Handelsbanken Fonder AB Sells 64,701 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Handelsbanken Fonder AB lowered its stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 62.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 38,891 shares of the medical equipment provider's stock after selling 64,701 shares during the quarter. Handelsbanken Fonder AB owned about 0.05% of Align Technology worth $6,178,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Picton Mahoney Asset Management lifted its position in Align Technology by 69.9% in the fourth quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider's stock worth $30,000 after purchasing an additional 58 shares during the period. GKV Capital Management Co. Inc. acquired a new stake in Align Technology in the fourth quarter worth approximately $31,000. Aster Capital Management DIFC Ltd acquired a new stake in Align Technology in the fourth quarter worth approximately $35,000. Private Trust Co. NA lifted its holdings in shares of Align Technology by 113.4% in the fourth quarter. Private Trust Co. NA now owns 175 shares of the medical equipment provider's stock valued at $36,000 after buying an additional 93 shares during the period. Finally, Orion Capital Management LLC acquired a new stake in shares of Align Technology in the fourth quarter valued at $42,000. Institutional investors and hedge funds own 88.43% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on ALGN shares. Wells Fargo & Company cut their price objective on Align Technology from $255.00 to $246.00 and set an "overweight" rating for the company in a report on Thursday, May 1st. Mizuho cut their price target on shares of Align Technology from $250.00 to $245.00 and set an "outperform" rating for the company in a report on Tuesday, April 29th. Hsbc Global Res lowered shares of Align Technology from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 25th. Piper Sandler reissued an "overweight" rating and set a $250.00 target price (up from $235.00) on shares of Align Technology in a research note on Thursday, May 1st. Finally, Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a research note on Thursday, May 1st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Align Technology currently has an average rating of "Moderate Buy" and an average target price of $241.25.

Align Technology Trading Up 2.6%

NASDAQ ALGN traded up $4.67 during trading on Monday, hitting $182.52. 610,456 shares of the company traded hands, compared to its average volume of 911,070. Align Technology, Inc. has a 12 month low of $141.74 and a 12 month high of $263.24. The business has a fifty day simple moving average of $177.45 and a 200 day simple moving average of $192.30. The company has a market capitalization of $13.23 billion, a P/E ratio of 32.53, a PEG ratio of 2.24 and a beta of 1.64.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share for the quarter, beating the consensus estimate of $2.00 by $0.13. Align Technology had a return on equity of 13.84% and a net margin of 10.54%. The company had revenue of $979.26 million for the quarter, compared to analyst estimates of $977.90 million. During the same period last year, the company earned $2.14 earnings per share. The business's revenue was down 1.8% compared to the same quarter last year. Equities research analysts predict that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology declared that its board has approved a share buyback plan on Tuesday, May 6th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the medical equipment provider to reacquire up to 7.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's leadership believes its stock is undervalued.

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.