Align Technology, Inc. $ALGN Stake Lessened by Mitsubishi UFJ Asset Management Co. Ltd.

Mitsubishi UFJ Asset Management Co. Ltd. lessened its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 41.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 77,597 shares of the medical equipment provider’s stock after selling 54,751 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Align Technology were worth $12,107,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Sentry Investment Management LLC lifted its position in Align Technology by 73.1% in 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 period. Steigerwald Gordon & Koch Inc. bought a new stake in shares of Align Technology in the 3rd quarter worth $26,000. Independence Bank of Kentucky raised its stake in shares of Align Technology by 77.7% in the 4th quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider’s stock worth $29,000 after buying an additional 80 shares in the last quarter. Quent Capital LLC acquired a new stake in shares of Align Technology in the third quarter valued at $30,000. Finally, TD Private Client Wealth LLC lifted its holdings in shares of Align Technology by 135.6% in the third quarter. TD Private Client Wealth LLC now owns 238 shares of the medical equipment provider’s stock valued at $30,000 after buying an additional 137 shares during the period. Institutional investors own 88.43% of the company’s stock.

Insider Activity

In other news, EVP John Morici sold 7,969 shares of the stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $189.31, for a total value of $1,508,611.39. Following the completion of the sale, the executive vice president directly owned 8,237 shares of the company’s stock, 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 can be accessed through this link. 0.75% of the stock is owned by company insiders.

Align Technology Stock Performance

Shares of ALGN stock opened at $168.78 on Monday. The company has a market capitalization of $12.09 billion, a price-to-earnings ratio of 28.32, a P/E/G ratio of 1.74 and a beta of 1.70. Align Technology, Inc. has a 1-year low of $122.00 and a 1-year high of $208.30. The stock’s fifty day simple moving average is $178.11 and its 200-day simple moving average is $165.34.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.26 by $0.32. Align Technology had a return on equity of 15.82% and a net margin of 10.50%.The firm had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.02 billion. During the same period in the prior year, the business earned $2.13 EPS. The business’s revenue for the quarter was up 6.2% on a year-over-year basis. On average, sell-side analysts predict that Align Technology, Inc. will post 9.43 EPS for the current year.

Align Technology announced that its board has initiated a share repurchase program on Wednesday, April 29th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the medical equipment provider to buy up to 1.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

ALGN has been the topic of a number of research analyst reports. Wall Street Zen raised Align Technology from a “buy” rating to a “strong-buy” rating in a report on Saturday, March 7th. Weiss Ratings reissued a “hold (c-)” rating on shares of Align Technology in a report on Wednesday, April 15th. Piper Sandler raised their price objective on shares of Align Technology from $220.00 to $235.00 and gave the company an “overweight” rating in a research report on Tuesday, April 21st. Morgan Stanley lifted their price objective on shares of Align Technology from $169.00 to $188.00 and gave the stock an “equal weight” rating in a research note on Friday, April 24th. Finally, Wells Fargo & Company increased their target price on shares of Align Technology from $181.00 to $200.00 and gave the company an “overweight” rating in a research note on Thursday, February 5th. Eight equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the stock 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.