KLP Kapitalforvaltning AS Takes $4.94 Million Position in Align Technology, Inc. (NASDAQ:ALGN)

KLP Kapitalforvaltning AS purchased a new position in shares of Align Technology, Inc. (NASDAQ:ALGN) in the fourth quarter, HoldingsChannel.com reports. The institutional investor purchased 23,700 shares of the medical equipment provider’s stock, valued at approximately $4,942,000.

Several other hedge funds also recently added to or reduced their stakes in the company. Wellington Management Group LLP lifted its stake in Align Technology by 49.0% in the third quarter. Wellington Management Group LLP now owns 2,634,600 shares of the medical equipment provider’s stock worth $670,031,000 after purchasing an additional 866,663 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Align Technology by 1.2% in the third quarter. Geode Capital Management LLC now owns 1,750,805 shares of the medical equipment provider’s stock worth $443,810,000 after buying an additional 21,605 shares during the period. FMR LLC lifted its stake in shares of Align Technology by 43.0% during the 3rd quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock worth $310,736,000 after acquiring an additional 367,508 shares during the last quarter. Ninety One UK Ltd boosted its holdings in Align Technology by 3.7% during the 4th quarter. Ninety One UK Ltd now owns 1,220,601 shares of the medical equipment provider’s stock valued at $254,508,000 after acquiring an additional 43,524 shares during the period. Finally, Meridiem Investment Management Ltd. grew its position in Align Technology by 63.7% in the 4th quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider’s stock valued at $159,470,000 after acquiring an additional 297,472 shares during the last quarter. 88.43% of the stock is currently owned by institutional investors.

Align Technology Price Performance

ALGN opened at $170.00 on Wednesday. The firm has a market capitalization of $12.51 billion, a PE ratio of 30.30, a price-to-earnings-growth ratio of 2.24 and a beta of 1.69. The business’s 50-day moving average is $197.10 and its two-hundred day moving average is $215.77. Align Technology, Inc. has a 1 year low of $158.13 and a 1 year high of $331.64.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). Align Technology had a return on equity of 13.84% and a net margin of 10.54%. As a group, sell-side analysts expect that Align Technology, Inc. will post 7.98 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ALGN. Jefferies Financial Group lowered their target price on shares of Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a research note on Thursday, January 23rd. Wells Fargo & Company assumed coverage on shares of Align Technology in a research note on Friday, February 14th. They issued an “overweight” rating and a $255.00 target price on the stock. Mizuho decreased their price target on shares of Align Technology from $295.00 to $250.00 and set an “outperform” rating for the company in a research note on Tuesday. Evercore ISI boosted their price target on Align Technology from $240.00 to $260.00 and gave the company an “outperform” rating in a report on Thursday, February 6th. Finally, Leerink Partnrs upgraded Align Technology from a “hold” rating to a “strong-buy” rating in a report on Monday, January 6th. One analyst has rated the stock with a sell rating, two have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $262.64.

Align Technology Company 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.