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

Tokio Marine Asset Management Co. Ltd. increased its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 6.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,024 shares of the medical equipment provider’s stock after purchasing an additional 131 shares during the period. Tokio Marine Asset Management Co. Ltd.’s holdings in Align Technology were worth $555,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in ALGN. Rhenman & Partners Asset Management AB purchased a new position in Align Technology in the 3rd quarter valued at about $305,000. Ameriprise Financial Inc. boosted its position in Align Technology by 348.9% in the 3rd quarter. Ameriprise Financial Inc. now owns 756,393 shares of the medical equipment provider’s stock valued at $230,938,000 after buying an additional 587,886 shares during the last quarter. Invesco Ltd. boosted its position in Align Technology by 15.4% in the 3rd quarter. Invesco Ltd. now owns 960,271 shares of the medical equipment provider’s stock valued at $293,190,000 after buying an additional 128,273 shares during the last quarter. Quadrature Capital Ltd purchased a new position in Align Technology in the 3rd quarter valued at about $35,499,000. Finally, DAVENPORT & Co LLC boosted its position in Align Technology by 5,179.5% in the 4th quarter. DAVENPORT & Co LLC now owns 114,671 shares of the medical equipment provider’s stock valued at $31,576,000 after buying an additional 112,499 shares during the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Stock Performance

NASDAQ:ALGN opened at $309.02 on Friday. Align Technology, Inc. has a 1 year low of $176.34 and a 1 year high of $413.20. The stock has a market cap of $23.25 billion, a price-to-earnings ratio of 50.91, a PEG ratio of 5.56 and a beta of 1.65. The business has a fifty day moving average of $313.38 and a 200-day moving average of $270.87.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, January 31st. The medical equipment provider reported $1.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.78 by $0.13. Align Technology had a return on equity of 14.15% and a net margin of 11.80%. The company had revenue of $956.73 million during the quarter, compared to analysts’ expectations of $928.57 million. On average, equities research analysts predict that Align Technology, Inc. will post 7.69 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on ALGN shares. SVB Leerink started coverage on shares of Align Technology in a research note on Monday, February 26th. They issued a “market perform” rating and a $310.00 target price on the stock. Leerink Partnrs restated a “market perform” rating on shares of Align Technology in a research note on Monday, February 26th. Robert W. Baird upped their target price on shares of Align Technology from $333.00 to $370.00 and gave the company an “outperform” rating in a research note on Thursday. UBS Group raised their target price on shares of Align Technology from $280.00 to $320.00 and gave the stock a “neutral” rating in a report on Monday, April 15th. Finally, The Goldman Sachs Group lifted their target price on Align Technology from $197.00 to $225.00 and gave the company a “sell” rating in a research note on Friday, February 2nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $353.00.

Insider Transactions at Align Technology

In other news, Director Joseph Lacob sold 15,000 shares of the stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $303.22, for a total value of $4,548,300.00. Following the completion of the transaction, the director now owns 131,994 shares of the company’s stock, valued at $40,023,220.68. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, EVP Emory Wright sold 2,524 shares of the company’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $287.45, for a total value of $725,523.80. Following the completion of the sale, the executive vice president now owns 709 shares in the company, valued at $203,802.05. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Joseph Lacob sold 15,000 shares of the company’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $303.22, for a total value of $4,548,300.00. Following the completion of the sale, the director now owns 131,994 shares of the company’s stock, valued at approximately $40,023,220.68. The disclosure for this sale can be found here. Over the last quarter, insiders sold 27,524 shares of company stock valued at $8,403,924. 0.64% of the stock is currently owned by corporate insiders.

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.