Allianz SE Makes New Investment in Align Technology, Inc. (NASDAQ:ALGN)

Allianz SE purchased a new position in Align Technology, Inc. (NASDAQ:ALGN) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,839 shares of the medical equipment provider’s stock, valued at approximately $380,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Wellington Management Group LLP grew its holdings in shares of Align Technology by 49.0% during the third quarter. Wellington Management Group LLP now owns 2,634,600 shares of the medical equipment provider’s stock valued at $670,031,000 after buying an additional 866,663 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Align Technology by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 1,750,805 shares of the medical equipment provider’s stock worth $443,810,000 after purchasing an additional 21,605 shares in the last quarter. FMR LLC raised its stake in shares of Align Technology by 43.0% in the third quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock worth $310,736,000 after purchasing an additional 367,508 shares during the last quarter. Ninety One UK Ltd boosted its position in shares of Align Technology by 3.7% during the fourth quarter. Ninety One UK Ltd now owns 1,220,601 shares of the medical equipment provider’s stock valued at $254,508,000 after buying an additional 43,524 shares during the last quarter. Finally, Norges Bank bought a new stake in Align Technology in the 4th quarter worth about $190,792,000. 88.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on ALGN shares. Leerink Partners raised shares of Align Technology from a “market perform” rating to an “outperform” rating and raised their price target for the company from $235.00 to $280.00 in a report on Monday, January 6th. Wells Fargo & Company began coverage on shares of Align Technology in a research note on Friday, February 14th. They set an “overweight” rating and a $255.00 target price for the company. Morgan Stanley dropped their price objective on shares of Align Technology from $280.00 to $272.00 and set an “overweight” rating on the stock in a report on Thursday, February 6th. Mizuho lowered their price target on shares of Align Technology from $295.00 to $250.00 and set an “outperform” rating on the stock in a report on Tuesday, March 25th. Finally, Piper Sandler reissued an “overweight” rating and set a $235.00 price target (down from $270.00) on shares of Align Technology in a report on Tuesday, March 18th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $262.64.

Align Technology Stock Down 3.1 %

Shares of ALGN opened at $159.21 on Monday. The business has a fifty day moving average of $193.72 and a 200 day moving average of $214.48. The company has a market cap of $11.72 billion, a PE ratio of 28.38, a P/E/G 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.

Align Technology (NASDAQ:ALGN) last released its 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, research analysts anticipate that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Align Technology 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.