Align Technology, Inc. (NASDAQ:ALGN) Stock Position Lowered by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lowered its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 0.8% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 162,092 shares of the medical equipment provider’s stock after selling 1,319 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.22% of Align Technology worth $41,223,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of ALGN. Avantax Advisory Services Inc. acquired a new position in shares of Align Technology in the 1st quarter worth approximately $216,000. Orion Portfolio Solutions LLC grew its position in Align Technology by 13.9% in the first quarter. Orion Portfolio Solutions LLC now owns 7,318 shares of the medical equipment provider’s stock worth $2,400,000 after buying an additional 892 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Align Technology by 0.3% in the first quarter. Vanguard Group Inc. now owns 8,375,147 shares of the medical equipment provider’s stock valued at $2,746,378,000 after buying an additional 25,362 shares in the last quarter. Edgestream Partners L.P. lifted its position in shares of Align Technology by 35.7% during the 1st quarter. Edgestream Partners L.P. now owns 7,445 shares of the medical equipment provider’s stock valued at $2,441,000 after acquiring an additional 1,960 shares during the last quarter. Finally, Summit Creek Advisors LLC bought a new stake in shares of Align Technology during the 1st quarter worth $285,000. 88.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ALGN. Robert W. Baird cut their target price on Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a research note on Monday, November 4th. StockNews.com upgraded shares of Align Technology from a “hold” rating to a “buy” rating in a report on Thursday, September 19th. Morgan Stanley cut their price target on shares of Align Technology from $310.00 to $280.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Finally, Stifel Nicolaus decreased their price objective on shares of Align Technology from $285.00 to $275.00 and set a “buy” rating for the company in a research note on Thursday, October 24th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, Align Technology presently has an average rating of “Hold” and an average price target of $276.38.

Align Technology Stock Performance

Align Technology stock opened at $223.69 on Friday. The firm’s 50 day moving average price is $228.80 and its two-hundred day moving average price is $240.79. The firm has a market cap of $16.70 billion, a PE ratio of 38.17, a P/E/G ratio of 5.57 and a beta of 1.65. Align Technology, Inc. has a twelve month low of $196.09 and a twelve month high of $335.40.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.31 by $0.04. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The business had revenue of $977.87 million during the quarter, compared to analyst estimates of $990.05 million. During the same period last year, the company earned $1.62 earnings per share. Align Technology’s quarterly revenue was up 1.8% compared to the same quarter last year. Equities analysts anticipate that Align Technology, Inc. will post 7.45 EPS for the current fiscal year.

Align Technology 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.