Mufg Securities Americas Inc. Makes New Investment in Align Technology, Inc. (NASDAQ:ALGN)

Mufg Securities Americas Inc. purchased a new stake in Align Technology, Inc. (NASDAQ:ALGN) in the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 1,036 shares of the medical equipment provider’s stock, valued at approximately $216,000.

Several other hedge funds and other institutional investors have also modified their holdings of ALGN. Allspring Global Investments Holdings LLC raised its position in shares of Align Technology by 119.6% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 169,641 shares of the medical equipment provider’s stock worth $35,368,000 after buying an additional 92,407 shares in the last quarter. Swedbank AB lifted its position in shares of Align Technology by 25.0% in the 4th quarter. Swedbank AB now owns 486,267 shares of the medical equipment provider’s stock valued at $101,392,000 after acquiring an additional 97,152 shares in the last quarter. Principal Securities Inc. lifted its position in shares of Align Technology by 34.5% in the 4th quarter. Principal Securities Inc. now owns 1,881 shares of the medical equipment provider’s stock valued at $392,000 after acquiring an additional 483 shares in the last quarter. Allworth Financial LP lifted its position in shares of Align Technology by 1,479.1% in the 4th quarter. Allworth Financial LP now owns 2,416 shares of the medical equipment provider’s stock valued at $504,000 after acquiring an additional 2,263 shares in the last quarter. Finally, Avanza Fonder AB purchased a new stake in shares of Align Technology in the 4th quarter valued at approximately $1,776,000. 88.43% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Hsbc Global Res downgraded shares of Align Technology from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 25th. Jefferies Financial Group decreased their price objective on shares of Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a report on Thursday, January 23rd. Mizuho decreased their price objective on shares of Align Technology from $250.00 to $245.00 and set an “outperform” rating for the company in a report on Tuesday, April 29th. Needham & Company LLC restated a “hold” rating on shares of Align Technology in a research report on Thursday, May 1st. Finally, UBS Group dropped their price objective on shares of Align Technology from $240.00 to $215.00 and set a “neutral” rating for the company in a research note on Thursday, April 24th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $241.25.

Align Technology Stock Up 0.8%

Shares of Align Technology stock opened at $188.29 on Friday. The stock has a market capitalization of $13.65 billion, a P/E ratio of 33.56, a price-to-earnings-growth ratio of 2.24 and a beta of 1.68. The company has a 50-day simple moving average of $169.83 and a 200 day simple moving average of $198.80. Align Technology, Inc. has a 12-month low of $141.74 and a 12-month high of $272.17.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings data on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share for the quarter, beating the consensus estimate of $2.00 by $0.13. The firm had revenue of $979.26 million during the quarter, compared to analysts’ expectations of $977.90 million. Align Technology had a net margin of 10.54% and a return on equity of 13.84%. The company’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same quarter last year, the company posted $2.14 EPS. On average, equities analysts anticipate that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Align Technology declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, May 6th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the medical equipment provider to buy up to 7.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.

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.