Resona Asset Management Co. Ltd. lowered its position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 15.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 294,476 shares of the medical equipment provider's stock after selling 54,624 shares during the period. Resona Asset Management Co. Ltd. owned 0.41% of Align Technology worth $49,987,000 as of its most recent SEC filing.
A number of other hedge funds have also recently added to or reduced their stakes in the company. Banco Bilbao Vizcaya Argentaria S.A. lifted its holdings in shares of Align Technology by 3.7% in the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 1,896 shares of the medical equipment provider's stock worth $296,000 after purchasing an additional 68 shares in the last quarter. Blue Trust Inc. increased its stake in Align Technology by 77.5% during the 1st quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider's stock valued at $27,000 after purchasing an additional 69 shares in the last quarter. Comerica Bank raised 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 buying an additional 76 shares during the last quarter. Independence Bank of Kentucky raised its holdings in Align Technology by 77.7% during the fourth quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider's stock worth $29,000 after buying an additional 80 shares during the last quarter. Finally, Allworth Financial LP lifted its stake in shares of Align Technology by 3.3% in the third quarter. Allworth Financial LP now owns 2,874 shares of the medical equipment provider's stock valued at $360,000 after buying an additional 92 shares in the last quarter. Institutional investors and hedge funds own 88.43% of the company's stock.
Analyst Upgrades and Downgrades
A number of research analysts have recently issued reports on ALGN shares. Wall Street Zen upgraded shares of Align Technology from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 4th. Morgan Stanley upped their target price on shares of Align Technology from $169.00 to $188.00 and gave the stock an "equal weight" rating in a report on Friday, April 24th. Piper Sandler raised their price target on shares of Align Technology from $220.00 to $235.00 and gave the company an "overweight" rating in a research report on Tuesday, April 21st. Zacks Research upgraded Align Technology from a "hold" rating to a "strong-buy" rating in a research note on Monday, June 1st. Finally, Weiss Ratings lowered Align Technology from a "hold (c)" rating to a "hold (c-)" rating in a report on Thursday, June 4th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $206.07.
Check Out Our Latest Stock Analysis on Align Technology
Align Technology Price Performance
ALGN opened at $174.68 on Thursday. Align Technology, Inc. has a 1 year low of $122.00 and a 1 year high of $208.30. The company has a market capitalization of $12.51 billion, a price-to-earnings ratio of 29.31, a P/E/G ratio of 1.90 and a beta of 1.67. The firm's fifty day moving average price is $171.47 and its two-hundred day moving average price is $173.54.
Align Technology (NASDAQ:ALGN - Get Free Report) last announced its earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 EPS for the quarter, beating the consensus estimate of $2.26 by $0.32. Align Technology had a net margin of 10.50% and a return on equity of 15.82%. The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.02 billion. During the same quarter in the prior year, the company posted $2.13 earnings per share. The firm's revenue for the quarter was up 6.2% on a year-over-year basis. As a group, equities analysts anticipate that Align Technology, Inc. will post 9.48 EPS for the current year.
Align Technology declared that its board has approved a stock buyback program on Wednesday, April 29th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the medical equipment provider to reacquire up to 1.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company's leadership believes its shares are undervalued.
About Align Technology
(
Free Report)
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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