Sumitomo Mitsui Trust Group Inc. Has $33.65 Million Holdings in Align Technology, Inc. $ALGN

Sumitomo Mitsui Trust Group Inc. raised its position in Align Technology, Inc. (NASDAQ:ALGN) by 8.1% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 177,746 shares of the medical equipment provider’s stock after acquiring an additional 13,247 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Align Technology were worth $33,653,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in ALGN. Wealth Enhancement Advisory Services LLC grew its stake in Align Technology by 44.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 9,380 shares of the medical equipment provider’s stock valued at $1,490,000 after acquiring an additional 2,881 shares during the period. Robeco Institutional Asset Management B.V. boosted its position in shares of Align Technology by 69.7% during the first quarter. Robeco Institutional Asset Management B.V. now owns 37,336 shares of the medical equipment provider’s stock valued at $5,931,000 after buying an additional 15,329 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Align Technology by 16.6% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,094 shares of the medical equipment provider’s stock valued at $1,925,000 after buying an additional 1,725 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of Align Technology by 2.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 173,070 shares of the medical equipment provider’s stock valued at $27,359,000 after buying an additional 3,429 shares during the last quarter. Finally, Washington Trust Advisors Inc. boosted its position in shares of Align Technology by 5.2% during the first quarter. Washington Trust Advisors Inc. now owns 1,205 shares of the medical equipment provider’s stock valued at $191,000 after buying an additional 60 shares during the last quarter. Institutional investors and hedge funds own 88.43% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on ALGN shares. Weiss Ratings downgraded shares of Align Technology from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, October 8th. Mizuho lowered their target price on shares of Align Technology from $210.00 to $170.00 and set an “outperform” rating for the company in a report on Monday, October 13th. Jefferies Financial Group reiterated a “hold” rating and issued a $140.00 target price (down previously from $215.00) on shares of Align Technology in a report on Friday, October 10th. Evercore ISI lowered their target price on shares of Align Technology from $170.00 to $160.00 and set an “outperform” rating for the company in a report on Wednesday, October 8th. Finally, Morgan Stanley lowered their target price on shares of Align Technology from $154.00 to $142.00 and set an “equal weight” rating for the company in a report on Tuesday, October 21st. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $173.09.

Align Technology Trading Down 1.9%

Shares of Align Technology stock opened at $133.14 on Wednesday. The business’s fifty day simple moving average is $133.75 and its 200 day simple moving average is $162.39. The firm has a market capitalization of $9.65 billion, a P/E ratio of 22.45, a price-to-earnings-growth ratio of 1.54 and a beta of 1.70. Align Technology, Inc. has a 12 month low of $122.00 and a 12 month high of $246.19.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Wednesday, July 30th. The medical equipment provider reported $2.49 EPS for the quarter, missing analysts’ consensus estimates of $2.57 by ($0.08). The business had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1.06 billion. Align Technology had a return on equity of 13.36% and a net margin of 11.04%.The business’s revenue was down 1.6% compared to the same quarter last year. During the same quarter last year, the business posted $2.41 earnings per share. Analysts predict that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology announced that its Board of Directors has initiated a stock buyback plan on Tuesday, August 5th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the medical equipment provider to purchase up to 2% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other news, CEO Joseph M. Hogan bought 7,576 shares of the stock in a transaction on Friday, August 1st. The shares were purchased at an average cost of $131.49 per share, for a total transaction of $996,168.24. Following the completion of the purchase, the chief executive officer directly owned 184,945 shares in the company, valued at $24,318,418.05. This represents a 4.27% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.66% of the stock is currently owned by insiders.

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.