Daiwa Securities Group Inc. Has $1.46 Million Position in Align Technology, Inc. $ALGN

Daiwa Securities Group Inc. lessened its position in Align Technology, Inc. (NASDAQ:ALGN) by 33.6% during the fourth quarter, Holdings Channel reports. The institutional investor owned 9,340 shares of the medical equipment provider’s stock after selling 4,728 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Align Technology were worth $1,459,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of ALGN. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Align Technology by 4.8% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,222 shares of the medical equipment provider’s stock valued at $1,624,000 after buying an additional 469 shares during the last quarter. Focus Partners Wealth raised its position in Align Technology by 5.2% in the 1st quarter. Focus Partners Wealth now owns 3,062 shares of the medical equipment provider’s stock valued at $486,000 after buying an additional 151 shares during the last quarter. Sivia Capital Partners LLC acquired a new stake in Align Technology in the 2nd quarter valued at approximately $204,000. EverSource Wealth Advisors LLC raised its position in Align Technology by 55.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 531 shares of the medical equipment provider’s stock valued at $101,000 after buying an additional 190 shares during the last quarter. Finally, First Trust Advisors LP raised its position in Align Technology by 201.7% in the 2nd quarter. First Trust Advisors LP now owns 88,270 shares of the medical equipment provider’s stock valued at $16,712,000 after buying an additional 59,010 shares during the last quarter. Institutional investors and hedge funds own 88.43% of the company’s stock.

Align Technology Stock Down 4.3%

ALGN stock opened at $170.50 on Thursday. Align Technology, Inc. has a twelve month low of $122.00 and a twelve month high of $208.30. The business has a 50 day moving average price of $172.84 and a two-hundred day moving average price of $170.33. The company has a market cap of $12.21 billion, a price-to-earnings ratio of 28.61, a P/E/G ratio of 1.83 and a beta of 1.67.

Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 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 company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.02 billion. During the same period in the previous year, the company posted $2.13 EPS. The firm’s revenue for the quarter was up 6.2% compared to the same quarter last year. On average, equities research analysts anticipate that Align Technology, Inc. will post 9.48 EPS for the current fiscal year.

Align Technology declared that its Board of Directors has approved a stock buyback program 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 programs are often a sign that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on ALGN shares. Citigroup started coverage on Align Technology in a research report on Wednesday, April 15th. They issued a “buy” rating and a $240.00 target price on the stock. Piper Sandler raised their price target on Align Technology from $220.00 to $235.00 and gave the company an “overweight” rating in a research note on Tuesday, April 21st. Leerink Partners raised their price target on Align Technology from $225.00 to $230.00 in a research note on Thursday, April 30th. Morgan Stanley raised their price target on Align Technology from $169.00 to $188.00 and gave the company an “equal weight” rating in a research note on Friday, April 24th. Finally, Evercore raised their price target on Align Technology from $200.00 to $220.00 in a research note on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Align Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $205.85.

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.