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

California Public Employees Retirement System cut its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 2.9% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 139,263 shares of the medical equipment provider’s stock after selling 4,106 shares during the quarter. California Public Employees Retirement System’s holdings in Align Technology were worth $38,158,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in ALGN. Huntington National Bank lifted its position in Align Technology by 94.9% during the third quarter. Huntington National Bank now owns 115 shares of the medical equipment provider’s stock worth $35,000 after buying an additional 56 shares during the period. Compagnie Lombard Odier SCmA acquired a new stake in Align Technology during the third quarter worth about $61,000. Orion Capital Management LLC acquired a new stake in Align Technology during the third quarter worth about $61,000. Operose Advisors LLC acquired a new stake in Align Technology during the third quarter worth about $63,000. Finally, Covestor Ltd increased its stake in Align Technology by 379.5% during the third quarter. Covestor Ltd now owns 211 shares of the medical equipment provider’s stock worth $64,000 after acquiring an additional 167 shares during the last quarter. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Align Technology Stock Performance

ALGN stock 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 firm has a market cap of $23.25 billion, a P/E ratio of 50.91, a price-to-earnings-growth ratio of 5.62 and a beta of 1.65. The stock has a 50-day simple moving average of $313.38 and a 200-day simple moving average of $270.98.

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

Insider Buying and Selling at Align Technology

In other Align Technology news, EVP Emory Wright sold 2,524 shares of the firm’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 approximately $203,802.05. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Align Technology news, Director Joseph Lacob sold 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $303.22, for a total transaction of $4,548,300.00. Following the completion of the sale, the director now owns 131,994 shares in the company, valued at approximately $40,023,220.68. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Emory Wright sold 2,524 shares of the firm’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $287.45, for a total value of $725,523.80. Following the sale, the executive vice president now owns 709 shares of the company’s stock, valued at approximately $203,802.05. The disclosure for this sale can be found here. Insiders sold a total of 27,524 shares of company stock worth $8,403,924 in the last 90 days. 0.64% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have commented on ALGN shares. Robert W. Baird upped their price target on Align Technology from $333.00 to $370.00 and gave the stock an “outperform” rating in a research note on Thursday. Piper Sandler restated an “overweight” rating and set a $375.00 price target (up from $355.00) on shares of Align Technology in a research note on Thursday. Stifel Nicolaus upped their price target on Align Technology from $350.00 to $400.00 and gave the stock a “buy” rating in a research note on Thursday, April 18th. Morgan Stanley upped their price target on Align Technology from $344.00 to $360.00 and gave the stock an “overweight” rating in a research note on Thursday. Finally, The Goldman Sachs Group increased 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 investment analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Align Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $341.36.

Align Technology Company 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.