California Public Employees Retirement System Reduces Position in Align Technology, Inc. (NASDAQ:ALGN)

California Public Employees Retirement System lessened its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 2.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 139,263 shares of the medical equipment provider’s stock after selling 4,106 shares during the period. California Public Employees Retirement System owned about 0.18% of Align Technology worth $38,158,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Rhenman & Partners Asset Management AB acquired a new stake in Align Technology during the 3rd quarter worth about $305,000. Ameriprise Financial Inc. lifted its holdings 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 purchasing an additional 587,886 shares in the last quarter. Invesco Ltd. lifted its holdings 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 purchasing an additional 128,273 shares in the last quarter. Quadrature Capital Ltd purchased a new position in Align Technology in the 3rd quarter valued at $35,499,000. Finally, DAVENPORT & Co LLC lifted its holdings 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 purchasing an additional 112,499 shares in the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ALGN. Robert W. Baird raised their price objective on Align Technology from $333.00 to $370.00 and gave the company an “outperform” rating in a report on Thursday. Leerink Partnrs restated a “market perform” rating on shares of Align Technology in a report on Monday, February 26th. Piper Sandler restated an “overweight” rating and issued a $375.00 price objective (up previously from $355.00) on shares of Align Technology in a report on Thursday. SVB Leerink assumed coverage on Align Technology in a report on Monday, February 26th. They set a “market perform” rating and a $310.00 price target on the stock. Finally, Stifel Nicolaus lifted their price target on Align Technology from $350.00 to $400.00 and gave the stock a “buy” rating in a report on Thursday, April 18th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $341.36.

Insider Activity

In other news, Director Joseph Lacob sold 10,000 shares of Align Technology stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $313.01, for a total value of $3,130,100.00. Following the completion of the transaction, the director now owns 146,994 shares in the company, valued at approximately $46,010,591.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Emory Wright sold 2,524 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $287.45, for a total transaction 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Joseph Lacob sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $313.01, for a total value of $3,130,100.00. Following the sale, the director now owns 146,994 shares of the company’s stock, valued at approximately $46,010,591.94. The disclosure for this sale can be found here. In the last quarter, insiders sold 27,524 shares of company stock worth $8,403,924. 0.64% of the stock is currently owned by company insiders.

Align Technology Trading Down 0.5 %

Shares of NASDAQ:ALGN opened at $309.02 on Friday. The business has a 50-day moving average price of $313.38 and a 200 day moving average price of $270.98. The company has a market capitalization of $23.25 billion, a price-to-earnings ratio of 50.91, a PEG ratio of 5.62 and a beta of 1.65. Align Technology, Inc. has a 12-month low of $176.34 and a 12-month high of $413.20.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, January 31st. The medical equipment provider reported $1.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.78 by $0.13. The business had revenue of $956.73 million during the quarter, compared to analysts’ expectations of $928.57 million. Align Technology had a return on equity of 14.22% and a net margin of 11.80%. As a group, equities research analysts predict that Align Technology, Inc. will post 7.69 earnings per share for the current fiscal year.

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.