Align Technology, Inc. $ALGN Shares Purchased by Resona Asset Management Co. Ltd.

Resona Asset Management Co. Ltd. raised its stake in Align Technology, Inc. (NASDAQ:ALGN) by 48.8% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 469,547 shares of the medical equipment provider’s stock after acquiring an additional 154,029 shares during the period. Resona Asset Management Co. Ltd.’s holdings in Align Technology were worth $58,977,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. Ninety One UK Ltd lifted its holdings in shares of Align Technology by 18.3% in the 3rd quarter. Ninety One UK Ltd now owns 2,267,192 shares of the medical equipment provider’s stock worth $283,898,000 after purchasing an additional 350,883 shares during the last quarter. Federated Hermes Inc. increased its position in Align Technology by 31.0% in the second quarter. Federated Hermes Inc. now owns 926,733 shares of the medical equipment provider’s stock worth $175,458,000 after buying an additional 219,219 shares during the period. Disciplined Growth Investors Inc. MN lifted its stake in Align Technology by 0.9% in the second quarter. Disciplined Growth Investors Inc. MN now owns 844,987 shares of the medical equipment provider’s stock valued at $159,981,000 after buying an additional 7,754 shares during the last quarter. Norges Bank acquired a new position in shares of Align Technology during the second quarter valued at $155,297,000. Finally, Navera Investment Management Ltd. grew its position in shares of Align Technology by 3.0% during the second quarter. Navera Investment Management Ltd. now owns 787,559 shares of the medical equipment provider’s stock worth $149,126,000 after acquiring an additional 23,080 shares during the last quarter. 88.43% of the stock is owned by institutional investors.

Align Technology Price Performance

NASDAQ ALGN 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 market capitalization of $12.11 billion, a PE ratio of 32.70, a P/E/G ratio of 1.90 and a beta of 1.83. The company’s 50 day simple moving average is $157.96 and its 200 day simple moving average is $150.75.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Wednesday, October 29th. The medical equipment provider reported $2.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.38 by $0.23. Align Technology had a return on equity of 13.96% and a net margin of 9.50%.The firm had revenue of $995.69 million during the quarter, compared to analyst estimates of $980.75 million. During the same period last year, the company posted $2.35 EPS. The firm’s quarterly revenue was up 1.8% on a year-over-year basis. Sell-side analysts anticipate that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

ALGN has been the topic of several recent research reports. HSBC lifted their price objective on shares of Align Technology from $140.00 to $150.00 in a research report on Friday, October 31st. Piper Sandler reaffirmed an “overweight” rating and set a $200.00 price target (up previously from $190.00) on shares of Align Technology in a report on Thursday, October 30th. Leerink Partners increased their price objective on Align Technology from $189.00 to $210.00 and gave the stock an “outperform” rating in a report on Thursday. Zacks Research raised Align Technology from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 30th. Finally, Mizuho boosted their price target on Align Technology from $170.00 to $200.00 and gave the stock an “outperform” rating in a research report on Tuesday. Six analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat.com, Align Technology currently has an average rating of “Hold” and a consensus price target 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.