Nordea Investment Management AB Purchases 310,091 Shares of Align Technology, Inc. $ALGN

Key Points

• Nordea Investment Management AB increased its stake in Align Technology by 94.5%, acquiring an additional 310,091 shares during the second quarter, bringing their total to 638,341 shares valued at approximately $121 million.
• CEO Joseph M. Hogan purchased 7,576 shares of Align Technology for around $996,168, increasing his ownership in the company by 4.27%.
• Despite a recent earnings miss with EPS falling short of forecasts, Align Technology has approved a $200 million stock buyback plan as a signal of confidence in its undervalued stock.

Nordea Investment Management AB boosted its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 94.5% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 638,341 shares of the medical equipment provider's stock after buying an additional 310,091 shares during the quarter. Nordea Investment Management AB owned approximately 0.88% of Align Technology worth $121,055,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cromwell Holdings LLC raised its holdings in Align Technology by 2,900.0% in the 2nd quarter. Cromwell Holdings LLC now owns 180 shares of the medical equipment provider's stock worth $34,000 after purchasing an additional 174 shares in the last quarter. Center for Financial Planning Inc. bought a new position in Align Technology in the 1st quarter worth $35,000. SVB Wealth LLC bought a new position in Align Technology in the 1st quarter worth $36,000. Farther Finance Advisors LLC raised its holdings in Align Technology by 42.2% in the 2nd quarter. Farther Finance Advisors LLC now owns 310 shares of the medical equipment provider's stock worth $59,000 after purchasing an additional 92 shares in the last quarter. Finally, Mather Group LLC. raised its holdings in Align Technology by 375.0% in the 1st quarter. Mather Group LLC. now owns 437 shares of the medical equipment provider's stock worth $69,000 after purchasing an additional 345 shares in the last quarter. 88.43% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CEO Joseph M. Hogan acquired 7,576 shares of the business's stock in a transaction that occurred on Friday, August 1st. The shares were bought at an average cost of $131.49 per share, with a total value of $996,168.24. Following the transaction, the chief executive officer owned 184,945 shares of the company's stock, valued at $24,318,418.05. This trade represents a 4.27% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.66% of the company's stock.

Analyst Upgrades and Downgrades

ALGN has been the subject of several research reports. Jefferies Financial Group restated a "hold" rating and issued a $140.00 price objective (down from $215.00) on shares of Align Technology in a report on Friday, October 10th. Piper Sandler decreased their price objective on shares of Align Technology from $250.00 to $190.00 and set an "overweight" rating for the company in a report on Thursday, July 31st. Stifel Nicolaus reduced their target price on shares of Align Technology from $275.00 to $200.00 and set a "buy" rating on the stock in a research report on Thursday, July 31st. Zacks Research raised shares of Align Technology from a "strong sell" rating to a "hold" rating in a research report on Tuesday, September 30th. Finally, Evercore ISI reduced their target price on shares of Align Technology from $170.00 to $160.00 and set an "outperform" rating on the stock in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $182.67.

Align Technology Stock Performance

Shares of ALGN stock opened at $130.45 on Friday. Align Technology, Inc. has a one year low of $122.00 and a one year high of $246.19. The company's 50-day moving average is $134.71 and its 200 day moving average is $163.30. The company has a market capitalization of $9.46 billion, a price-to-earnings ratio of 22.00, a price-to-earnings-growth ratio of 1.47 and a beta of 1.70.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The medical equipment provider reported $2.49 EPS for the quarter, missing the consensus estimate of $2.57 by ($0.08). Align Technology had a net margin of 11.04% and a return on equity of 13.36%. The firm had revenue of $1.01 billion for the quarter, compared to analysts' expectations of $1.06 billion. During the same period last year, the company posted $2.41 earnings per share. The business's revenue for the quarter was down 1.6% compared to the same quarter last year. Align Technology has set its Q3 2025 guidance at EPS. As a group, research analysts predict that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Align Technology announced that its Board of Directors has approved a stock buyback plan on Tuesday, August 5th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the medical equipment provider to purchase up to 2% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's board believes its stock is undervalued.

About Align Technology

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.