Swedbank AB Boosts Holdings in Align Technology, Inc. $ALGN

Key Points

• Swedbank AB increased its stake in Align Technology by 56.5% in Q4 to 636,162 shares (about 0.89% of the company), valued at roughly $99.34 million.
• Align beat quarterly expectations with EPS of $2.58 vs. $2.26 and revenue of $1.04 billion vs. $1.02 billion, and its board authorized a $200 million stock buyback to repurchase up to 1.6% of outstanding shares.
• Multiple brokerages raised ratings and targets (e.g., Barclays to "overweight", Mizuho to $215), leaving a MarketBeat consensus of "Moderate Buy" with a $205.85 price target.

Swedbank AB increased its stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 56.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 636,162 shares of the medical equipment provider's stock after acquiring an additional 229,703 shares during the quarter. Swedbank AB owned about 0.89% of Align Technology worth $99,337,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ALGN. Wealth Enhancement Advisory Services LLC increased its position in Align Technology by 38.9% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 15,551 shares of the medical equipment provider's stock worth $2,029,000 after buying an additional 4,359 shares during the period. AE Wealth Management LLC purchased a new stake in Align Technology in the third quarter valued at approximately $650,000. Dana Investment Advisors Inc. acquired a new stake in shares of Align Technology in the third quarter valued at approximately $9,991,000. AIA Group Ltd acquired a new stake in shares of Align Technology in the third quarter valued at approximately $2,507,000. Finally, Hussman Strategic Advisors Inc. purchased a new position in shares of Align Technology during the third quarter worth approximately $3,156,000. 88.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently commented on ALGN. Barclays raised shares of Align Technology from an "equal weight" rating to an "overweight" rating and set a $200.00 target price on the stock in a report on Tuesday, March 17th. Jefferies Financial Group raised their price objective on shares of Align Technology from $155.00 to $185.00 and gave the stock a "hold" rating in a research report on Thursday, February 5th. Wells Fargo & Company lifted their price objective on shares of Align Technology from $181.00 to $200.00 and gave the company an "overweight" rating in a research note on Thursday, February 5th. Stifel Nicolaus upped their target price on shares of Align Technology from $200.00 to $210.00 and gave the company a "buy" rating in a report on Thursday, February 5th. Finally, Mizuho raised their price target on Align Technology from $200.00 to $215.00 and gave the stock an "outperform" rating in a report on Thursday, February 5th. Eight analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $205.85.

Insider Activity

In other news, EVP John Morici sold 7,969 shares of the business's stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $189.31, for a total transaction of $1,508,611.39. Following the transaction, the executive vice president directly owned 8,237 shares in the company, valued at $1,559,346.47. The trade was a 49.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.75% of the stock is currently owned by company insiders.

Align Technology Price Performance

Shares of NASDAQ ALGN opened at $173.94 on Thursday. The stock has a fifty day moving average price of $178.45 and a 200 day moving average price of $165.08. Align Technology, Inc. has a 1-year low of $122.00 and a 1-year high of $208.30. The company has a market cap of $12.46 billion, a PE ratio of 29.18, a P/E/G ratio of 1.74 and a beta of 1.70.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.26 by $0.32. The company had revenue of $1.04 billion for the quarter, compared to analysts' expectations of $1.02 billion. Align Technology had a net margin of 10.50% and a return on equity of 15.82%. Align Technology's revenue was up 6.2% compared to the same quarter last year. During the same period in the previous year, the company posted $2.13 EPS. Analysts anticipate that Align Technology, Inc. will post 9.43 earnings per share for the current fiscal year.

Align Technology declared that its board has initiated a stock buyback program on Wednesday, April 29th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the medical equipment provider to reacquire up to 1.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's management believes its stock is undervalued.

Align Technology Company Profile

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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