228,710 Shares in Align Technology, Inc. (NASDAQ:ALGN) Acquired by Resona Asset Management Co. Ltd.

Resona Asset Management Co. Ltd. acquired a new stake in Align Technology, Inc. (NASDAQ:ALGN) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 228,710 shares of the medical equipment provider’s stock, valued at approximately $47,853,000.

Other large investors have also recently added to or reduced their stakes in the company. Wells Fargo & Company MN grew its stake in shares of Align Technology by 9.3% in the fourth quarter. Wells Fargo & Company MN now owns 175,894 shares of the medical equipment provider’s stock valued at $36,676,000 after acquiring an additional 15,010 shares in the last quarter. Prudential PLC increased its holdings in shares of Align Technology by 158.7% during the fourth quarter. Prudential PLC now owns 2,235 shares of the medical equipment provider’s stock worth $466,000 after purchasing an additional 1,371 shares during the period. PAX Financial Group LLC raised its position in shares of Align Technology by 3.2% in the fourth quarter. PAX Financial Group LLC now owns 3,458 shares of the medical equipment provider’s stock valued at $721,000 after buying an additional 108 shares in the last quarter. Provident Investment Management Inc. boosted its stake in shares of Align Technology by 2.4% in the fourth quarter. Provident Investment Management Inc. now owns 152,215 shares of the medical equipment provider’s stock valued at $31,738,000 after buying an additional 3,527 shares during the period. Finally, ExodusPoint Capital Management LP grew its position in Align Technology by 56.2% during the fourth quarter. ExodusPoint Capital Management LP now owns 124,818 shares of the medical equipment provider’s stock worth $26,026,000 after buying an additional 44,903 shares in the last quarter. Institutional investors own 88.43% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on ALGN shares. Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a report on Thursday, February 6th. Evercore ISI increased their price objective on shares of Align Technology from $240.00 to $260.00 and gave the stock an “outperform” rating in a research note on Thursday, February 6th. Leerink Partnrs upgraded shares of Align Technology from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 6th. Piper Sandler reiterated an “overweight” rating and set a $235.00 price target (down previously from $270.00) on shares of Align Technology in a research report on Tuesday, March 18th. Finally, Bank of America boosted their price objective on shares of Align Technology from $200.00 to $206.00 and gave the company an “underperform” rating in a research report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $262.64.

Align Technology Trading Down 0.5 %

Align Technology stock opened at $153.51 on Friday. The stock has a 50-day moving average price of $186.45 and a two-hundred day moving average price of $211.96. Align Technology, Inc. has a 12 month low of $143.00 and a 12 month high of $331.64. The company has a market capitalization of $11.24 billion, a PE ratio of 27.36, a P/E/G ratio of 2.24 and a beta of 1.73.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 EPS for the quarter, missing the consensus estimate of $2.43 by ($0.47). Align Technology had a return on equity of 13.84% and a net margin of 10.54%. As a group, analysts predict that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Align Technology Company Profile

Align Technology, Inc designs, manufactures, and markets Invisalign clear aligners, and iTero intraoral scanners and services for orthodontists and general practitioner dentists in the United States, Switzerland, and internationally. The company's Clear Aligner segment offers comprehensive products, including Invisalign comprehensive package that addresses the orthodontic needs of younger patients, such as mandibular advancement, compliance indicators, and compensation for tooth eruption; and Invisalign First Phase I and Invisalign First Comprehensive Phase 2 package for younger patients generally between the ages of six and ten years, which is a mixture of primary/baby and permanent teeth.