Align Technology, Inc. $ALGN Holdings Decreased by Mitsubishi UFJ Asset Management Co. Ltd.

Key Points

• Mitsubishi UFJ Asset Management cut its stake in Align Technology by 41.4% in the fourth quarter, selling 54,751 shares and ending with 77,597 shares valued at about $12.1 million.
• Align Technology reported better-than-expected quarterly results, posting EPS of $2.58 on revenue of $1.04 billion, both above analyst estimates, while revenue rose 6.2% year over year.
• The company’s board authorized a $200 million stock buyback, and Wall Street analysts remain generally bullish, with an average rating of “Moderate Buy” and an average price target of $205.85.

Mitsubishi UFJ Asset Management Co. Ltd. reduced its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 41.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 77,597 shares of the medical equipment provider's stock after selling 54,751 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.11% of Align Technology worth $12,107,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Sentry Investment Management LLC raised its holdings in shares of Align Technology by 73.1% during the third quarter. Sentry Investment Management LLC now owns 187 shares of the medical equipment provider's stock worth $25,000 after purchasing an additional 79 shares during the period. Steigerwald Gordon & Koch Inc. acquired a new position in shares of Align Technology in the 3rd quarter valued at about $26,000. Independence Bank of Kentucky boosted its holdings in shares of Align Technology by 77.7% in the 4th quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider's stock valued at $29,000 after buying an additional 80 shares during the period. Quent Capital LLC bought a new stake in shares of Align Technology during the 3rd quarter valued at about $30,000. Finally, TD Private Client Wealth LLC grew its position in shares of Align Technology by 135.6% during the 3rd quarter. TD Private Client Wealth LLC now owns 238 shares of the medical equipment provider's stock valued at $30,000 after buying an additional 137 shares during the last quarter. 88.43% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Wall Street Zen raised shares of Align Technology from a "buy" rating to a "strong-buy" rating in a report on Saturday, March 7th. 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. Leerink Partners increased their price target on Align Technology from $225.00 to $230.00 in a research report on Thursday, April 30th. Piper Sandler raised their price target on Align Technology from $220.00 to $235.00 and gave the stock an "overweight" rating in a report on Tuesday, April 21st. Finally, Citigroup assumed coverage on Align Technology in a research report on Wednesday, April 15th. They set a "buy" rating and a $240.00 price objective for the company. Eight research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, Align Technology currently has an average rating of "Moderate Buy" and an average target price of $205.85.

Align Technology Stock Performance

Shares of NASDAQ:ALGN opened at $168.78 on Monday. The firm's 50 day moving average is $178.11 and its two-hundred day moving average is $165.34. The firm has a market capitalization of $12.09 billion, a P/E ratio of 28.32, a PEG ratio of 1.74 and a beta of 1.70. Align Technology, Inc. has a 52 week low of $122.00 and a 52 week high of $208.30.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.26 by $0.32. Align Technology had a return on equity of 15.82% and a net margin of 10.50%.The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.02 billion. During the same period in the previous year, the firm posted $2.13 earnings per share. The business's revenue was up 6.2% on a year-over-year basis. Analysts predict that Align Technology, Inc. will post 9.43 EPS for the current year.

Align Technology announced that its board has authorized a stock repurchase program on Wednesday, April 29th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the medical equipment provider to reacquire up to 1.6% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's leadership believes its stock is undervalued.

Insider Transactions at Align Technology

In other news, EVP John Morici sold 7,969 shares of the stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $189.31, for a total value of $1,508,611.39. Following the completion of the transaction, the executive vice president owned 8,237 shares of the company's stock, valued at approximately $1,559,346.47. This represents a 49.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 0.75% of the company's stock.

Align Technology 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.

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