Resona Asset Management Co. Ltd. Trims Stock Holdings in Align Technology, Inc. $ALGN

Key Points

• Resona Asset Management cut its stake in Align Technology by 25.7% in the fourth quarter, selling 120,447 shares and leaving it with 349,100 shares valued at about $54.7 million.
• Align Technology reported better-than-expected quarterly results, with EPS of $2.58 versus the $2.26 consensus and revenue of $1.04 billion, up 6.2% year over year.
• The company’s board also approved a $200 million share buyback, while analysts currently rate the stock a consensus Moderate Buy with an average price target of $205.85.

Resona Asset Management Co. Ltd. reduced its stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 25.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 349,100 shares of the medical equipment provider's stock after selling 120,447 shares during the period. Resona Asset Management Co. Ltd. owned approximately 0.49% of Align Technology worth $54,715,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. ProShare Advisors LLC raised its holdings in Align Technology by 5.7% in the 4th quarter. ProShare Advisors LLC now owns 13,047 shares of the medical equipment provider's stock valued at $2,037,000 after buying an additional 709 shares during the period. GABELLI & Co INVESTMENT ADVISERS INC. purchased a new stake in Align Technology in the 4th quarter valued at about $254,000. Gabelli Funds LLC raised its holdings in Align Technology by 62.5% in the 4th quarter. Gabelli Funds LLC now owns 10,400 shares of the medical equipment provider's stock valued at $1,624,000 after buying an additional 4,000 shares during the period. North Dakota State Investment Board purchased a new stake in Align Technology in the 4th quarter valued at about $367,000. Finally, Canada Post Corp Registered Pension Plan grew its position in Align Technology by 38.0% in the 4th quarter. Canada Post Corp Registered Pension Plan now owns 1,308 shares of the medical equipment provider's stock valued at $204,000 after acquiring an additional 360 shares in the last quarter. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Align Technology

In other news, EVP John Morici sold 7,969 shares of the business's stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $189.31, for a total transaction of $1,508,611.39. Following the completion of the transaction, the executive vice president directly owned 8,237 shares of the company's stock, valued at approximately $1,559,346.47. The trade was a 49.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.75% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Mizuho lifted their target price on Align Technology from $200.00 to $215.00 and gave the company an "outperform" rating in a research report on Thursday, February 5th. Robert W. Baird set a $218.00 target price on Align Technology in a research report on Thursday, February 5th. Jefferies Financial Group lifted their target price on Align Technology from $155.00 to $185.00 and gave the company a "hold" rating in a research report on Thursday, February 5th. Leerink Partners lifted their target price on Align Technology from $225.00 to $230.00 in a research report on Thursday, April 30th. Finally, Wall Street Zen raised Align Technology from a "buy" rating to a "strong-buy" rating in a research report on Saturday, March 7th. Eight investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, Align Technology presently has an average rating of "Moderate Buy" and a consensus target price of $205.85.

Align Technology Stock Performance

Shares of Align Technology stock opened at $158.78 on Tuesday. Align Technology, Inc. has a one year low of $122.00 and a one year high of $208.30. The company has a market cap of $11.37 billion, a PE ratio of 26.64, a P/E/G ratio of 1.61 and a beta of 1.70. The business has a 50-day simple moving average of $174.92 and a 200-day simple moving average of $166.69.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The medical equipment provider reported $2.58 EPS for the quarter, topping analysts' consensus estimates 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 company posted $2.13 earnings per share. The business's revenue for the quarter was up 6.2% on a year-over-year basis. On average, sell-side analysts predict that Align Technology, Inc. will post 9.47 earnings per share for the current fiscal year.

Align Technology declared that its Board of Directors has approved a share buyback 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 purchase up to 1.6% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's board 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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