Bank of Nova Scotia Raises Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Bank of Nova Scotia increased its stake in shares of Align Technology, Inc. (NASDAQ:ALGNFree Report) by 30.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,115 shares of the medical equipment provider’s stock after acquiring an additional 1,646 shares during the period. Bank of Nova Scotia’s holdings in Align Technology were worth $1,949,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Rhenman & Partners Asset Management AB acquired a new stake in shares of Align Technology during the 3rd quarter worth approximately $305,000. Norges Bank purchased a new stake in Align Technology during the fourth quarter worth $223,610,000. Ameriprise Financial Inc. grew its position in Align Technology by 348.9% during the third quarter. Ameriprise Financial Inc. now owns 756,393 shares of the medical equipment provider’s stock valued at $230,938,000 after buying an additional 587,886 shares during the period. Brown Advisory Inc. grew its position in Align Technology by 41.4% during the fourth quarter. Brown Advisory Inc. now owns 1,509,080 shares of the medical equipment provider’s stock valued at $413,488,000 after buying an additional 441,754 shares during the period. Finally, Invesco Ltd. increased its holdings in Align Technology by 15.4% in the third quarter. Invesco Ltd. now owns 960,271 shares of the medical equipment provider’s stock valued at $293,190,000 after buying an additional 128,273 shares in the last quarter. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Align Technology Trading Up 0.6 %

NASDAQ:ALGN opened at $257.46 on Friday. The company has a market cap of $19.38 billion, a P/E ratio of 42.42, a P/E/G ratio of 4.56 and a beta of 1.62. Align Technology, Inc. has a twelve month low of $176.34 and a twelve month high of $413.20. The company’s 50-day moving average price is $287.84 and its 200-day moving average price is $279.78.

Align Technology (NASDAQ:ALGNGet Free Report) last released its earnings results on Wednesday, April 24th. The medical equipment provider reported $1.62 earnings per share for the quarter, topping analysts’ consensus estimates of $1.54 by $0.08. The business had revenue of $997.43 million for the quarter, compared to analyst estimates of $971.97 million. Align Technology had a net margin of 11.80% and a return on equity of 14.15%. On average, analysts expect that Align Technology, Inc. will post 7.95 earnings per share for the current year.

Wall Street Analysts Forecast Growth

ALGN has been the topic of several recent analyst reports. Morgan Stanley increased their target price on shares of Align Technology from $344.00 to $360.00 and gave the stock an “overweight” rating in a research note on Thursday, April 25th. UBS Group raised their price objective on Align Technology from $280.00 to $320.00 and gave the company a “neutral” rating in a report on Monday, April 15th. Robert W. Baird boosted their price objective on Align Technology from $333.00 to $370.00 and gave the company an “outperform” rating in a research report on Thursday, April 25th. Stifel Nicolaus increased their target price on Align Technology from $350.00 to $400.00 and gave the company a “buy” rating in a research report on Thursday, April 18th. Finally, Leerink Partnrs restated a “market perform” rating on shares of Align Technology in a research report on Monday, February 26th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Align Technology currently has a consensus rating of “Moderate Buy” and an average price target of $353.00.

Check Out Our Latest Research Report on ALGN

Align Technology Company Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Align Technology (NASDAQ:ALGN)

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