Align Technology, Inc. $ALGN Position Reduced by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd cut its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 76.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,755 shares of the medical equipment provider’s stock after selling 5,835 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Align Technology were worth $274,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Capital International Investors increased its holdings in shares of Align Technology by 88.6% in the 3rd quarter. Capital International Investors now owns 3,050,373 shares of the medical equipment provider’s stock valued at $381,968,000 after purchasing an additional 1,433,393 shares during the period. Holocene Advisors LP acquired a new position in shares of Align Technology in the 3rd quarter valued at about $179,035,000. Bank of America Corp DE increased its holdings in shares of Align Technology by 72.0% in the 3rd quarter. Bank of America Corp DE now owns 1,353,125 shares of the medical equipment provider’s stock valued at $169,438,000 after purchasing an additional 566,488 shares during the period. Invesco Ltd. increased its holdings in shares of Align Technology by 37.4% in the 3rd quarter. Invesco Ltd. now owns 1,497,535 shares of the medical equipment provider’s stock valued at $187,521,000 after purchasing an additional 407,559 shares during the period. Finally, UBS Group AG increased its holdings in shares of Align Technology by 122.4% in the 3rd quarter. UBS Group AG now owns 581,307 shares of the medical equipment provider’s stock valued at $72,791,000 after purchasing an additional 319,908 shares during the period. 88.43% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Align Technology news, EVP John Morici sold 7,969 shares of the stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $189.31, for a total transaction of $1,508,611.39. Following the transaction, the executive vice president owned 8,237 shares in the company, valued at $1,559,346.47. This trade represents a 49.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.75% of the company’s stock.

Align Technology Stock Performance

Shares of ALGN opened at $168.78 on Monday. The firm has a market cap of $12.09 billion, a PE ratio of 28.32, a PEG ratio of 1.74 and a beta of 1.70. The firm’s 50 day moving average price is $178.11 and its 200 day moving average price is $165.34. Align Technology, Inc. has a twelve month low of $122.00 and a twelve month high of $208.30.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.26 by $0.32. The firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.02 billion. Align Technology had a net margin of 10.50% and a return on equity of 15.82%. The company’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same quarter last year, the firm earned $2.13 earnings per share. On average, sell-side analysts anticipate that Align Technology, Inc. will post 9.43 earnings per share for the current fiscal year.

Align Technology declared that its Board of Directors has approved a stock repurchase plan on Wednesday, April 29th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the medical equipment provider to reacquire up to 1.6% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Morgan Stanley upped their target price on Align Technology from $169.00 to $188.00 and gave the company an “equal weight” rating in a report on Friday, April 24th. Wall Street Zen upgraded Align Technology from a “buy” rating to a “strong-buy” rating in a report on Saturday, March 7th. Evercore upped their target price on Align Technology from $200.00 to $220.00 in a report on Thursday, April 30th. Mizuho upped their target price on Align Technology from $200.00 to $215.00 and gave the company an “outperform” rating in a report on Thursday, February 5th. Finally, UBS Group increased their price objective on Align Technology from $175.00 to $185.00 and gave the stock a “neutral” rating in a report on Thursday, February 5th. Eight analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $205.85.

Align Technology Company Profile

Align Technology, Inc (NASDAQ: ALGN) pioneered the use of digital technology in orthodontics through the development of the Invisalign system, a series of clear, removable aligners that provide an alternative to traditional metal braces. Since its founding in 1997 by Zia Chishti and Kelsey Wirth, the Tempe, Arizona–based company has expanded its focus to include intraoral scanners, CAD/CAM software for dental laboratories and comprehensive digital dentistry solutions.

The company’s signature Invisalign system leverages 3D imaging and computer-aided design (CAD) to create customized aligners that gradually reposition teeth, improving patient comfort and treatment predictability.