Sumitomo Mitsui Trust Holdings Inc. Acquires 6,304 Shares of Align Technology, Inc. (ALGN)

Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 2.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 290,715 shares of the medical equipment provider’s stock after purchasing an additional 6,304 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Align Technology were worth $113,734,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. increased its position in shares of Align Technology by 1.7% during the second quarter. BlackRock Inc. now owns 5,150,916 shares of the medical equipment provider’s stock valued at $1,762,334,000 after buying an additional 84,512 shares during the period. FMR LLC increased its position in shares of Align Technology by 251.6% during the second quarter. FMR LLC now owns 1,705,510 shares of the medical equipment provider’s stock valued at $583,523,000 after buying an additional 1,220,448 shares during the period. Winslow Capital Management LLC bought a new stake in shares of Align Technology during the second quarter valued at about $148,376,000. OppenheimerFunds Inc. increased its position in shares of Align Technology by 1.3% during the second quarter. OppenheimerFunds Inc. now owns 394,320 shares of the medical equipment provider’s stock valued at $134,913,000 after buying an additional 5,069 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its position in shares of Align Technology by 8.7% during the second quarter. Massachusetts Financial Services Co. MA now owns 369,205 shares of the medical equipment provider’s stock valued at $126,319,000 after buying an additional 29,623 shares during the period. 78.77% of the stock is currently owned by institutional investors and hedge funds.

In other Align Technology news, SVP Simon Beard sold 3,895 shares of the stock in a transaction that occurred on Wednesday, August 29th. The shares were sold at an average price of $384.48, for a total transaction of $1,497,549.60. Following the transaction, the senior vice president now directly owns 3,577 shares in the company, valued at $1,375,284.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Warren S. Thaler sold 3,500 shares of the stock in a transaction that occurred on Thursday, August 23rd. The shares were sold at an average price of $363.62, for a total transaction of $1,272,670.00. Following the transaction, the director now owns 47,015 shares in the company, valued at $17,095,594.30. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,895 shares of company stock worth $10,380,720. 1.40% of the stock is owned by company insiders.

ALGN stock opened at $219.99 on Thursday. The company has a market capitalization of $17.38 billion, a P/E ratio of 56.55, a P/E/G ratio of 1.89 and a beta of 2.00. Align Technology, Inc. has a 1-year low of $203.12 and a 1-year high of $398.88.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings data on Wednesday, October 24th. The medical equipment provider reported $1.24 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.19 by $0.05. The company had revenue of $505.30 million for the quarter, compared to analysts’ expectations of $503.14 million. Align Technology had a net margin of 16.89% and a return on equity of 34.09%. Align Technology’s revenue for the quarter was up 31.1% compared to the same quarter last year. During the same period in the prior year, the business earned $1.01 earnings per share. On average, analysts anticipate that Align Technology, Inc. will post 4.89 EPS for the current year.

Several equities research analysts have recently weighed in on the company. Barclays reiterated a “buy” rating on shares of Align Technology in a research report on Thursday, July 26th. BidaskClub cut Align Technology from a “strong-buy” rating to a “buy” rating in a research report on Friday, October 5th. Stifel Nicolaus decreased their price target on Align Technology from $425.00 to $346.00 and set a “buy” rating on the stock in a research report on Thursday, October 25th. Robert W. Baird decreased their price target on Align Technology from $425.00 to $330.00 and set an “outperform” rating on the stock in a research report on Thursday, October 25th. Finally, Zacks Investment Research cut Align Technology from a “buy” rating to a “hold” rating in a research report on Friday, August 17th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Align Technology presently has a consensus rating of “Buy” and an average target price of $354.08.

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Align Technology Company Profile

Align Technology, Inc designs, manufactures, and markets a system of clear aligner therapy, intraoral scanners, and computer-aided design and computer-aided manufacturing (CAD/CAM) digital services. The company's Clear Aligner segment offers Invisalign Full, a treatment used for a range of malocclusion; Invisalign Teen treatment that addresses orthodontic needs of teenage patients, such as compliance indicators, compensation for tooth eruption, and six free single arch replacement aligners; and Invisalign Assist treatment for anterior alignment and aesthetically-oriented cases.

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Institutional Ownership by Quarter for Align Technology (NASDAQ:ALGN)

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