Mitsubishi UFJ Trust & Banking Corp Buys 4,065 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Mitsubishi UFJ Trust & Banking Corp increased its stake in Align Technology, Inc. (NASDAQ:ALGN) by 12.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 35,966 shares of the medical equipment provider’s stock after purchasing an additional 4,065 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in Align Technology were worth $7,499,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the company. Wellington Management Group LLP raised its stake in shares of Align Technology by 49.0% in the third quarter. Wellington Management Group LLP now owns 2,634,600 shares of the medical equipment provider’s stock valued at $670,031,000 after buying an additional 866,663 shares during the period. Holocene Advisors LP bought a new stake in Align Technology in the 3rd quarter valued at about $137,287,000. FMR LLC lifted its holdings in Align Technology by 43.0% during the third quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock valued at $310,736,000 after purchasing an additional 367,508 shares during the last quarter. Point72 Asset Management L.P. boosted its position in Align Technology by 96.3% during the third quarter. Point72 Asset Management L.P. now owns 674,319 shares of the medical equipment provider’s stock worth $171,493,000 after purchasing an additional 330,807 shares during the period. Finally, Meridiem Investment Management Ltd. increased its stake in shares of Align Technology by 63.7% in the fourth quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider’s stock worth $159,470,000 after purchasing an additional 297,472 shares in the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Analysts Set New Price Targets

ALGN has been the topic of a number of recent research reports. Piper Sandler restated an “overweight” rating and set a $235.00 price target (down from $270.00) on shares of Align Technology in a research note on Tuesday, March 18th. Needham & Company LLC restated a “hold” rating on shares of Align Technology in a research report on Thursday, February 6th. Leerink Partnrs upgraded Align Technology from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 6th. Morgan Stanley cut their target price on Align Technology from $280.00 to $272.00 and set an “overweight” rating for the company in a research note on Thursday, February 6th. Finally, Jefferies Financial Group reduced their target price on Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a report on Thursday, January 23rd. One analyst has rated the stock with a sell rating, two have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Align Technology currently has an average rating of “Moderate Buy” and a consensus price target of $262.64.

Align Technology Price Performance

Shares of Align Technology stock opened at $159.21 on Monday. Align Technology, Inc. has a 1 year low of $157.57 and a 1 year high of $331.64. The firm has a market cap of $11.72 billion, a PE ratio of 28.38, a PEG ratio of 2.24 and a beta of 1.69. The company has a 50 day simple moving average of $193.72 and a two-hundred day simple moving average of $214.48.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings data on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). Align Technology had a return on equity of 13.84% and a net margin of 10.54%. As a group, research analysts anticipate that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Align Technology Company 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.