Nomura Asset Management Co. Ltd. Cuts Stock Position in Align Technology, Inc. $ALGN

Nomura Asset Management Co. Ltd. lessened its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 91.1% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 2,129 shares of the medical equipment provider’s stock after selling 21,689 shares during the period. Nomura Asset Management Co. Ltd.’s holdings in Align Technology were worth $332,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of ALGN. Capital International Investors increased its stake in Align Technology by 88.6% in the 3rd quarter. Capital International Investors now owns 3,050,373 shares of the medical equipment provider’s stock worth $381,968,000 after buying an additional 1,433,393 shares in the last quarter. Holocene Advisors LP purchased a new stake in Align Technology in the 3rd quarter worth $179,035,000. Norges Bank purchased a new stake in Align Technology in the 4th quarter worth $155,556,000. Bank of America Corp DE increased its stake in Align Technology by 72.0% in the 3rd quarter. Bank of America Corp DE now owns 1,353,125 shares of the medical equipment provider’s stock worth $169,438,000 after buying an additional 566,488 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its stake in Align Technology by 35,513.8% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 545,604 shares of the medical equipment provider’s stock worth $85,196,000 after buying an additional 544,072 shares in the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Stock Down 0.3%

Shares of Align Technology stock opened at $167.74 on Friday. The firm has a market cap of $12.01 billion, a price-to-earnings ratio of 28.14, a PEG ratio of 1.72 and a beta of 1.67. The business has a 50-day moving average price of $172.63 and a 200-day moving average price of $169.22. Align Technology, Inc. has a twelve month low of $122.00 and a twelve month high of $208.30.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 EPS for the quarter, beating analysts’ consensus estimates of $2.26 by $0.32. Align Technology had a net margin of 10.50% and a return on equity of 15.82%. The firm had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.02 billion. During the same quarter last year, the firm earned $2.13 EPS. The firm’s revenue for the quarter was up 6.2% compared to the same quarter last year. On average, equities analysts expect that Align Technology, Inc. will post 9.48 EPS for the current fiscal year.

Align Technology declared that its Board of Directors has approved a share buyback plan on Wednesday, April 29th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the medical equipment provider to buy up to 1.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on ALGN. Wall Street Zen upgraded Align Technology from a “buy” rating to a “strong-buy” rating in a research report on Saturday, March 7th. Barclays upgraded Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 price objective for the company in a research report on Tuesday, March 17th. Weiss Ratings lowered Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday. Leerink Partners raised their price objective on Align Technology from $225.00 to $230.00 in a research report on Thursday, April 30th. Finally, Citigroup began coverage on Align Technology in a research report on Wednesday, April 15th. They set a “buy” rating and a $240.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Align Technology has an average rating of “Moderate Buy” and an average price target of $205.85.

Align Technology Company Profile

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.