Align Technology, Inc. $ALGN Stock Bought by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 11,646.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 243,981 shares of the medical equipment provider’s stock after acquiring an additional 241,904 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd owned about 0.34% of Align Technology worth $32,308,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. K.J. Harrison & Partners Inc acquired a new position in Align Technology during the 2nd quarter worth $1,872,000. Maridea Wealth Management LLC purchased a new stake in Align Technology during the 2nd quarter worth about $1,659,000. Pallas Capital Advisors LLC acquired a new stake in Align Technology in the 2nd quarter valued at about $1,128,000. NewEdge Wealth LLC acquired a new stake in Align Technology in the 2nd quarter valued at about $1,658,000. Finally, Nykredit A S acquired a new stake in Align Technology in the 2nd quarter valued at about $74,077,000. Institutional investors and hedge funds own 88.43% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on ALGN shares. Stifel Nicolaus lowered their price objective on Align Technology from $210.00 to $175.00 and set a “buy” rating for the company in a research report on Friday, October 9th. Robert W. Baird restated a “neutral” rating and issued a $162.00 price target (down from $218.00) on shares of Align Technology in a research note on Thursday. Wall Street Zen downgraded Align Technology from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 1st. BMO Capital Markets began coverage on Align Technology in a research report on Wednesday, July 8th. They set an “outperform” rating and a $209.00 target price on the stock. Finally, UBS Group restated a “neutral” rating and set a $189.00 target price on shares of Align Technology in a research note on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $194.14.

Align Technology Price Performance

Shares of ALGN opened at $149.00 on Tuesday. Align Technology, Inc. has a 1-year low of $130.23 and a 1-year high of $200.43. The stock has a market cap of $10.67 billion, a PE ratio of 25.91, a price-to-earnings-growth ratio of 1.57 and a beta of 1.67. The firm has a fifty day moving average price of $153.47 and a 200 day moving average price of $167.03.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.62 by $0.02. The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.05 billion. Align Technology had a net margin of 9.99% and a return on equity of 15.86%. Align Technology’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.49 earnings per share. As a group, equities analysts expect that Align Technology, Inc. will post 9.36 EPS for the current fiscal year.

Align Technology Company Profile

Align Technology, Inc is a global medical device company focused on digital orthodontics and restorative dentistry. Founded in 1997, the company is best known for the Invisalign system, a series of clear, removable aligners designed to gradually move teeth and treat a range of orthodontic conditions.

Align’s products and services also include digital scanning and dental practice solutions. Its iTero intraoral scanners create digital impressions for orthodontic and restorative procedures, while its exocad business develops computer-aided design and computer-aided manufacturing software used by dental laboratories, clinicians and other dental professionals.

The company serves orthodontists, dentists, dental laboratories and patients in numerous markets worldwide.