Sumitomo Mitsui Trust Group Inc. Sells 151,437 Shares of Align Technology, Inc. $ALGN

Key Points

• Sumitomo Mitsui Trust Group reduced its position in Align by 84.8% in Q4, selling 151,437 shares and retaining 27,169 shares valued at $4.242 million.
• Quarterly results beat expectations: Align reported $3.29 EPS versus $2.99 expected and $1.05 billion in revenue (up 5.3% YoY); the stock has a $13.61 billion market cap and an average analyst target of $201.31 ("Moderate Buy").
• Insider and institutional activity: EVP John Morici sold 7,969 shares at an average $189.31 (cutting his stake ~49%), while insiders own 0.66% and institutions own 88.43% of the company.

Sumitomo Mitsui Trust Group Inc. lessened its position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 84.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 27,169 shares of the medical equipment provider's stock after selling 151,437 shares during the quarter. Sumitomo Mitsui Trust Group Inc.'s holdings in Align Technology were worth $4,242,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Align Technology by 0.7% in the 3rd quarter. Vanguard Group Inc. now owns 8,301,611 shares of the medical equipment provider's stock worth $1,039,528,000 after acquiring an additional 58,546 shares during the last quarter. Capital International Investors lifted its holdings in shares of Align Technology by 88.6% in the 3rd quarter. Capital International Investors now owns 3,050,373 shares of the medical equipment provider's stock worth $381,968,000 after acquiring an additional 1,433,393 shares during the last quarter. Ninety One UK Ltd lifted its holdings in shares of Align Technology by 18.3% in the 3rd quarter. Ninety One UK Ltd now owns 2,267,192 shares of the medical equipment provider's stock worth $283,898,000 after acquiring an additional 350,883 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Align Technology by 37.4% in the 3rd quarter. Invesco Ltd. now owns 1,497,535 shares of the medical equipment provider's stock worth $187,521,000 after acquiring an additional 407,559 shares during the last quarter. Finally, Holocene Advisors LP bought a new stake in Align Technology during the 3rd quarter valued at about $179,035,000. Institutional investors own 88.43% of the company's stock.

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 shares were sold at an average price of $189.31, for a total value of $1,508,611.39. Following the completion of the sale, the executive vice president owned 8,237 shares in the company, valued at approximately $1,559,346.47. The trade was a 49.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.66% of the company's stock.

Align Technology Stock Performance

NASDAQ:ALGN opened at $190.07 on Friday. Align Technology, Inc. has a one year low of $122.00 and a one year high of $208.30. The firm has a market cap of $13.61 billion, a P/E ratio of 33.58, a P/E/G ratio of 2.02 and a beta of 1.81. The firm has a 50-day simple moving average of $179.65 and a 200-day simple moving average of $160.68.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its quarterly earnings results on Wednesday, February 4th. The medical equipment provider reported $3.29 EPS for the quarter, beating the consensus estimate of $2.99 by $0.30. Align Technology had a net margin of 10.17% and a return on equity of 15.16%. The business had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the previous year, the business posted $2.44 EPS. The company's quarterly revenue was up 5.3% compared to the same quarter last year. On average, research analysts predict that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on ALGN shares. Morgan Stanley lifted their price objective on shares of Align Technology from $154.00 to $169.00 and gave the company an "equal weight" rating in a report on Thursday, February 5th. Mizuho lifted their price objective on shares of Align Technology from $200.00 to $215.00 and gave the company an "outperform" rating in a report on Thursday, February 5th. Robert W. Baird set a $218.00 price objective on shares of Align Technology in a report on Thursday, February 5th. Evercore reiterated an "outperform" rating on shares of Align Technology in a report on Wednesday, April 8th. Finally, Stifel Nicolaus lifted their price objective on shares of Align Technology from $200.00 to $210.00 and gave the company a "buy" rating in a report on Thursday, February 5th. Eight research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, Align Technology currently has an average rating of "Moderate Buy" and an average target price of $201.31.

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.

Want to see what other hedge funds are holding ALGN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Align Technology, Inc. (NASDAQ:ALGN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.