Nomura Asset Management Co. Ltd. Increases Stock Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Nomura Asset Management Co. Ltd. increased its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 8.7% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 20,882 shares of the medical equipment provider’s stock after buying an additional 1,678 shares during the period. Nomura Asset Management Co. Ltd.’s holdings in Align Technology were worth $5,311,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. Cullen Frost Bankers Inc. grew its position in shares of Align Technology by 854.5% in the second quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock valued at $25,000 after purchasing an additional 94 shares during the last quarter. Innealta Capital LLC acquired a new stake in Align Technology during the 2nd quarter valued at $26,000. Rothschild Investment LLC acquired a new stake in Align Technology during the 2nd quarter valued at $26,000. True Wealth Design LLC increased its position in Align Technology by 10,700.0% during the third quarter. True Wealth Design LLC now owns 108 shares of the medical equipment provider’s stock worth $27,000 after buying an additional 107 shares in the last quarter. Finally, University of Texas Texas AM Investment Management Co. acquired a new position in shares of Align Technology in the second quarter worth $31,000. 88.43% of the stock is owned by institutional investors and hedge funds.

Align Technology Stock Performance

Shares of NASDAQ:ALGN opened at $235.39 on Friday. The stock has a 50-day simple moving average of $224.11 and a 200-day simple moving average of $234.44. The stock has a market capitalization of $17.57 billion, a P/E ratio of 40.17, a PEG ratio of 6.20 and a beta of 1.66. Align Technology, Inc. has a 1 year low of $196.09 and a 1 year high of $335.40.

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

Analysts Set New Price Targets

A number of research firms recently commented on ALGN. Piper Sandler dropped their price objective 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. Bank of America raised their price target on shares of Align Technology from $200.00 to $206.00 and gave the stock an “underperform” rating in a research note on Friday. Mizuho started coverage on shares of Align Technology in a research report on Wednesday, December 4th. They issued an “outperform” rating and a $295.00 price objective for the company. Evercore ISI decreased their target price on shares of Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. Finally, StockNews.com raised shares of Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday, September 19th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, Align Technology presently has a consensus rating of “Hold” and a consensus target price of $271.20.

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.