Align Technology, Inc. $ALGN Stock Purchased by Danske Bank A S

Key Points

• Danske Bank sharply increased its Align Technology stake by 1,366,764% in the third quarter, ending with 683,432 shares valued at about $90.4 million, or roughly 0.95% of the company.
• Analysts collectively rate the stock a “Moderate Buy,” with an average price target of $193.08; recent views included downgrades to “in-line” or “hold” and a lowered $200 target from Mizuho.
• Align reported quarterly earnings of $2.80 per share, slightly above estimates, on $1.01 billion in revenue, up 1.9% year over year. Shares recently traded at $168.32.

Danske Bank A S raised its position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 1,366,764.0% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 683,432 shares of the medical equipment provider's stock after acquiring an additional 683,382 shares during the quarter. Danske Bank A S owned approximately 0.95% of Align Technology worth $90,426,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Hollencrest Capital Management purchased a new stake in shares of Align Technology in the 1st quarter valued at approximately $34,000. Osterweis Capital Management Inc. purchased a new stake in shares of Align Technology during the 2nd quarter worth $36,000. Entrust Financial LLC lifted its position in shares of Align Technology by 272.9% during the 3rd quarter. Entrust Financial LLC now owns 220 shares of the medical equipment provider's stock worth $30,000 after purchasing an additional 161 shares during the last quarter. Global Retirement Partners LLC acquired a new position in shares of Align Technology during the second quarter worth $38,000. Finally, Bessemer Group Inc. grew its stake in shares of Align Technology by 37.2% during the first quarter. Bessemer Group Inc. now owns 247 shares of the medical equipment provider's stock worth $43,000 after purchasing an additional 67 shares in the last quarter. Hedge funds and other institutional investors own 88.43% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a report on Thursday, October 29th. Evercore downgraded Align Technology from an "outperform" rating to an "in-line" rating and set a $155.00 price target for the company. in a report on Monday, October 5th. Weiss Ratings raised Align Technology from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, October 9th. Wall Street Zen cut Align Technology from a "buy" rating to a "hold" rating in a research report on Saturday, October 24th. Finally, Mizuho dropped their price objective on Align Technology from $220.00 to $200.00 and set an "outperform" rating on the stock in a report on Thursday, October 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Align Technology has an average rating of "Moderate Buy" and an average price target of $193.08.

Align Technology Stock Performance

NASDAQ ALGN traded up $1.35 during trading hours on Friday, hitting $168.32. The company had a trading volume of 665,625 shares, compared to its average volume of 1,198,686. The business has a 50 day moving average of $151.67 and a 200-day moving average of $168.57. The company has a market cap of $11.86 billion, a PE ratio of 24.50, a price-to-earnings-growth ratio of 2.16 and a beta of 1.74. Align Technology, Inc. has a 1-year low of $130.23 and a 1-year high of $200.43.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its earnings results on Wednesday, October 28th. The medical equipment provider reported $2.80 EPS for the quarter, topping analysts' consensus estimates of $2.77 by $0.03. Align Technology had a return on equity of 15.96% and a net margin of 11.83%. The business had revenue of $1.01 billion for the quarter, compared to analysts' expectations of $1 billion. During the same quarter in the previous year, the firm earned $2.61 earnings per share. The business's revenue was up 1.9% compared to the same quarter last year. Sell-side analysts expect that Align Technology, Inc. will post 9.21 earnings per share for the current fiscal year.

About Align Technology

Align Technology, Inc. develops, manufactures and markets digital orthodontic and restorative dentistry products. Its best-known offering is the Invisalign system, which uses a series of custom-made clear aligners to straighten teeth. The company also sells Vivera retainers and iTero intraoral scanners, which support digital dental imaging and treatment planning. Founded in 1997, Align helped popularize clear-aligner orthodontic treatment as an alternative to traditional braces. Its digital dentistry portfolio also includes exocad software, used by dental professionals and laboratories to design dental restorations.

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