Kentucky Retirement Systems Trims Stake in Align Technology, Inc. (NASDAQ:ALGN)

Kentucky Retirement Systems lessened its holdings in Align Technology, Inc. (NASDAQ:ALGNFree Report) by 10.9% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 5,699 shares of the medical equipment provider’s stock after selling 694 shares during the period. Kentucky Retirement Systems’ holdings in Align Technology were worth $1,562,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. M&T Bank Corp grew its stake in Align Technology by 0.8% in the 3rd quarter. M&T Bank Corp now owns 7,252 shares of the medical equipment provider’s stock worth $2,215,000 after buying an additional 56 shares in the last quarter. Duality Advisers LP purchased a new position in Align Technology in the third quarter worth $254,000. California Public Employees Retirement System increased its stake in Align Technology by 2.2% in the third quarter. California Public Employees Retirement System now owns 143,369 shares of the medical equipment provider’s stock valued at $43,773,000 after acquiring an additional 3,051 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. raised its position in Align Technology by 11.5% during the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 1,893 shares of the medical equipment provider’s stock valued at $578,000 after purchasing an additional 195 shares in the last quarter. Finally, Dai ichi Life Insurance Company Ltd lifted its stake in Align Technology by 1.9% during the third quarter. Dai ichi Life Insurance Company Ltd now owns 3,814 shares of the medical equipment provider’s stock worth $1,164,000 after purchasing an additional 72 shares during 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 equities analysts recently weighed in on ALGN shares. Leerink Partnrs reissued a “market perform” rating on shares of Align Technology in a report on Monday, February 26th. Morgan Stanley upped their price objective on shares of Align Technology from $344.00 to $360.00 and gave the company an “overweight” rating in a research note on Thursday, April 25th. SVB Leerink began coverage on shares of Align Technology in a research report on Monday, February 26th. They issued a “market perform” rating and a $310.00 target price on the stock. 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 report on Thursday, April 25th. Finally, The Goldman Sachs Group lifted their price objective on Align Technology from $197.00 to $225.00 and gave the stock a “sell” rating in a report 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 stock. According to data from MarketBeat.com, Align Technology currently has a consensus rating of “Moderate Buy” and an average target price of $353.00.

View Our Latest Analysis on ALGN

Align Technology Stock Performance

Shares of ALGN stock opened at $267.44 on Tuesday. The firm has a market cap of $20.13 billion, a P/E ratio of 44.06, a P/E/G ratio of 4.99 and a beta of 1.66. The business’s 50 day moving average price is $304.54 and its 200-day moving average price is $275.61. Align Technology, Inc. has a fifty-two week low of $176.34 and a fifty-two week high of $413.20.

Align Technology (NASDAQ:ALGNGet Free Report) last issued its quarterly earnings data on Wednesday, April 24th. The medical equipment provider reported $1.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.08. Align Technology had a net margin of 11.80% and a return on equity of 14.15%. The business had revenue of $997.43 million for the quarter, compared to the consensus estimate of $971.97 million. As a group, equities analysts predict that Align Technology, Inc. will post 7.92 EPS for the current year.

Insider Buying and Selling

In other Align Technology news, Director Joseph Lacob sold 15,000 shares of Align Technology 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 sale, the director now directly owns 131,994 shares of the company’s stock, valued at approximately $40,023,220.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.62% of the stock is owned by insiders.

Align Technology Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Align Technology (NASDAQ:ALGN)

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