Daiwa Securities Group Inc. Sells 4,728 Shares of Align Technology, Inc. $ALGN

Daiwa Securities Group Inc. decreased its position in Align Technology, Inc. (NASDAQ:ALGN) by 33.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,340 shares of the medical equipment provider’s stock after selling 4,728 shares during the period. Daiwa Securities Group Inc.’s holdings in Align Technology were worth $1,459,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Independence Bank of Kentucky boosted its holdings in Align Technology by 77.7% in the fourth quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider’s stock valued at $29,000 after acquiring an additional 80 shares during the last quarter. CYBER HORNET ETFs LLC bought a new position in Align Technology in the second quarter valued at about $36,000. Miller Global Investments LLC bought a new position in Align Technology in the fourth quarter valued at about $31,000. MUFG Securities EMEA plc bought a new position in Align Technology in the second quarter valued at about $38,000. Finally, Global Retirement Partners LLC boosted its holdings in Align Technology by 101.8% in the fourth quarter. Global Retirement Partners LLC now owns 230 shares of the medical equipment provider’s stock valued at $36,000 after acquiring an additional 116 shares during the last quarter. Institutional investors own 88.43% of the company’s stock.

Analysts Set New Price Targets

ALGN has been the topic of several recent research reports. Evercore raised their price target on Align Technology from $200.00 to $220.00 in a report on Thursday, April 30th. Zacks Research upgraded Align Technology from a “hold” rating to a “strong-buy” rating in a report on Monday, June 1st. Morgan Stanley raised their target price on Align Technology from $169.00 to $188.00 and gave the stock an “equal weight” rating in a report on Friday, April 24th. Leerink Partners raised their target price on Align Technology from $225.00 to $230.00 in a report on Thursday, April 30th. Finally, Barclays upgraded Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 target price on the stock in a report on Tuesday, March 17th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, Align Technology presently has a consensus rating of “Moderate Buy” and an average price target of $205.85.

Align Technology Trading Down 4.3%

Shares of ALGN opened at $170.50 on Thursday. Align Technology, Inc. has a 1 year low of $122.00 and a 1 year high of $208.30. The stock has a market cap of $12.21 billion, a P/E ratio of 28.61, a price-to-earnings-growth ratio of 1.83 and a beta of 1.67. The stock’s 50-day moving average price is $172.84 and its two-hundred day moving average price is $170.33.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 EPS for the quarter, topping analysts’ consensus estimates of $2.26 by $0.32. The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.02 billion. Align Technology had a return on equity of 15.82% and a net margin of 10.50%.Align Technology’s revenue was up 6.2% compared to the same quarter last year. During the same quarter last year, the firm posted $2.13 earnings per share. As a group, equities analysts forecast that Align Technology, Inc. will post 9.48 EPS for the current year.

Align Technology announced that its board has approved a share buyback program on Wednesday, April 29th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the medical equipment provider to reacquire up to 1.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

About Align Technology

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.