Meiji Yasuda Asset Management Co Ltd. Takes Position in Align Technology, Inc. $ALGN

Key Points

• Meiji Yasuda Asset Management purchased 14,650 shares of Align Technology worth approximately $2.47 million in the second quarter. Institutional investors collectively own 88.43% of the company.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus rating and an average price target of $206.36, although some firms recently downgraded or maintained hold ratings.
• Align Technology exceeded quarterly earnings and revenue expectations, reporting $2.64 in EPS and $1.06 billion in revenue. The company also authorized a $200 million share-repurchase program.

Meiji Yasuda Asset Management Co Ltd. purchased a new stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 14,650 shares of the medical equipment provider's stock, valued at approximately $2,471,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Sequoia Financial Advisors LLC boosted its stake in shares of Align Technology by 320.1% during the 4th quarter. Sequoia Financial Advisors LLC now owns 7,986 shares of the medical equipment provider's stock worth $1,247,000 after purchasing an additional 6,085 shares during the period. Northwestern Mutual Wealth Management Co. raised its position in Align Technology by 35,513.8% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 545,604 shares of the medical equipment provider's stock worth $85,196,000 after purchasing an additional 544,072 shares during the period. K.J. Harrison & Partners Inc bought a new stake in Align Technology in the second quarter worth about $1,872,000. Maridea Wealth Management LLC purchased a new position in shares of Align Technology during the second quarter valued at approximately $1,659,000. Finally, California State Teachers Retirement System boosted its position in shares of Align Technology by 21.2% during the first quarter. California State Teachers Retirement System now owns 79,293 shares of the medical equipment provider's stock valued at $13,593,000 after buying an additional 13,867 shares during the period. Hedge funds and other institutional investors own 88.43% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on ALGN shares. Evercore raised their price target on Align Technology from $200.00 to $220.00 in a research note on Thursday, April 30th. Zacks Research downgraded Align Technology from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 16th. Weiss Ratings lowered Align Technology from a "hold (c)" rating to a "hold (c-)" rating in a research note on Monday, August 3rd. BMO Capital Markets assumed coverage on Align Technology in a research report on Wednesday, July 8th. They set an "outperform" rating and a $209.00 target price for the company. Finally, Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a research note on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $206.36.

Align Technology Stock Performance

NASDAQ ALGN opened at $159.64 on Tuesday. The firm's 50 day moving average price is $174.65 and its 200-day moving average price is $175.60. Align Technology, Inc. has a 52-week low of $122.00 and a 52-week high of $200.43. The company has a market cap of $11.43 billion, a PE ratio of 27.76, a P/E/G ratio of 1.73 and a beta of 1.65.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.62 by $0.02. The company had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.05 billion. Align Technology had a net margin of 9.99% and a return on equity of 15.86%. Align Technology's revenue was up 4.3% compared to the same quarter last year. During the same period last year, the company posted $2.49 earnings per share. On average, analysts forecast that Align Technology, Inc. will post 9.38 earnings per share for the current fiscal year.

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

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.

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