Sumitomo Mitsui Trust Group Inc. Buys 5,996 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 3.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 164,499 shares of the medical equipment provider's stock after acquiring an additional 5,996 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.22% of Align Technology worth $26,132,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of ALGN. Geode Capital Management LLC raised its stake in Align Technology by 2.2% in the fourth quarter. Geode Capital Management LLC now owns 1,790,014 shares of the medical equipment provider's stock valued at $372,299,000 after purchasing an additional 39,209 shares in the last quarter. Invesco Ltd. increased its holdings in shares of Align Technology by 17.1% in the 4th quarter. Invesco Ltd. now owns 1,082,162 shares of the medical equipment provider's stock worth $225,642,000 after buying an additional 158,312 shares during the last quarter. Norges Bank purchased a new stake in shares of Align Technology during the 4th quarter valued at $190,792,000. Northern Trust Corp lifted its holdings 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 acquiring an additional 86,493 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its position in Align Technology by 35.2% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 731,846 shares of the medical equipment provider's stock worth $152,597,000 after acquiring an additional 190,711 shares in the last quarter. Hedge funds and other institutional investors own 88.43% of the company's stock.

Align Technology Stock Performance

NASDAQ:ALGN traded down $0.06 during midday trading on Friday, reaching $196.93. 712,803 shares of the stock traded hands, compared to its average volume of 916,097. The stock has a market capitalization of $14.28 billion, a P/E ratio of 35.87, a PEG ratio of 2.09 and a beta of 1.63. The company has a fifty day moving average of $182.25 and a 200 day moving average of $188.39. Align Technology, Inc. has a 12 month low of $141.74 and a 12 month high of $263.24.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The medical equipment provider reported $2.13 EPS for the quarter, beating the consensus estimate of $2.00 by $0.13. Align Technology had a net margin of 10.29% and a return on equity of 13.52%. The firm had revenue of $979.26 million during the quarter, compared to the consensus estimate of $977.90 million. During the same period in the prior year, the firm posted $2.14 earnings per share. The company's quarterly revenue was down 1.8% compared to the same quarter last year. On average, analysts predict that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology declared that its board has initiated a stock buyback plan on Tuesday, May 6th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the medical equipment provider to repurchase up to 7.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board believes its shares are undervalued.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on ALGN shares. HSBC downgraded Align Technology from a "buy" rating to a "hold" rating and lowered their price target for the company from $290.00 to $170.00 in a research report on Friday, April 25th. Piper Sandler reissued an "overweight" rating and set a $250.00 price objective (up from $235.00) on shares of Align Technology in a report on Thursday, May 1st. Hsbc Global Res lowered Align Technology from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 25th. Wells Fargo & Company reduced their price target on shares of Align Technology from $255.00 to $246.00 and set an "overweight" rating on the stock in a research report on Thursday, May 1st. Finally, Evercore ISI boosted their price objective on shares of Align Technology from $165.00 to $200.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. One analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $241.25.

Align Technology Company Profile

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.