Align Technology, Inc. $ALGN Stock Acquired by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 11,646.8% during the third quarter, HoldingsChannel.com reports. The fund owned 243,981 shares of the medical equipment provider’s stock after buying an additional 241,904 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Align Technology were worth $32,308,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. First Bank & Trust grew its position in Align Technology by 405.8% during the 3rd quarter. First Bank & Trust now owns 8,087 shares of the medical equipment provider’s stock worth $1,091,000 after purchasing an additional 6,488 shares during the last quarter. IFP Advisors Inc increased its stake in Align Technology by 8,055.0% in the third quarter. IFP Advisors Inc now owns 57,085 shares of the medical equipment provider’s stock valued at $7,561,000 after purchasing an additional 56,385 shares during the period. Align Financial LLC raised its holdings in shares of Align Technology by 189.1% in the third quarter. Align Financial LLC now owns 477 shares of the medical equipment provider’s stock valued at $65,000 after buying an additional 312 shares during the last quarter. Vontobel Holding Ltd. raised its holdings in shares of Align Technology by 69,628.9% in the third quarter. Vontobel Holding Ltd. now owns 1,385,513 shares of the medical equipment provider’s stock valued at $183,335,000 after buying an additional 1,383,526 shares during the last quarter. Finally, TD Waterhouse Canada Inc. raised its holdings in shares of Align Technology by 42,423.4% in the third quarter. TD Waterhouse Canada Inc. now owns 550,253 shares of the medical equipment provider’s stock valued at $73,546,000 after buying an additional 548,959 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Stock Performance

Shares of NASDAQ ALGN opened at $149.00 on Tuesday. The firm has a market capitalization of $10.67 billion, a P/E ratio of 25.91, a PEG ratio of 1.57 and a beta of 1.67. Align Technology, Inc. has a one year low of $130.23 and a one year high of $200.43. The company’s fifty day moving average is $153.47 and its two-hundred day moving average is $167.03.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.62 by $0.02. Align Technology had a net margin of 9.99% and a return on equity of 15.86%. The business had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.05 billion. During the same quarter last year, the firm posted $2.49 EPS. The business’s revenue was up 4.3% compared to the same quarter last year. On average, sell-side analysts forecast that Align Technology, Inc. will post 9.36 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on ALGN shares. Weiss Ratings upgraded shares of Align Technology from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, October 9th. Raymond James Financial restated a “buy” rating on shares of Align Technology in a research report on Monday, October 5th. Leerink Partners reduced their target price on shares of Align Technology from $235.00 to $215.00 and set an “outperform” rating for the company in a research note on Wednesday, October 14th. Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a report on Thursday, July 30th. Finally, Evercore lowered shares of Align Technology from an “outperform” rating to an “in-line” rating and set a $155.00 price target on the stock. in a research note on Monday, October 5th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $194.14.

About Align Technology

Align Technology, Inc is a global medical device company focused on digital orthodontics and restorative dentistry. Founded in 1997, the company is best known for the Invisalign system, a series of clear, removable aligners designed to gradually move teeth and treat a range of orthodontic conditions.

Align’s products and services also include digital scanning and dental practice solutions. Its iTero intraoral scanners create digital impressions for orthodontic and restorative procedures, while its exocad business develops computer-aided design and computer-aided manufacturing software used by dental laboratories, clinicians and other dental professionals.

The company serves orthodontists, dentists, dental laboratories and patients in numerous markets worldwide.