Sumitomo Mitsui Trust Group Inc. Sells 21,784 Shares of Align Technology, Inc. $ALGN

Sumitomo Mitsui Trust Group Inc. trimmed its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 80.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,385 shares of the medical equipment provider’s stock after selling 21,784 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Align Technology were worth $923,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. AIA Group Ltd acquired a new stake in Align Technology in the 3rd quarter valued at $2,507,000. Sequoia Financial Advisors LLC grew its position in Align Technology by 320.1% in the fourth quarter. Sequoia Financial Advisors LLC now owns 7,986 shares of the medical equipment provider’s stock valued at $1,247,000 after acquiring an additional 6,085 shares during the period. Northwestern Mutual Wealth Management Co. raised its stake in Align Technology by 35,513.8% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 545,604 shares of the medical equipment provider’s stock worth $85,196,000 after acquiring an additional 544,072 shares in the last quarter. Polianta Ltd acquired a new position in Align Technology during the fourth quarter worth $1,623,000. Finally, Hunter Perkins Capital Management LLC lifted its holdings in shares of Align Technology by 383.1% during the fourth quarter. Hunter Perkins Capital Management LLC now owns 43,842 shares of the medical equipment provider’s stock valued at $6,846,000 after acquiring an additional 34,767 shares during the period. 88.43% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

ALGN has been the topic of several recent analyst reports. Leerink Partners boosted their target price on shares of Align Technology from $225.00 to $230.00 in a research note on Thursday, April 30th. Zacks Research upgraded shares of Align Technology from a “hold” rating to a “strong-buy” rating in a research report on Monday, June 1st. Piper Sandler boosted their price target 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. Citigroup began coverage on shares of Align Technology in a research note on Wednesday, April 15th. They set a “buy” rating and a $240.00 price objective on the stock. Finally, Evercore raised their price objective on shares of Align Technology from $200.00 to $220.00 in a report on Thursday, April 30th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $206.07.

Align Technology Stock Performance

Shares of ALGN stock opened at $178.41 on Friday. Align Technology, Inc. has a 52 week low of $122.00 and a 52 week high of $208.30. The stock has a market capitalization of $12.78 billion, a PE ratio of 29.93, a PEG ratio of 1.86 and a beta of 1.67. The stock’s fifty day moving average is $172.14 and its 200-day moving average is $174.46.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.26 by $0.32. The business had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.02 billion. Align Technology had a return on equity of 15.82% and a net margin of 10.50%.The firm’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same period in the previous year, the business posted $2.13 earnings per share. As a group, analysts forecast that Align Technology, Inc. will post 9.48 earnings per share for the current fiscal year.

Align Technology declared that its Board of Directors has authorized a share buyback 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 repurchase up to 1.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

About Align Technology

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.