MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Has $2.03 Million Holdings in Align Technology, Inc. (NASDAQ:ALGN)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 3.0% during the fourth quarter, HoldingsChannel.com reports. The firm owned 9,753 shares of the medical equipment provider’s stock after acquiring an additional 281 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.’s holdings in Align Technology were worth $2,034,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently made changes to their positions in ALGN. Norges Bank acquired a new position in shares of Align Technology during the 4th quarter worth approximately $190,792,000. Meridiem Investment Management Ltd. boosted its position in shares of Align Technology by 63.7% during the 4th quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider’s stock worth $159,470,000 after acquiring an additional 297,472 shares in the last quarter. Senvest Management LLC boosted its position in shares of Align Technology by 58.1% during the 4th quarter. Senvest Management LLC now owns 726,243 shares of the medical equipment provider’s stock worth $151,429,000 after acquiring an additional 267,000 shares in the last quarter. Resona Asset Management Co. Ltd. acquired a new stake in shares of Align Technology during the 4th quarter worth approximately $47,853,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of Align Technology during the 4th quarter worth approximately $42,243,000. Institutional investors and hedge funds own 88.43% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on ALGN shares. Piper Sandler reiterated an “overweight” rating and set a $250.00 price target (up previously from $235.00) on shares of Align Technology in a research report on Thursday, May 1st. HSBC lowered shares of Align Technology from a “buy” rating to a “hold” rating and reduced their price target for the stock from $290.00 to $170.00 in a research report on Friday, April 25th. Mizuho reduced their price target on shares of Align Technology from $250.00 to $245.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 29th. Evercore ISI increased their price objective on shares of Align Technology from $165.00 to $200.00 and gave the company an “outperform” rating in a research note on Thursday, May 1st. Finally, Wells Fargo & Company dropped their price objective on shares of Align Technology from $255.00 to $246.00 and set an “overweight” rating for the company in a research note on Thursday, May 1st. One research analyst has rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Align Technology has an average rating of “Moderate Buy” and an average price target of $241.25.

Align Technology Stock Performance

ALGN stock opened at $171.91 on Thursday. The company has a fifty day moving average price of $170.79 and a 200-day moving average price of $198.30. The company has a market capitalization of $12.46 billion, a P/E ratio of 30.64, a PEG ratio of 2.24 and a beta of 1.68. Align Technology, Inc. has a 52-week low of $141.74 and a 52-week high of $271.59.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.00 by $0.13. The firm had revenue of $979.26 million during the quarter, compared to the consensus estimate of $977.90 million. Align Technology had a net margin of 10.54% and a return on equity of 13.84%. The company’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same quarter last year, the firm earned $2.14 earnings per share. As a group, sell-side analysts forecast that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Align Technology declared that its board has initiated a stock buyback plan on Tuesday, May 6th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the medical equipment provider to reacquire up to 7.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.

Align Technology Profile

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.