Mitsubishi UFJ Asset Management Co. Ltd. Takes $14.36 Million Position in Align Technology, Inc. $ALGN

Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Align Technology, Inc. (NASDAQ:ALGN) during the second quarter, HoldingsChannel reports. The firm acquired 85,166 shares of the medical equipment provider’s stock, valued at approximately $14,364,000.

A number of other institutional investors and hedge funds have also made changes to their positions in ALGN. Simplicity Wealth LLC purchased a new position in Align Technology during the 2nd quarter worth $219,000. Global Retirement Partners LLC acquired a new position in shares of Align Technology during the second quarter worth about $38,000. Bank of New York Mellon Corp acquired a new position in shares of Align Technology during the second quarter worth about $57,062,000. Focus Partners Advisor Solutions LLC purchased a new position in Align Technology during the second quarter worth about $537,000. Finally, Maridea Wealth Management LLC acquired a new stake in Align Technology in the second quarter valued at about $1,659,000. 88.43% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on ALGN shares. Wall Street Zen cut Align Technology from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 1st. Weiss Ratings lowered Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a report on Monday, August 3rd. Leerink Partners increased their price objective on Align Technology from $225.00 to $230.00 in a research report on Thursday, April 30th. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a report on Thursday, July 30th. Finally, UBS Group restated a “neutral” rating and set a $189.00 target price on shares of Align Technology in a research report on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, Align Technology presently has an average rating of “Moderate Buy” and a consensus target price of $206.36.

Align Technology Stock Performance

Shares of NASDAQ:ALGN opened at $158.94 on Friday. The business’s fifty day moving average price is $175.27 and its two-hundred day moving average price is $175.59. The stock has a market cap of $11.38 billion, a PE ratio of 27.64, a price-to-earnings-growth ratio of 1.73 and a beta of 1.65. Align Technology, Inc. has a one year low of $122.00 and a one year high of $200.43.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 EPS for the quarter, topping analysts’ consensus estimates of $2.62 by $0.02. The business 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%. The company’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.49 earnings per share. As a group, equities research analysts predict that Align Technology, Inc. will post 9.38 earnings per share for the current fiscal year.

Align Technology declared that its board has authorized a stock repurchase plan on Wednesday, April 29th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the medical equipment provider to repurchase up to 1.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors 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.