Resona Asset Management Co. Ltd. Makes New Investment in Align Technology, Inc. (NASDAQ:ALGN)

Resona Asset Management Co. Ltd. purchased a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 228,710 shares of the medical equipment provider's stock, valued at approximately $47,853,000. Resona Asset Management Co. Ltd. owned approximately 0.31% of Align Technology at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Wells Fargo & Company MN raised its stake in Align Technology by 9.3% during the fourth quarter. Wells Fargo & Company MN now owns 175,894 shares of the medical equipment provider's stock valued at $36,676,000 after purchasing an additional 15,010 shares in the last quarter. Prudential PLC raised its position in shares of Align Technology by 158.7% during the 4th quarter. Prudential PLC now owns 2,235 shares of the medical equipment provider's stock valued at $466,000 after buying an additional 1,371 shares in the last quarter. PAX Financial Group LLC lifted its holdings in shares of Align Technology by 3.2% in the 4th quarter. PAX Financial Group LLC now owns 3,458 shares of the medical equipment provider's stock valued at $721,000 after acquiring an additional 108 shares during the last quarter. Provident Investment Management Inc. increased its stake in Align Technology by 2.4% during the fourth quarter. Provident Investment Management Inc. now owns 152,215 shares of the medical equipment provider's stock worth $31,738,000 after acquiring an additional 3,527 shares during the last quarter. Finally, ExodusPoint Capital Management LP raised its position in Align Technology by 56.2% during the fourth quarter. ExodusPoint Capital Management LP now owns 124,818 shares of the medical equipment provider's stock valued at $26,026,000 after purchasing an additional 44,903 shares during the period. Institutional investors own 88.43% of the company's stock.

Analyst Ratings Changes

ALGN has been the topic of several recent research reports. Wells Fargo & Company assumed coverage on Align Technology in a report on Friday, February 14th. They set an "overweight" rating and a $255.00 price target on the stock. Needham & Company LLC reaffirmed a "hold" rating on shares of Align Technology in a research note on Thursday, February 6th. Piper Sandler restated an "overweight" rating and set a $235.00 target price (down previously from $270.00) on shares of Align Technology in a research report on Tuesday, March 18th. Morgan Stanley reduced their target price on Align Technology from $280.00 to $272.00 and set an "overweight" rating on the stock in a research note on Thursday, February 6th. Finally, Jefferies Financial Group lowered their price objective on shares of Align Technology from $285.00 to $260.00 and set a "buy" rating for the company in a research report on Thursday, January 23rd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Align Technology currently has an average rating of "Moderate Buy" and an average target price of $262.64.

Align Technology Stock Down 3.6 %

Shares of NASDAQ ALGN traded down $5.92 during trading hours on Thursday, hitting $159.12. 863,165 shares of the stock were exchanged, compared to its average volume of 859,613. Align Technology, Inc. has a 12 month low of $141.74 and a 12 month high of $331.64. The firm has a fifty day moving average price of $179.39 and a 200-day moving average price of $208.51. The company has a market cap of $11.65 billion, a PE ratio of 28.36, a PEG ratio of 2.24 and a beta of 1.73.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its quarterly earnings data on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share 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, equities analysts anticipate that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal 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.