Sumitomo Mitsui Trust Group Inc. Has $923,000 Holdings in Align Technology, Inc. $ALGN

Key Points

• Sumitomo Mitsui Trust Group Inc. cut its stake in Align Technology by 80.2% in the first quarter, leaving it with 5,385 shares worth about $923,000.
• Align Technology reported better-than-expected Q1 earnings, with EPS of $2.58 versus estimates of $2.26 and revenue of $1.04 billion, up 6.2% year over year.
• The company’s board authorized a $200 million stock buyback, while analysts currently rate the stock a Moderate Buy with a consensus price target of $206.07.

Sumitomo Mitsui Trust Group Inc. lessened its position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 80.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,385 shares of the medical equipment provider's stock after selling 21,784 shares during the quarter. Sumitomo Mitsui Trust Group Inc.'s holdings in Align Technology were worth $923,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Sunbelt Securities Inc. boosted its holdings in Align Technology by 222.4% during the fourth quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider's stock valued at $25,000 after acquiring an additional 109 shares during the period. Blue Trust Inc. increased its stake in shares of Align Technology by 77.5% in the first quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider's stock worth $27,000 after purchasing an additional 69 shares during the period. Independence Bank of Kentucky lifted its position in shares of Align Technology by 77.7% during the 4th quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider's stock worth $29,000 after purchasing an additional 80 shares during the last quarter. Tobam acquired a new position in shares of Align Technology during the 4th quarter worth about $30,000. Finally, Miller Global Investments LLC bought a new stake in Align Technology during the 4th quarter valued at approximately $31,000. Institutional investors and hedge funds own 88.43% of the company's stock.

Align Technology Trading Down 1.6%

Shares of NASDAQ:ALGN opened at $178.41 on Friday. The firm has a market capitalization of $12.78 billion, a PE ratio of 29.93, a PEG ratio of 1.86 and a beta of 1.67. Align Technology, Inc. has a 1-year low of $122.00 and a 1-year high of $208.30. The business's 50 day moving average is $172.14 and its 200-day moving average is $174.46.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 EPS for the quarter, beating 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 analyst estimates of $1.02 billion. During the same period in the prior year, the company posted $2.13 earnings per share. Align Technology's revenue was up 6.2% on a year-over-year basis. On average, sell-side analysts predict that Align Technology, Inc. will post 9.48 EPS for the current year.

Align Technology announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, April 29th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the medical equipment provider to repurchase up to 1.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board believes its shares are undervalued.

Analyst Ratings Changes

ALGN has been the topic of a number of research analyst reports. Citigroup initiated coverage on Align Technology in a report on Wednesday, April 15th. They issued a "buy" rating and a $240.00 target price on the stock. BMO Capital Markets started coverage on Align Technology in a research report on Wednesday, July 8th. They issued an "outperform" rating and a $209.00 price objective for the company. Zacks Research upgraded shares of Align Technology from a "hold" rating to a "strong-buy" rating in a research note on Monday, June 1st. Weiss Ratings lowered shares of Align Technology from a "hold (c)" rating to a "hold (c-)" rating in a research report on Thursday, June 4th. Finally, Evercore upped their target price on shares of Align Technology from $200.00 to $220.00 in a research note on Thursday, April 30th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $206.07.

Align Technology 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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