Resona Asset Management Co. Ltd. Decreases Position in Align Technology, Inc. $ALGN

Resona Asset Management Co. Ltd. decreased its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 25.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 349,100 shares of the medical equipment provider’s stock after selling 120,447 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Align Technology were worth $54,715,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Independence Bank of Kentucky lifted its stake in Align Technology by 77.7% during the fourth 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. Sentry Investment Management LLC lifted its stake in Align Technology by 73.1% during the third quarter. Sentry Investment Management LLC now owns 187 shares of the medical equipment provider’s stock worth $25,000 after purchasing an additional 79 shares during the last quarter. CYBER HORNET ETFs LLC purchased a new stake in Align Technology during the second quarter worth approximately $36,000. Miller Global Investments LLC purchased a new stake in Align Technology during the fourth quarter worth approximately $31,000. Finally, MUFG Securities EMEA plc purchased a new stake in Align Technology during the second quarter worth approximately $38,000. Hedge funds and other 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 company’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $189.31, for a total transaction of $1,508,611.39. Following the completion of the sale, the executive vice president owned 8,237 shares in the company, valued at $1,559,346.47. This represents a 49.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.75% of the stock is owned by company insiders.

Align Technology Trading Up 1.0%

Shares of NASDAQ ALGN opened at $158.78 on Tuesday. Align Technology, Inc. has a twelve month low of $122.00 and a twelve month high of $208.30. The stock has a 50 day moving average of $174.92 and a two-hundred day moving average of $166.69. The stock has a market cap of $11.37 billion, a P/E ratio of 26.64, a P/E/G ratio of 1.61 and a beta of 1.70.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share 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 company had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.02 billion. During the same quarter in the previous year, the business earned $2.13 earnings per share. The firm’s revenue for the quarter was up 6.2% on a year-over-year basis. As a group, research analysts predict that Align Technology, Inc. will post 9.47 earnings per share for the current year.

Align Technology announced that its board has approved a stock buyback program on Wednesday, April 29th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the medical equipment provider to reacquire up to 1.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Barclays upgraded Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 target price for the company in a research note on Tuesday, March 17th. Wall Street Zen upgraded Align Technology from a “buy” rating to a “strong-buy” rating in a research note on Saturday, March 7th. Piper Sandler boosted their target price on Align Technology from $220.00 to $235.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 21st. Leerink Partners boosted their price objective on Align Technology from $225.00 to $230.00 in a research note on Thursday, April 30th. Finally, Mizuho boosted their price objective on Align Technology from $200.00 to $215.00 and gave the company an “outperform” rating in a research note on Thursday, February 5th. Eight research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, Align Technology presently has an average rating of “Moderate Buy” and a consensus price target of $205.85.

Align Technology Company 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.