942,000 after acquiring an additional 10,887 shares during the last quarter. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Morgan Stanley cut their price objective on shares of Align Technology from $310.00 to $280.00 and set an "overweight" rating for the company in a report on Thursday, October 24th. Piper Sandler reduced their price objective on Align Technology from $285.00 to $275.00 and set an "overweight" rating on the stock in a research report on Thursday, October 24th. Stifel Nicolaus cut their target price on Align Technology from $285.00 to $275.00 and set a "buy" rating for the company in a research note on Thursday, October 24th. StockNews.com raised shares of Align Technology from a "hold" rating to a "buy" rating in a report on Thursday, September 19th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Align Technology in a research note on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $276.38.

Align Technology Stock Performance

ALGN stock traded up $14.63 during mid-day trading on Monday, reaching $240.52. The company had a trading volume of 1,393,217 shares, compared to its average volume of 785,791. The firm has a fifty day simple moving average of $228.36 and a 200 day simple moving average of $237.28. The company has a market capitalization of $17.95 billion, a price-to-earnings ratio of 41.04, a price-to-earnings-growth ratio of 5.85 and a beta of 1.65. Align Technology, Inc. has a fifty-two week low of $196.09 and a fifty-two week high of $335.40.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its quarterly earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 EPS for the quarter, topping the consensus estimate of $2.31 by $0.04. The company had revenue of $977.87 million during the quarter, compared to analysts' expectations of $990.05 million. Align Technology had a net margin of 11.15% and a return on equity of 13.99%. The firm's revenue was up 1.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.62 EPS. As a group, analysts predict that Align Technology, Inc. will post 7.45 earnings per share for the current year.

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.