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

KLP Kapitalforvaltning AS bought a new position in Align Technology, Inc. (NASDAQ:ALGN) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 23,700 shares of the medical equipment provider’s stock, valued at approximately $4,942,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Mizuho Securities USA LLC increased its stake in shares of Align Technology by 46.1% in the fourth quarter. Mizuho Securities USA LLC now owns 6,651 shares of the medical equipment provider’s stock worth $1,387,000 after purchasing an additional 2,098 shares in the last quarter. Virtu Financial LLC bought a new position in Align Technology in the 4th quarter worth $3,115,000. Quantbot Technologies LP increased its stake in Align Technology by 2,071.5% in the 4th quarter. Quantbot Technologies LP now owns 37,849 shares of the medical equipment provider’s stock worth $7,892,000 after buying an additional 36,106 shares in the last quarter. Northwest & Ethical Investments L.P. raised its holdings in Align Technology by 6.2% during the fourth quarter. Northwest & Ethical Investments L.P. now owns 4,355 shares of the medical equipment provider’s stock valued at $908,000 after acquiring an additional 255 shares during the period. Finally, Royal London Asset Management Ltd. raised its holdings in Align Technology by 6.0% during the fourth quarter. Royal London Asset Management Ltd. now owns 29,511 shares of the medical equipment provider’s stock valued at $6,153,000 after acquiring an additional 1,683 shares during the period. Institutional investors own 88.43% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ALGN. Mizuho cut their target price on Align Technology from $295.00 to $250.00 and set an “outperform” rating for the company in a research report on Tuesday. Leerink Partners raised shares of Align Technology from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $235.00 to $280.00 in a report on Monday, January 6th. Evercore ISI boosted their target price on shares of Align Technology from $240.00 to $260.00 and gave the stock an “outperform” rating in a report on Thursday, February 6th. Jefferies Financial Group dropped 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 report on Thursday, January 23rd. Finally, Piper Sandler reiterated an “overweight” rating and issued a $235.00 price target (down from $270.00) on shares of Align Technology in a report on Tuesday, March 18th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $262.64.

Align Technology Stock Down 0.2 %

Shares of NASDAQ:ALGN opened at $170.00 on Wednesday. The firm has a fifty day simple moving average of $197.10 and a two-hundred day simple moving average of $215.77. Align Technology, Inc. has a 52 week low of $158.13 and a 52 week high of $331.64. The stock has a market capitalization of $12.51 billion, a P/E ratio of 30.30, a PEG ratio of 2.24 and a beta of 1.69.

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

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.