Norges Bank Buys Shares of 996,197 Align Technology, Inc. $ALGN

Norges Bank bought a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 996,197 shares of the medical equipment provider’s stock, valued at approximately $155,556,000. Norges Bank owned approximately 1.39% of Align Technology as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in ALGN. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Align Technology by 4.8% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,222 shares of the medical equipment provider’s stock valued at $1,624,000 after buying an additional 469 shares in the last quarter. Focus Partners Wealth grew its holdings in shares of Align Technology by 5.2% during the first quarter. Focus Partners Wealth now owns 3,062 shares of the medical equipment provider’s stock worth $486,000 after purchasing an additional 151 shares in the last quarter. Sivia Capital Partners LLC purchased a new position in shares of Align Technology during the second quarter worth about $204,000. EverSource Wealth Advisors LLC grew its holdings in shares of Align Technology by 55.7% during the second quarter. EverSource Wealth Advisors LLC now owns 531 shares of the medical equipment provider’s stock worth $101,000 after purchasing an additional 190 shares in the last quarter. Finally, First Trust Advisors LP grew its holdings in shares of Align Technology by 201.7% during the second quarter. First Trust Advisors LP now owns 88,270 shares of the medical equipment provider’s stock worth $16,712,000 after purchasing an additional 59,010 shares in the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Robert W. Baird set a $218.00 price objective on Align Technology in a report on Thursday, February 5th. Evercore boosted their price objective on Align Technology from $200.00 to $220.00 in a report on Thursday, April 30th. Piper Sandler boosted their price objective on Align Technology from $220.00 to $235.00 and gave the stock an “overweight” rating in a report on Tuesday, April 21st. Zacks Research raised Align Technology from a “hold” rating to a “strong-buy” rating in a report on Monday. Finally, Wells Fargo & Company boosted their price objective on Align Technology from $181.00 to $200.00 and gave the stock an “overweight” rating in a report on Thursday, February 5th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $205.85.

Align Technology Price Performance

Shares of ALGN opened at $161.66 on Thursday. The firm has a market cap of $11.58 billion, a P/E ratio of 27.12, a P/E/G ratio of 1.71 and a beta of 1.67. The stock has a 50 day simple moving average of $173.10 and a two-hundred day simple moving average of $169.01. Align Technology, Inc. has a 1 year low of $122.00 and a 1 year high of $208.30.

Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.26 by $0.32. The business had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.02 billion. Align Technology had a return on equity of 15.82% and a net margin of 10.50%.Align Technology’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.13 earnings per share. On average, equities analysts anticipate that Align Technology, Inc. will post 9.48 earnings per share for the current year.

Align Technology announced that its Board of Directors has initiated a stock buyback program on Wednesday, April 29th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the medical equipment provider to buy up to 1.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.

About Align Technology

Align Technology, Inc (NASDAQ: ALGN) pioneered the use of digital technology in orthodontics through the development of the Invisalign system, a series of clear, removable aligners that provide an alternative to traditional metal braces. Since its founding in 1997 by Zia Chishti and Kelsey Wirth, the Tempe, Arizona–based company has expanded its focus to include intraoral scanners, CAD/CAM software for dental laboratories and comprehensive digital dentistry solutions.

The company’s signature Invisalign system leverages 3D imaging and computer-aided design (CAD) to create customized aligners that gradually reposition teeth, improving patient comfort and treatment predictability.