Sumitomo Mitsui Trust Holdings Inc. Has $47.93 Million Stock Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Sumitomo Mitsui Trust Holdings Inc. trimmed its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 3.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 174,918 shares of the medical equipment provider’s stock after selling 6,519 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.23% of Align Technology worth $47,928,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. Lecap Asset Management Ltd. acquired a new position in Align Technology during the 4th quarter worth approximately $442,000. Mn Services Vermogensbeheer B.V. increased its position in Align Technology by 0.3% in the 4th quarter. Mn Services Vermogensbeheer B.V. now owns 34,838 shares of the medical equipment provider’s stock valued at $9,546,000 after acquiring an additional 100 shares during the period. Louisiana State Employees Retirement System acquired a new position in Align Technology in the 4th quarter valued at approximately $1,178,000. Cerity Partners LLC increased its position in Align Technology by 21.2% in the 4th quarter. Cerity Partners LLC now owns 100,510 shares of the medical equipment provider’s stock valued at $27,539,000 after acquiring an additional 17,556 shares during the period. Finally, Impax Asset Management Group plc increased its position in Align Technology by 65.0% in the 4th quarter. Impax Asset Management Group plc now owns 114,369 shares of the medical equipment provider’s stock valued at $31,337,000 after acquiring an additional 45,070 shares during the period. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ALGN. UBS Group upped their price target on shares of Align Technology from $280.00 to $320.00 and gave the company a “neutral” rating in a research report on Monday, April 15th. Stifel Nicolaus upped their price target on shares of Align Technology from $350.00 to $400.00 and gave the company a “buy” rating in a research report on Thursday. SVB Leerink initiated coverage on shares of Align Technology in a research report on Monday, February 26th. They issued a “market perform” rating and a $310.00 price target for the company. Leerink Partnrs reaffirmed a “market perform” rating on shares of Align Technology in a research note on Monday, February 26th. Finally, Piper Sandler upped their price objective on shares of Align Technology from $335.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, March 14th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Align Technology has a consensus rating of “Moderate Buy” and a consensus target price of $344.45.

Align Technology Stock Down 0.8 %

Shares of NASDAQ ALGN opened at $298.98 on Friday. The firm has a market cap of $22.50 billion, a PE ratio of 51.37, a P/E/G ratio of 5.37 and a beta of 1.65. Align Technology, Inc. has a 12-month low of $176.34 and a 12-month high of $413.20. The company’s fifty day simple moving average is $312.79 and its 200 day simple moving average is $270.18.

Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, January 31st. The medical equipment provider reported $1.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.78 by $0.13. The business had revenue of $956.73 million for the quarter, compared to analyst estimates of $928.57 million. Align Technology had a net margin of 11.52% and a return on equity of 13.88%. On average, equities analysts predict that Align Technology, Inc. will post 7.69 earnings per share for the current year.

Insider Buying and Selling

In other Align Technology news, EVP Emory Wright sold 2,524 shares of the firm’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $287.45, for a total value of $725,523.80. Following the transaction, the executive vice president now directly owns 709 shares of the company’s stock, valued at $203,802.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Align Technology news, Director Joseph Lacob sold 10,000 shares of the firm’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $313.01, for a total value of $3,130,100.00. Following the transaction, the director now directly owns 146,994 shares of the company’s stock, valued at $46,010,591.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Emory Wright sold 2,524 shares of the firm’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $287.45, for a total transaction of $725,523.80. Following the completion of the transaction, the executive vice president now directly owns 709 shares in the company, valued at $203,802.05. The disclosure for this sale can be found here. Insiders have sold a total of 27,524 shares of company stock valued at $8,403,924 over the last ninety days. 0.64% of the stock is owned by corporate insiders.

About Align Technology

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.