Sumitomo Mitsui Trust Group Inc. Lowers Stake in Align Technology, Inc. (NASDAQ:ALGN)

Sumitomo Mitsui Trust Group Inc. cut its stake in Align Technology, Inc. (NASDAQ:ALGN) by 2.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 158,503 shares of the medical equipment provider’s stock after selling 3,589 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.21% of Align Technology worth $33,049,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Wellington Management Group LLP grew its holdings in 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 worth $670,031,000 after purchasing an additional 866,663 shares during the last quarter. Holocene Advisors LP acquired a new stake in shares of Align Technology in the 3rd quarter worth $137,287,000. FMR LLC boosted its position in shares of Align Technology by 43.0% in the 3rd quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock worth $310,736,000 after purchasing an additional 367,508 shares in the last quarter. Point72 Asset Management L.P. grew its stake in Align Technology by 96.3% during the 3rd quarter. Point72 Asset Management L.P. now owns 674,319 shares of the medical equipment provider’s stock worth $171,493,000 after buying an additional 330,807 shares during the last quarter. Finally, Senvest Management LLC increased its position in Align Technology by 76.4% during the 3rd quarter. Senvest Management LLC now owns 459,243 shares of the medical equipment provider’s stock valued at $116,795,000 after buying an additional 198,893 shares in the last quarter. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Align Technology Stock Performance

NASDAQ ALGN opened at $210.52 on Wednesday. The stock has a 50-day simple moving average of $220.81 and a two-hundred day simple moving average of $225.42. The firm has a market capitalization of $15.72 billion, a P/E ratio of 37.53, a PEG ratio of 4.79 and a beta of 1.67. Align Technology, Inc. has a fifty-two week low of $196.09 and a fifty-two week high of $335.40.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 EPS for the quarter, missing the consensus estimate 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, analysts forecast that Align Technology, Inc. will post 8.09 earnings per share for the current year.

Wall Street Analysts Forecast Growth

ALGN has been the subject of several recent analyst reports. Piper Sandler lowered their price target on Align Technology from $275.00 to $270.00 and set an “overweight” rating for the company in a report on Thursday, February 6th. Robert W. Baird lowered their target price on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th. Leerink Partners upgraded shares of Align Technology from a “market perform” rating to an “outperform” rating and upped their price target for the company from $235.00 to $280.00 in a research note on Monday, January 6th. 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 note on Thursday, January 23rd. Finally, Mizuho began coverage on shares of Align Technology in a report on Wednesday, December 4th. They set an “outperform” rating and a $295.00 price objective on the stock. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $271.40.

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.