Daiwa Securities Group Inc. Acquires 928 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Daiwa Securities Group Inc. boosted its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 10.5% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 9,804 shares of the medical equipment provider’s stock after acquiring an additional 928 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Align Technology were worth $2,493,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in ALGN. Bank of New York Mellon Corp lifted its holdings in shares of Align Technology by 1.4% in the second quarter. Bank of New York Mellon Corp now owns 1,148,282 shares of the medical equipment provider’s stock valued at $277,230,000 after purchasing an additional 15,540 shares in the last quarter. Ninety One UK Ltd lifted its stake in Align Technology by 1.0% during the 2nd quarter. Ninety One UK Ltd now owns 1,147,124 shares of the medical equipment provider’s stock valued at $276,950,000 after acquiring an additional 10,919 shares in the last quarter. Disciplined Growth Investors Inc. MN boosted its holdings in Align Technology by 0.5% during the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 707,542 shares of the medical equipment provider’s stock worth $170,822,000 after acquiring an additional 3,600 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC grew its stake in shares of Align Technology by 4,391.3% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 488,251 shares of the medical equipment provider’s stock worth $117,879,000 after acquiring an additional 477,380 shares in the last quarter. Finally, Senvest Management LLC raised its holdings in shares of Align Technology by 76.4% in the third quarter. Senvest Management LLC now owns 459,243 shares of the medical equipment provider’s stock valued at $116,795,000 after purchasing an additional 198,893 shares during the last quarter. Institutional investors own 88.43% of the company’s stock.

Align Technology Stock Performance

Shares of ALGN opened at $229.66 on Thursday. Align Technology, Inc. has a fifty-two week low of $196.09 and a fifty-two week high of $335.40. The business has a 50-day moving average of $227.38 and a 200 day moving average of $236.92. The firm has a market cap of $17.14 billion, a P/E ratio of 39.19, a price-to-earnings-growth ratio of 6.23 and a beta of 1.65.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.31 by $0.04. The company had revenue of $977.87 million for the quarter, compared to analyst estimates of $990.05 million. Align Technology had a net margin of 11.15% and a return on equity of 13.99%. The company’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.62 earnings per share. As a group, research analysts predict that Align Technology, Inc. will post 7.45 earnings per share for the current fiscal year.

Analysts Set New Price Targets

ALGN has been the topic of several analyst reports. Stifel Nicolaus cut their price target on shares of Align Technology from $285.00 to $275.00 and set a “buy” rating on the stock in a report on Thursday, October 24th. Evercore ISI cut their target price on Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. StockNews.com raised Align Technology from a “hold” rating to a “buy” rating in a research report on Thursday, September 19th. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a research report on Monday, November 4th. Finally, Piper Sandler decreased their target price on Align Technology from $285.00 to $275.00 and set an “overweight” rating for the company in a research report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $276.38.

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.