Mitsubishi UFJ Asset Management Co. Ltd. Buys 14,030 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 14.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 113,901 shares of the medical equipment provider’s stock after acquiring an additional 14,030 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Align Technology were worth $23,721,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Mitsubishi UFJ Trust & Banking Corp increased its position in shares of Align Technology by 12.7% during the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 35,966 shares of the medical equipment provider’s stock worth $7,499,000 after purchasing an additional 4,065 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. grew its stake in Align Technology by 7.6% during the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 9,725 shares of the medical equipment provider’s stock worth $2,028,000 after buying an additional 691 shares during the last quarter. EFG Asset Management North America Corp. increased its holdings in shares of Align Technology by 6.7% during the fourth quarter. EFG Asset Management North America Corp. now owns 15,411 shares of the medical equipment provider’s stock worth $3,214,000 after buying an additional 966 shares in the last quarter. Stevens Capital Management LP bought a new position in shares of Align Technology in the fourth quarter valued at approximately $470,000. Finally, LPL Financial LLC boosted its holdings in shares of Align Technology by 6.7% in the 4th quarter. LPL Financial LLC now owns 38,784 shares of the medical equipment provider’s stock worth $8,087,000 after acquiring an additional 2,437 shares in the last quarter. 88.43% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on ALGN. Bank of America raised their price target on Align Technology from $200.00 to $206.00 and gave the company an “underperform” rating in a report on Friday, December 13th. Evercore ISI raised their target price on Align Technology from $240.00 to $260.00 and gave the company an “outperform” rating in a research note on Thursday, February 6th. Jefferies Financial Group reduced their price target on shares of Align Technology from $285.00 to $260.00 and set a “buy” rating on the stock in a research report on Thursday, January 23rd. Leerink Partners upgraded shares of Align Technology from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $235.00 to $280.00 in a research report on Monday, January 6th. Finally, Piper Sandler reiterated an “overweight” rating and set a $235.00 target price (down from $270.00) on shares of Align Technology in a research report on Tuesday, March 18th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $262.64.

Align Technology Stock Performance

ALGN opened at $159.21 on Monday. The company has a fifty day moving average price of $193.72 and a two-hundred day moving average price of $214.48. The firm has a market capitalization of $11.72 billion, a PE ratio of 28.38, a P/E/G ratio of 2.24 and a beta of 1.69. Align Technology, Inc. has a 52 week low of $157.57 and a 52 week high of $331.64.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Wednesday, February 5th. The medical equipment provider reported $1.96 EPS for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). Align Technology had a net margin of 10.54% and a return on equity of 13.84%. Equities analysts forecast that Align Technology, Inc. will post 7.98 EPS for the current year.

Align Technology 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.