Norges Bank Invests $190.79 Million in Align Technology, Inc. (NASDAQ:ALGN)

Norges Bank bought a new stake in Align Technology, Inc. (NASDAQ:ALGN) in the fourth quarter, Holdings Channel.com reports. The institutional investor bought 915,027 shares of the medical equipment provider’s stock, valued at approximately $190,792,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ALGN. True Wealth Design LLC grew its stake in Align Technology by 10,700.0% in the third quarter. True Wealth Design LLC now owns 108 shares of the medical equipment provider’s stock valued at $27,000 after acquiring an additional 107 shares during the period. Picton Mahoney Asset Management lifted its holdings in shares of Align Technology by 69.9% in the 4th quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider’s stock worth $30,000 after purchasing an additional 58 shares in the last quarter. Neo Ivy Capital Management acquired a new stake in Align Technology in the 3rd quarter valued at $32,000. Private Trust Co. NA increased its stake in Align Technology by 113.4% during the 4th quarter. Private Trust Co. NA now owns 175 shares of the medical equipment provider’s stock valued at $36,000 after purchasing an additional 93 shares in the last quarter. Finally, Versant Capital Management Inc raised its holdings in Align Technology by 212.2% during the fourth quarter. Versant Capital Management Inc now owns 231 shares of the medical equipment provider’s stock worth $48,000 after buying an additional 157 shares during the last quarter. 88.43% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Leerink Partnrs upgraded shares of Align Technology from a “hold” rating to a “strong-buy” rating in a report on Monday, January 6th. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a research note on Thursday, February 6th. Morgan Stanley lowered their price objective on Align Technology from $280.00 to $272.00 and set an “overweight” rating for the company in a research note on Thursday, February 6th. Piper Sandler reaffirmed an “overweight” rating and set a $235.00 target price (down previously from $270.00) on shares of Align Technology in a research report on Tuesday, March 18th. Finally, Leerink Partners raised Align Technology from a “market perform” rating to an “outperform” rating and increased their price target for the company from $235.00 to $280.00 in a research report on Monday, January 6th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $262.64.

Align Technology Stock Performance

NASDAQ ALGN opened at $159.21 on Monday. The company has a market capitalization of $11.72 billion, a PE ratio of 28.38, a price-to-earnings-growth ratio of 2.24 and a beta of 1.69. Align Technology, Inc. has a 52-week low of $157.57 and a 52-week high of $331.64. The company has a 50-day simple moving average of $193.72 and a 200 day simple moving average of $214.48.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share (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%. As a group, analysts forecast that Align Technology, Inc. will post 7.98 EPS for the current fiscal 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.