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

Resona Asset Management Co. Ltd. lessened its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 15.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 294,476 shares of the medical equipment provider’s stock after selling 54,624 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Align Technology were worth $49,987,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the business. AIA Group Ltd purchased a new stake in Align Technology during the third quarter worth about $2,507,000. Sequoia Financial Advisors LLC raised its position in Align Technology by 320.1% in the fourth quarter. Sequoia Financial Advisors LLC now owns 7,986 shares of the medical equipment provider’s stock worth $1,247,000 after acquiring an additional 6,085 shares during the period. Northwestern Mutual Wealth Management Co. boosted its stake in Align Technology by 35,513.8% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 545,604 shares of the medical equipment provider’s stock valued at $85,196,000 after acquiring an additional 544,072 shares during the last quarter. Polianta Ltd purchased a new position in Align Technology in the fourth quarter valued at about $1,623,000. Finally, Distillate Capital Partners LLC grew its position in shares of Align Technology by 74.6% during the 3rd quarter. Distillate Capital Partners LLC now owns 111,224 shares of the medical equipment provider’s stock valued at $13,928,000 after acquiring an additional 47,535 shares during the period. 88.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ALGN. Leerink Partners raised their price target on shares of Align Technology from $225.00 to $230.00 in a research note on Thursday, April 30th. Weiss Ratings downgraded Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, June 4th. Evercore increased their price objective on Align Technology from $200.00 to $220.00 in a report on Thursday, April 30th. Morgan Stanley raised their target price on Align Technology from $169.00 to $188.00 and gave the stock an “equal weight” rating in a research report on Friday, April 24th. Finally, BMO Capital Markets initiated coverage on Align Technology in a research note on Wednesday. They issued an “outperform” rating and a $209.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Align Technology currently has an average rating of “Moderate Buy” and an average target price of $206.07.

Align Technology Trading Down 5.7%

Align Technology stock opened at $174.68 on Thursday. Align Technology, Inc. has a 1-year low of $122.00 and a 1-year high of $208.30. The firm has a market capitalization of $12.51 billion, a PE ratio of 29.31, a price-to-earnings-growth ratio of 1.90 and a beta of 1.67. The firm’s 50 day simple moving average is $171.47 and its 200 day simple moving average is $173.54.

Align Technology (NASDAQ:ALGN) last released its quarterly 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. The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.02 billion. Align Technology had a net margin of 10.50% and a return on equity of 15.82%. The business’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same period in the previous year, the business earned $2.13 EPS. Research analysts forecast that Align Technology, Inc. will post 9.48 earnings per share for the current year.

Align Technology declared that its Board of Directors has approved a share 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 purchase up to 1.6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

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.