American Assets Inc. Acquires Shares of 2,000 Align Technology, Inc. (NASDAQ:ALGN)

American Assets Inc. acquired a new stake in Align Technology, Inc. (NASDAQ:ALGN) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 2,000 shares of the medical equipment provider’s stock, valued at approximately $417,000. Align Technology comprises approximately 0.1% of American Assets Inc.’s holdings, making the stock its 20th largest holding.

Other hedge funds have also recently bought and sold shares of the company. Baker Avenue Asset Management LP bought a new position in Align Technology in the 3rd quarter valued at $4,250,000. Swedbank AB boosted its position in shares of Align Technology by 30.1% in the 3rd quarter. Swedbank AB now owns 389,115 shares of the medical equipment provider’s stock worth $98,960,000 after purchasing an additional 90,000 shares during the last quarter. KBC Group NV boosted its position in shares of Align Technology by 11.8% in the 3rd quarter. KBC Group NV now owns 53,458 shares of the medical equipment provider’s stock worth $13,595,000 after purchasing an additional 5,663 shares during the last quarter. Nordea Investment Management AB boosted its position in shares of Align Technology by 3.5% in the 4th quarter. Nordea Investment Management AB now owns 273,664 shares of the medical equipment provider’s stock worth $56,870,000 after purchasing an additional 9,139 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its position in shares of Align Technology by 119.6% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 169,641 shares of the medical equipment provider’s stock worth $35,368,000 after purchasing an additional 92,407 shares during the last quarter. 88.43% of the stock is currently owned by institutional investors.

Align Technology Price Performance

ALGN opened at $173.75 on Friday. The business’s 50-day moving average price is $208.02 and its two-hundred day moving average price is $221.29. Align Technology, Inc. has a 1 year low of $167.32 and a 1 year high of $335.40. The company has a market capitalization of $12.79 billion, a price-to-earnings ratio of 30.97, a P/E/G 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 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.43 by ($0.47). Align Technology had a net margin of 10.54% and a return on equity of 13.84%. Sell-side analysts anticipate that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Piper Sandler reduced their price target on Align Technology from $275.00 to $270.00 and set an “overweight” rating on the stock in a research report on Thursday, February 6th. Wells Fargo & Company assumed coverage on Align Technology in a research report on Friday, February 14th. They issued an “overweight” rating and a $255.00 price target on the stock. Mizuho started coverage on Align Technology in a research report on Wednesday, December 4th. They issued an “outperform” rating and a $295.00 price target on the stock. Leerink Partnrs upgraded Align Technology from a “hold” rating to a “strong-buy” rating in a report on Monday, January 6th. Finally, Evercore ISI lifted their target price on Align Technology from $240.00 to $260.00 and gave the stock an “outperform” rating in a report on Thursday, February 6th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Align Technology currently has an average rating of “Moderate Buy” and a consensus target price of $269.91.

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.