Align Technology, Inc. (NASDAQ:ALGN) Shares Bought by Handelsbanken Fonder AB

Handelsbanken Fonder AB raised its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 210.5% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 108,872 shares of the medical equipment provider’s stock after buying an additional 73,805 shares during the quarter. Handelsbanken Fonder AB owned about 0.14% of Align Technology worth $27,688,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Mather Group LLC. purchased a new stake in Align Technology during the 1st quarter valued at about $26,000. LRI Investments LLC purchased a new stake in shares of Align Technology in the first quarter valued at approximately $29,000. Cullen Frost Bankers Inc. increased its holdings in shares of Align Technology by 854.5% in the second quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock valued at $25,000 after purchasing an additional 94 shares during the last quarter. Rothschild Investment LLC purchased a new position in Align Technology during the second quarter worth approximately $26,000. Finally, Innealta Capital LLC purchased a new position in Align Technology during the second quarter worth approximately $26,000. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Align Technology Stock Performance

Shares of NASDAQ ALGN traded up $4.38 during trading on Friday, reaching $241.35. The stock had a trading volume of 466,500 shares, compared to its average volume of 764,878. The company has a market cap of $18.17 billion, a P/E ratio of 39.76, a PEG ratio of 5.77 and a beta of 1.64. Align Technology, Inc. has a fifty-two week low of $176.34 and a fifty-two week high of $335.40. The business’s 50-day moving average price is $233.17 and its 200-day moving average price is $259.95.

Align Technology (NASDAQ:ALGN) last released its earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share for the quarter, beating the consensus estimate of $2.32 by $0.09. The company had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.04 billion. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. Align Technology’s revenue was up 2.6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.73 EPS. Analysts forecast that Align Technology, Inc. will post 7.61 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on ALGN shares. Morgan Stanley cut their target price on Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a research note on Thursday, July 25th. Robert W. Baird dropped their price objective on shares of Align Technology from $370.00 to $325.00 and set an “outperform” rating for the company in a report on Monday, July 22nd. StockNews.com raised shares of Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday, September 19th. Stifel Nicolaus dropped their price target on shares of Align Technology from $400.00 to $350.00 and set a “buy” rating for the company in a research note on Thursday, July 25th. Finally, Evercore ISI cut their price target on shares of Align Technology from $370.00 to $300.00 and set an “outperform” rating for the company in a report on Monday, June 10th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $306.88.

Insider Buying and Selling

In other Align Technology news, Director C Raymond Larkin, Jr. purchased 6,500 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was bought at an average price of $235.33 per share, with a total value of $1,529,645.00. Following the transaction, the director now directly owns 28,247 shares of the company’s stock, valued at approximately $6,647,366.51. This represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.62% of the stock is owned by insiders.

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.