Rhenman & Partners Asset Management AB Boosts Stock Holdings in Align Technology, Inc. $ALGN

Rhenman & Partners Asset Management AB boosted its stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 19.3% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 99,000 shares of the medical equipment provider's stock after acquiring an additional 16,000 shares during the period. Rhenman & Partners Asset Management AB owned 0.14% of Align Technology worth $15,459,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Independence Bank of Kentucky grew its stake in shares of Align Technology by 77.7% in the 4th quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider's stock worth $29,000 after buying an additional 80 shares in the last quarter. Miller Global Investments LLC purchased a new position in shares of Align Technology in the 4th quarter worth $31,000. JFS Wealth Advisors LLC grew its stake in shares of Align Technology by 2,016.7% in the 3rd quarter. JFS Wealth Advisors LLC now owns 254 shares of the medical equipment provider's stock worth $32,000 after buying an additional 242 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its stake in shares of Align Technology by 1,773.3% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 281 shares of the medical equipment provider's stock worth $35,000 after buying an additional 266 shares in the last quarter. Finally, Global Retirement Partners LLC grew its stake in shares of Align Technology by 101.8% in the 4th quarter. Global Retirement Partners LLC now owns 230 shares of the medical equipment provider's stock worth $36,000 after buying an additional 116 shares in the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Trading Down 0.9%

ALGN stock opened at $174.84 on Friday. Align Technology, Inc. has a 12 month low of $122.00 and a 12 month high of $208.30. The company has a 50-day moving average price of $172.98 and a 200 day moving average price of $170.60. The stock has a market cap of $12.52 billion, a PE ratio of 29.34, a P/E/G ratio of 1.81 and a beta of 1.67.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 EPS for the quarter, topping analysts' consensus estimates of $2.26 by $0.32. Align Technology had a net margin of 10.50% and a return on equity of 15.82%. The firm had revenue of $1.04 billion during the quarter, compared to analysts' expectations of $1.02 billion. During the same period in the previous year, the company earned $2.13 EPS. The firm's revenue for the quarter was up 6.2% compared to the same quarter last year. Sell-side analysts forecast that Align Technology, Inc. will post 9.48 EPS for the current year.

Align Technology declared that its board has approved a share repurchase program on Wednesday, April 29th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the medical equipment provider to purchase up to 1.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company's management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Piper Sandler lifted their price objective on shares of Align Technology from $220.00 to $235.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 21st. Weiss Ratings cut shares of Align Technology from a "hold (c)" rating to a "hold (c-)" rating in a research note on Thursday, June 4th. Evercore lifted their price objective on shares of Align Technology from $200.00 to $220.00 in a research note on Thursday, April 30th. Barclays raised shares of Align Technology from an "equal weight" rating to an "overweight" rating and set a $200.00 price objective for the company in a research note on Tuesday, March 17th. Finally, Morgan Stanley lifted their price objective on shares of Align Technology from $169.00 to $188.00 and gave the stock an "equal weight" rating in a research note on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $205.85.

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.

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