Rhenman & Partners Asset Management AB Has $8.74 Million Position in Align Technology, Inc. (NASDAQ:ALGN)

Rhenman & Partners Asset Management AB decreased its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 23.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 41,900 shares of the medical equipment provider’s stock after selling 13,100 shares during the quarter. Rhenman & Partners Asset Management AB owned approximately 0.06% of Align Technology worth $8,737,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Align Technology in the fourth quarter valued at about $190,792,000. Wellington Management Group LLP raised its holdings in Align Technology by 49.0% in the 3rd quarter. Wellington Management Group LLP now owns 2,634,600 shares of the medical equipment provider’s stock valued at $670,031,000 after acquiring an additional 866,663 shares during the period. Meridiem Investment Management Ltd. raised its holdings in Align Technology by 63.7% in the 4th quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider’s stock valued at $159,470,000 after acquiring an additional 297,472 shares during the period. Resona Asset Management Co. Ltd. bought a new stake in shares of Align Technology during the fourth quarter worth approximately $47,853,000. Finally, Raymond James Financial Inc. acquired a new position in shares of Align Technology in the fourth quarter valued at approximately $42,243,000. 88.43% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

ALGN has been the subject of several research reports. Wells Fargo & Company assumed coverage on Align Technology in a report on Friday, February 14th. They set an “overweight” rating and a $255.00 price target for the company. 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. Mizuho decreased their price target on shares of Align Technology from $295.00 to $250.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 25th. Leerink Partners upgraded shares of Align Technology from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $235.00 to $280.00 in a research note on Monday, January 6th. Finally, Morgan Stanley decreased their target price on shares of Align Technology from $280.00 to $272.00 and set an “overweight” rating on the stock in a research report on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Align Technology presently has a consensus rating of “Moderate Buy” and an average target price of $262.64.

Align Technology Price Performance

NASDAQ ALGN opened at $153.51 on Friday. The business has a fifty day moving average price of $186.45 and a two-hundred day moving average price of $211.96. The stock has a market capitalization of $11.24 billion, a PE ratio of 27.36, a PEG ratio of 2.24 and a beta of 1.73. Align Technology, Inc. has a fifty-two week low of $143.00 and a fifty-two week high of $331.64.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share 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, sell-side analysts expect that Align Technology, Inc. will post 7.98 earnings per share for the current 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.