Mitsubishi UFJ Asset Management Co. Ltd. Has $20.85 Million Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Key Points

• Mitsubishi UFJ Asset Management has increased its stake in Align Technology by 15.2%, owning 131,227 shares valued at approximately $20.85 million.
• Align Technology reported Q2 earnings of $2.49 per share, missing analyst expectations and indicating a 1.6% decline in quarterly revenue year-over-year.
• The company has implemented a $1 billion share buyback program, reflecting the board's belief that its stock is undervalued.

Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 15.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 131,227 shares of the medical equipment provider's stock after purchasing an additional 17,326 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.18% of Align Technology worth $20,847,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in shares of Align Technology by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 8,441,592 shares of the medical equipment provider's stock worth $1,341,031,000 after purchasing an additional 185,187 shares during the period. Ninety One UK Ltd lifted its stake in shares of Align Technology by 58.7% during the 1st quarter. Ninety One UK Ltd now owns 1,937,555 shares of the medical equipment provider's stock worth $307,800,000 after purchasing an additional 716,954 shares during the period. Northern Trust Corp lifted its stake in shares of Align Technology by 13.3% during the 4th quarter. Northern Trust Corp now owns 736,936 shares of the medical equipment provider's stock worth $153,659,000 after purchasing an additional 86,493 shares during the period. Jacobs Levy Equity Management Inc. lifted its stake in shares of Align Technology by 35.2% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 731,846 shares of the medical equipment provider's stock worth $152,597,000 after purchasing an additional 190,711 shares during the period. Finally, Senvest Management LLC lifted its stake in shares of Align Technology by 58.1% during the 4th quarter. Senvest Management LLC now owns 726,243 shares of the medical equipment provider's stock worth $151,429,000 after purchasing an additional 267,000 shares during the period. Hedge funds and other institutional investors own 88.43% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Wells Fargo & Company dropped their price objective on Align Technology from $246.00 to $199.00 and set an "overweight" rating for the company in a report on Thursday, July 31st. Piper Sandler dropped their price objective on Align Technology from $250.00 to $190.00 and set an "overweight" rating for the company in a report on Thursday, July 31st. Mizuho set a $210.00 price objective on Align Technology in a report on Thursday, July 31st. Stifel Nicolaus dropped their price objective on Align Technology from $275.00 to $200.00 and set a "buy" rating for the company in a report on Thursday, July 31st. Finally, HSBC downgraded Align Technology from a "buy" rating to a "hold" rating and dropped their price objective for the stock from $290.00 to $170.00 in a report on Friday, April 25th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $215.00.

Insider Activity

In related news, CEO Joseph M. Hogan bought 7,576 shares of the firm's stock in a transaction on Friday, August 1st. The stock was bought at an average price of $131.49 per share, with a total value of $996,168.24. Following the purchase, the chief executive officer directly owned 184,945 shares of the company's stock, valued at approximately $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 can be accessed through the SEC website. 0.66% of the stock is owned by company insiders.

Align Technology Price Performance

NASDAQ ALGN traded up $1.05 on Friday, hitting $143.93. 308,938 shares of the stock were exchanged, compared to its average volume of 1,216,058. Align Technology, Inc. has a 52-week low of $127.70 and a 52-week high of $262.87. The company has a market capitalization of $10.43 billion, a price-to-earnings ratio of 24.30, a P/E/G ratio of 1.64 and a beta of 1.61. The company's 50-day moving average price is $179.96 and its two-hundred day moving average price is $180.19.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its earnings results on Wednesday, July 30th. The medical equipment provider reported $2.49 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.57 by ($0.08). The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1.06 billion. Align Technology had a net margin of 11.04% and a return on equity of 13.36%. The company's quarterly revenue was down 1.6% on a year-over-year basis. During the same period last year, the business earned $2.41 EPS. Equities 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 share repurchase plan on Tuesday, May 6th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the medical equipment provider to buy up to 7.9% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's leadership believes its stock is undervalued.

About Align Technology

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.