Nomura Asset Management Co. Ltd. Sells 21,689 Shares of Align Technology, Inc. $ALGN

Nomura Asset Management Co. Ltd. decreased its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 91.1% in the fourth quarter, Holdings Channel reports. The fund owned 2,129 shares of the medical equipment provider’s stock after selling 21,689 shares during the quarter. Nomura Asset Management Co. Ltd.’s holdings in Align Technology were worth $332,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. MUFG Securities EMEA plc lifted its holdings in shares of Align Technology by 112.1% in the 4th quarter. MUFG Securities EMEA plc now owns 2,736 shares of the medical equipment provider’s stock valued at $427,000 after acquiring an additional 1,446 shares during the last quarter. Norges Bank bought a new stake in Align Technology in the fourth quarter worth about $155,556,000. Eurizon Capital SGR S.p.A. bought a new stake in Align Technology in the fourth quarter worth about $210,000. Rothschild Investment LLC lifted its stake in Align Technology by 546.4% in the fourth quarter. Rothschild Investment LLC now owns 1,991 shares of the medical equipment provider’s stock worth $311,000 after purchasing an additional 1,683 shares during the last quarter. Finally, Huntington National Bank lifted its stake in Align Technology by 96.8% in the fourth quarter. Huntington National Bank now owns 555 shares of the medical equipment provider’s stock worth $87,000 after purchasing an additional 273 shares during the last quarter. Institutional investors own 88.43% of the company’s stock.

Align Technology Stock Performance

Align Technology stock opened at $167.74 on Friday. The company 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 fifty-two week low of $122.00 and a fifty-two week high of $208.30. The company has a market capitalization of $12.01 billion, a PE ratio of 28.14, a P/E/G ratio of 1.72 and a beta of 1.67.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share for the quarter, beating the consensus estimate 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 in the previous year, the firm posted $2.13 earnings per share. The company’s revenue was up 6.2% on a year-over-year basis. On average, analysts forecast that Align Technology, Inc. will post 9.48 earnings per share for the current year.

Align Technology announced that its board has authorized a stock buyback plan on Wednesday, April 29th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the medical equipment provider to buy up to 1.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

ALGN has been the subject of several analyst reports. Leerink Partners raised their price objective on shares of Align Technology from $225.00 to $230.00 in a research note on Thursday, April 30th. Weiss Ratings downgraded shares of Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday. Zacks Research raised shares of Align Technology from a “hold” rating to a “strong-buy” rating in a research note on Monday, June 1st. Morgan Stanley raised their price objective on shares of Align Technology from $169.00 to $188.00 and gave the stock an “equal weight” rating in a research note on Friday, April 24th. Finally, Evercore raised their price objective on shares of Align Technology from $200.00 to $220.00 in a research note on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Align Technology presently has an average rating of “Moderate Buy” and a consensus target price of $205.85.

About Align Technology

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.