Align Technology, Inc. $ALGN Shares Newly Acquired by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. acquired a new position in Align Technology, Inc. (NASDAQ:ALGN) during the third quarter, Holdings Channel reports. The institutional investor acquired 17,079 shares of the medical equipment provider’s stock, valued at approximately $2,482,000.

Several other hedge funds have also recently added to or reduced their stakes in ALGN. BlackRock Inc. bought a new stake in Align Technology during the 2nd quarter valued at approximately $745,370,000. Assenagon Asset Management S.A. lifted its holdings in shares of Align Technology by 638.7% during the third quarter. Assenagon Asset Management S.A. now owns 4,662,437 shares of the medical equipment provider’s stock worth $629,469,000 after buying an additional 4,031,284 shares during the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lifted its holdings in shares of Align Technology by 3,162.7% during the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 2,097,745 shares of the medical equipment provider’s stock worth $278,342,000 after buying an additional 2,033,451 shares during the last quarter. Vontobel Holding Ltd. boosted its position in shares of Align Technology by 69,628.9% in the third quarter. Vontobel Holding Ltd. now owns 1,385,513 shares of the medical equipment provider’s stock valued at $183,335,000 after acquiring an additional 1,383,526 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its position in shares of Align Technology by 4.9% in the first quarter. Arrowstreet Capital Limited Partnership now owns 1,054,633 shares of the medical equipment provider’s stock valued at $180,796,000 after acquiring an additional 49,220 shares during the period. Institutional investors own 88.43% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on ALGN shares. Zacks Research downgraded shares of Align Technology from a “hold” rating to a “strong sell” rating in a research note on Thursday, October 15th. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a report on Thursday, October 29th. Mizuho reduced their price target on shares of Align Technology from $220.00 to $200.00 and set an “outperform” rating for the company in a report on Thursday, October 22nd. Stifel Nicolaus decreased their price target on shares of Align Technology from $210.00 to $175.00 and set a “buy” rating on the stock in a research report on Friday, October 9th. Finally, Raymond James Financial restated a “buy” rating on shares of Align Technology in a report on Monday, October 5th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Align Technology presently has an average rating of “Moderate Buy” and a consensus price target of $193.08.

Align Technology Price Performance

Shares of ALGN stock opened at $166.00 on Friday. Align Technology, Inc. has a one year low of $130.23 and a one year high of $200.43. The stock has a fifty day moving average price of $150.38 and a 200 day moving average price of $168.50. The stock has a market cap of $11.89 billion, a P/E ratio of 24.16, a price-to-earnings-growth ratio of 1.80 and a beta of 1.74.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, October 28th. The medical equipment provider reported $2.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.77 by $0.03. Align Technology had a net margin of 11.83% and a return on equity of 15.96%. The firm had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. During the same quarter in the previous year, the firm posted $2.61 EPS. The business’s revenue for the quarter was up 1.9% on a year-over-year basis. Equities research analysts anticipate that Align Technology, Inc. will post 9.21 EPS for the current year.

About Align Technology

Align Technology, Inc develops, manufactures and markets digital orthodontic and restorative dentistry products. Its best-known offering is the Invisalign system, which uses a series of custom-made clear aligners to straighten teeth. The company also sells Vivera retainers and iTero intraoral scanners, which support digital dental imaging and treatment planning.

Founded in 1997, Align helped popularize clear-aligner orthodontic treatment as an alternative to traditional braces. Its digital dentistry portfolio also includes exocad software, used by dental professionals and laboratories to design dental restorations.

Headquartered in Tempe, Arizona, Align serves dental professionals and patients in markets around the world.