Resona Asset Management Co. Ltd. Purchases New Position in Align Technology, Inc. (NASDAQ:ALGN)

Resona Asset Management Co. Ltd. acquired a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 228,710 shares of the medical equipment provider’s stock, valued at approximately $47,853,000. Resona Asset Management Co. Ltd. owned 0.31% of Align Technology as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently bought and sold shares of ALGN. Picton Mahoney Asset Management increased its position in shares of Align Technology by 69.9% in the 4th quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider’s stock valued at $30,000 after buying an additional 58 shares in the last quarter. Neo Ivy Capital Management acquired a new stake in shares of Align Technology during the third quarter worth about $32,000. Private Trust Co. NA lifted its holdings in shares of Align Technology by 113.4% during the 4th quarter. Private Trust Co. NA now owns 175 shares of the medical equipment provider’s stock valued at $36,000 after purchasing an additional 93 shares in the last quarter. Versant Capital Management Inc grew its position in shares of Align Technology by 212.2% in the 4th quarter. Versant Capital Management Inc now owns 231 shares of the medical equipment provider’s stock valued at $48,000 after purchasing an additional 157 shares during the period. Finally, Newbridge Financial Services Group Inc. bought a new stake in Align Technology during the 4th quarter worth approximately $52,000. Institutional investors own 88.43% of the company’s stock.

Analysts Set New Price Targets

ALGN has been the subject of several research analyst reports. Bank of America upped their price target on shares of Align Technology from $200.00 to $206.00 and gave the company an “underperform” rating in a report on Friday, December 13th. Leerink Partners upgraded Align Technology from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $235.00 to $280.00 in a report on Monday, January 6th. Morgan Stanley reduced their price objective on Align Technology from $280.00 to $272.00 and set an “overweight” rating for the company in a research report on Thursday, February 6th. Evercore ISI lifted their target price on Align Technology from $240.00 to $260.00 and gave the company an “outperform” rating in a research report on Thursday, February 6th. Finally, Leerink Partnrs raised Align Technology from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 6th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $262.64.

Align Technology Stock Performance

Shares of NASDAQ:ALGN opened at $153.51 on Friday. The company has a 50-day simple moving average of $186.45 and a 200 day simple moving average of $211.96. The company has a market capitalization of $11.24 billion, a P/E ratio of 27.36, a price-to-earnings-growth ratio of 2.24 and a beta of 1.73. Align Technology, Inc. has a 52-week low of $143.00 and a 52-week high of $331.64.

Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 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, equities analysts forecast 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.