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

Norges Bank purchased a new stake in Align Technology, Inc. (NASDAQ:ALGN) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 915,027 shares of the medical equipment provider’s stock, valued at approximately $190,792,000. Norges Bank owned about 1.23% of Align Technology as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of ALGN. Picton Mahoney Asset Management grew its position in Align Technology by 69.9% in the fourth quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider’s stock valued at $30,000 after acquiring an additional 58 shares during the last quarter. Smartleaf Asset Management LLC grew its holdings in shares of Align Technology by 9.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 766 shares of the medical equipment provider’s stock valued at $158,000 after purchasing an additional 64 shares during the last quarter. Beech Hill Advisors Inc. increased its position in Align Technology by 0.6% during the 4th quarter. Beech Hill Advisors Inc. now owns 11,632 shares of the medical equipment provider’s stock worth $2,425,000 after purchasing an additional 65 shares in the last quarter. New York Life Investment Management LLC lifted its stake in Align Technology by 0.7% in the 4th quarter. New York Life Investment Management LLC now owns 9,406 shares of the medical equipment provider’s stock valued at $1,961,000 after purchasing an additional 68 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its position in Align Technology by 1.2% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 7,799 shares of the medical equipment provider’s stock valued at $1,626,000 after buying an additional 91 shares in the last quarter. Institutional investors and hedge funds own 88.43% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Leerink Partners upgraded shares of Align Technology from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $235.00 to $280.00 in a report on Monday, January 6th. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a research report on Thursday, February 6th. Piper Sandler reissued an “overweight” rating and set a $235.00 price target (down from $270.00) on shares of Align Technology in a research note on Tuesday, March 18th. 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. Finally, Bank of America lifted their target price on shares of Align Technology from $200.00 to $206.00 and gave the stock an “underperform” rating in a research report on Friday, December 13th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $262.64.

Align Technology Stock Down 3.1 %

ALGN opened at $159.21 on Monday. Align Technology, Inc. has a twelve month low of $157.57 and a twelve month high of $331.64. The company has a fifty day moving average of $193.72 and a 200-day moving average of $214.48. The stock has a market cap 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 (NASDAQ:ALGN) last issued its quarterly earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share 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%. Sell-side analysts anticipate 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.