Rakuten Investment Management Inc. Acquires Shares of 18,375 Align Technology, Inc. $ALGN

Rakuten Investment Management Inc. bought a new position in shares of Align Technology, Inc. (NASDAQ:ALGN) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 18,375 shares of the medical equipment provider’s stock, valued at approximately $2,301,000.

Several other institutional investors and hedge funds also recently made changes to their positions in ALGN. California First Leasing Corp boosted its position in shares of Align Technology by 34.0% in the 3rd quarter. California First Leasing Corp now owns 41,260 shares of the medical equipment provider’s stock worth $5,167,000 after purchasing an additional 10,470 shares during the last quarter. Allstate Corp bought a new stake in Align Technology in the third quarter valued at about $322,000. NorthCrest Asset Manangement LLC lifted its stake in Align Technology by 42.3% in the third quarter. NorthCrest Asset Manangement LLC now owns 2,807 shares of the medical equipment provider’s stock valued at $366,000 after buying an additional 835 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in Align Technology by 38.9% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 15,551 shares of the medical equipment provider’s stock worth $2,029,000 after buying an additional 4,359 shares during the last quarter. Finally, JCIC Asset Management Inc. acquired a new position in shares of Align Technology during the 3rd quarter worth about $88,000. Institutional investors own 88.43% of the company’s stock.

Align Technology Stock Down 0.1%

Shares of ALGN stock opened at $168.73 on Friday. Align Technology, Inc. has a 12-month low of $122.00 and a 12-month high of $234.39. The firm has a fifty day moving average of $157.96 and a 200-day moving average of $150.75. The company has a market capitalization of $12.11 billion, a price-to-earnings ratio of 32.70, a P/E/G ratio of 1.90 and a beta of 1.83.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, October 29th. The medical equipment provider reported $2.61 earnings per share for the quarter, topping analysts’ consensus estimates of $2.38 by $0.23. Align Technology had a net margin of 9.50% and a return on equity of 13.96%. The firm had revenue of $995.69 million during the quarter, compared to analyst estimates of $980.75 million. During the same period in the prior year, the business earned $2.35 EPS. The company’s revenue for the quarter was up 1.8% compared to the same quarter last year. On average, equities analysts expect that Align Technology, Inc. will post 7.98 EPS for the current year.

Analysts Set New Price Targets

ALGN has been the subject of a number of recent analyst reports. Wall Street Zen raised Align Technology from a “hold” rating to a “buy” rating in a research note on Saturday, January 3rd. Barclays assumed coverage on shares of Align Technology in a research note on Monday, December 8th. They issued an “equal weight” rating and a $170.00 target price for the company. UBS Group reduced their price target on shares of Align Technology from $160.00 to $155.00 and set a “neutral” rating on the stock in a research report on Thursday, October 16th. Weiss Ratings upgraded shares of Align Technology from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, January 16th. Finally, Morgan Stanley raised their price objective on Align Technology from $142.00 to $154.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 30th. Six investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $176.82.

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.