Nykredit A S Invests $74.08 Million in Align Technology, Inc. $ALGN

Key Points

• Nykredit A/S acquired 439,210 shares of Align Technology in the second quarter, valued at approximately $74.1 million and representing about 0.61% of the company. Institutional investors collectively own 88.43% of Align’s stock.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $206.36, although several firms recently downgraded or reaffirmed neutral/hold ratings.
• Align Technology reported quarterly revenue of $1.06 billion and earnings of $2.64 per share, slightly exceeding estimates; revenue increased 4.3% year over year. Shares opened at $147.61, below their 50-day and 200-day moving averages.

Nykredit A S acquired a new position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 439,210 shares of the medical equipment provider's stock, valued at approximately $74,077,000. Nykredit A S owned approximately 0.61% of Align Technology at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Bessemer Group Inc. lifted its stake in Align Technology by 37.2% in the 1st quarter. Bessemer Group Inc. now owns 247 shares of the medical equipment provider's stock valued at $43,000 after buying an additional 67 shares in the last quarter. Blue Trust Inc. lifted its holdings in Align Technology by 77.5% in the 1st quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider's stock valued at $27,000 after purchasing an additional 69 shares in the last quarter. First Bank & Trust lifted its holdings in Align Technology by 5.0% in the 2nd quarter. First Bank & Trust now owns 1,599 shares of the medical equipment provider's stock valued at $270,000 after purchasing an additional 76 shares in the last quarter. M.E. Allison & CO. Inc. boosted its stake in Align Technology by 1.9% during the 2nd quarter. M.E. Allison & CO. Inc. now owns 4,235 shares of the medical equipment provider's stock worth $714,000 after purchasing an additional 80 shares during the last quarter. Finally, Pinnacle Wealth Management Advisory Group LLC boosted its stake in Align Technology by 6.7% during the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,501 shares of the medical equipment provider's stock worth $257,000 after purchasing an additional 94 shares during the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Wall Street Zen lowered Align Technology from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 1st. Zacks Research downgraded Align Technology from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 16th. UBS Group reissued a "neutral" rating and set a $189.00 price objective on shares of Align Technology in a research note on Thursday, July 23rd. Weiss Ratings upgraded Align Technology from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, September 4th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Align Technology in a research note on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $206.36.

Align Technology Trading Down 1.4%

Shares of NASDAQ ALGN opened at $147.61 on Friday. The stock has a market cap of $10.57 billion, a P/E ratio of 25.67, a PEG ratio of 1.59 and a beta of 1.65. The business's fifty day simple moving average is $165.83 and its 200-day simple moving average is $171.45. Align Technology, Inc. has a 12-month low of $122.00 and a 12-month high of $200.43.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 EPS for the quarter, topping the consensus estimate of $2.62 by $0.02. Align Technology had a net margin of 9.99% and a return on equity of 15.86%. The company had revenue of $1.06 billion during the quarter, compared to analysts' expectations of $1.05 billion. During the same quarter in the previous year, the business posted $2.49 EPS. The firm's revenue was up 4.3% on a year-over-year basis. On average, equities analysts forecast that Align Technology, Inc. will post 9.38 EPS for the current fiscal year.

Align Technology Company Profile

Align Technology, Inc NASDAQ: ALGN is a global medical device company that designs, manufactures and markets products used in orthodontics and digital dentistry. Its best-known product is the Invisalign system, a series of clear, removable aligners intended to gradually straighten teeth and address certain orthodontic conditions under the supervision of dental professionals.

The company also develops digital dentistry technologies, including iTero intraoral scanners and related software, which create digital impressions and support orthodontic, restorative and implant treatment planning.

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