Mitsubishi UFJ Asset Management Co. Ltd. Takes $14.36 Million Position in Align Technology, Inc. $ALGN

Key Points

• Mitsubishi UFJ Asset Management acquired 85,166 Align Technology shares worth approximately $14.36 million, representing about 0.12% of the company. Institutional investors collectively own 88.43% of ALGN.
• Analysts maintain a generally positive outlook, with Align receiving a “Moderate Buy” consensus rating and an average price target of $206.36, despite some recent rating downgrades to “Buy” or “Hold.”
• Align reported quarterly earnings of $2.64 per share and revenue of $1.06 billion, both slightly above estimates, while revenue grew 4.3% year over year. The company also authorized a $200 million share repurchase plan.

Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 85,166 shares of the medical equipment provider's stock, valued at approximately $14,364,000. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.12% of Align Technology at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bessemer Group Inc. lifted its holdings in shares of Align Technology by 37.2% in the 1st quarter. Bessemer Group Inc. now owns 247 shares of the medical equipment provider's stock valued at $43,000 after buying an additional 67 shares during the period. Banco Bilbao Vizcaya Argentaria S.A. boosted its stake in shares of Align Technology by 3.7% in the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 1,896 shares of the medical equipment provider's stock worth $296,000 after buying an additional 68 shares during the last quarter. Blue Trust Inc. grew its holdings in Align Technology by 77.5% during the first quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider's stock worth $27,000 after acquiring an additional 69 shares during the period. Comerica Bank grew its holdings in Align Technology by 0.6% during the fourth quarter. Comerica Bank now owns 13,656 shares of the medical equipment provider's stock worth $2,132,000 after acquiring an additional 76 shares during the period. Finally, First Bank & Trust raised its position in Align Technology by 5.0% during the second quarter. First Bank & Trust now owns 1,599 shares of the medical equipment provider's stock valued at $270,000 after acquiring an additional 76 shares in the last quarter. Hedge funds and other institutional investors own 88.43% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on ALGN shares. Wall Street Zen cut Align Technology from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 1st. Zacks Research cut Align Technology from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 16th. Evercore boosted their price objective on Align Technology from $200.00 to $220.00 in a research report on Thursday, April 30th. Morgan Stanley upped their target price on Align Technology from $169.00 to $188.00 and gave the stock an "equal weight" rating in a research note on Friday, April 24th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a research report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, Align Technology has an average rating of "Moderate Buy" and an average price target of $206.36.

Align Technology Trading Down 2.5%

Shares of ALGN stock opened at $158.94 on Friday. The company's 50-day moving average price is $175.27 and its 200-day moving average price is $175.59. The stock has a market cap of $11.38 billion, a price-to-earnings ratio of 27.64, a PEG ratio of 1.73 and a beta of 1.65. Align Technology, Inc. has a twelve month low of $122.00 and a twelve month high of $200.43.

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 for the quarter, topping the consensus estimate of $2.62 by $0.02. Align Technology had a return on equity of 15.86% and a net margin of 9.99%.The company had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.05 billion. During the same period in the prior year, the business posted $2.49 earnings per share. The firm's revenue for the quarter was up 4.3% compared to the same quarter last year. As a group, equities research analysts predict that Align Technology, Inc. will post 9.38 EPS for the current year.

Align Technology announced that its board has initiated a share repurchase plan on Wednesday, April 29th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the medical equipment provider to buy up to 1.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

About Align Technology

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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