Meiji Yasuda Asset Management Co Ltd. Invests $2.47 Million in Align Technology, Inc. $ALGN

Meiji Yasuda Asset Management Co Ltd. bought a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN) in the second quarter, Holdings Channel.com reports. The institutional investor bought 14,650 shares of the medical equipment provider’s stock, valued at approximately $2,471,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Sunbelt Securities Inc. grew its holdings in Align Technology by 222.4% in the fourth quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider’s stock worth $25,000 after purchasing an additional 109 shares during the last quarter. Blue Trust Inc. increased its position in shares of Align Technology by 77.5% during the first quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider’s stock worth $27,000 after purchasing an additional 69 shares in the last quarter. Tobam purchased a new stake in shares of Align Technology during the 4th quarter valued at $30,000. Hollencrest Capital Management purchased a new stake in shares of Align Technology during the 1st quarter valued at $34,000. Finally, Caitong International Asset Management Co. Ltd boosted its position in shares of Align Technology by 1,773.3% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 281 shares of the medical equipment provider’s stock worth $35,000 after purchasing an additional 266 shares in the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ALGN. Weiss Ratings lowered Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a research report on Monday, August 3rd. BMO Capital Markets started coverage on Align Technology in a report on Wednesday, July 8th. They issued an “outperform” rating and a $209.00 price target for the company. UBS Group restated a “neutral” rating and set a $189.00 price target on shares of Align Technology in a research note on Thursday, July 23rd. Wall Street Zen downgraded shares of Align Technology from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 1st. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a research report on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $206.36.

Align Technology Stock Down 1.8%

Shares of NASDAQ ALGN opened at $159.64 on Tuesday. Align Technology, Inc. has a 52 week low of $122.00 and a 52 week high of $200.43. The business’s 50 day moving average price is $174.65 and its 200 day moving average price is $175.60. The firm has a market cap of $11.43 billion, a P/E ratio of 27.76, a P/E/G ratio of 1.73 and a beta of 1.65.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.62 by $0.02. Align Technology had a net margin of 9.99% and a return on equity of 15.86%. The company had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.05 billion. During the same period last year, the firm posted $2.49 EPS. Align Technology’s revenue for the quarter was up 4.3% compared to the same quarter last year. As a group, research analysts expect that Align Technology, Inc. will post 9.38 earnings per share for the current year.

Align Technology declared that its board has initiated a share repurchase plan on Wednesday, April 29th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the medical equipment provider to repurchase up to 1.6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its stock is undervalued.

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.