Retirement Systems of Alabama grew its stake in shares of Align Technology, Inc. (NASDAQ:ALGN – Free Report) by 4,748.6% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 678,422 shares of the medical equipment provider’s stock after purchasing an additional 664,430 shares during the quarter. Retirement Systems of Alabama’s holdings in Align Technology were worth $89,943,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Fulcrum Asset Management LLP bought a new position in shares of Align Technology in the third quarter valued at $9,493,000. Entrust Financial LLC raised its position in Align Technology by 272.9% during the third quarter. Entrust Financial LLC now owns 220 shares of the medical equipment provider’s stock worth $30,000 after acquiring an additional 161 shares in the last quarter. University of Texas Texas AM Investment Management Co. lifted its stake in Align Technology by 18,464.4% in the third quarter. University of Texas Texas AM Investment Management Co. now owns 16,151 shares of the medical equipment provider’s stock valued at $2,140,000 after acquiring an additional 16,064 shares during the last quarter. Brighton Jones LLC lifted its stake in Align Technology by 298.5% in the third quarter. Brighton Jones LLC now owns 23,868 shares of the medical equipment provider’s stock valued at $3,222,000 after acquiring an additional 17,879 shares during the last quarter. Finally, StoneX Group Inc. bought a new position in shares of Align Technology in the 3rd quarter valued at about $1,386,000. Institutional investors own 88.43% of the company’s stock.
Align Technology Trading Up 5.0%
ALGN opened at $174.26 on Tuesday. Align Technology, Inc. has a 1-year low of $130.23 and a 1-year high of $200.43. The stock’s fifty day simple moving average is $150.71 and its 200 day simple moving average is $168.52. The stock has a market cap of $12.48 billion, a PE ratio of 25.37, a price-to-earnings-growth ratio of 1.79 and a beta of 1.74.
Align Technology (NASDAQ:ALGN – Get Free Report) last announced its quarterly earnings results on Wednesday, October 28th. The medical equipment provider reported $2.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.77 by $0.03. Align Technology had a return on equity of 15.96% and a net margin of 11.83%. The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. During the same quarter last year, the firm posted $2.61 EPS. The company’s quarterly revenue was up 1.9% on a year-over-year basis. Equities analysts forecast that Align Technology, Inc. will post 9.21 earnings per share for the current year.
Wall Street Analyst Weigh In
Several research analysts have recently weighed in on ALGN shares. Morgan Stanley lowered their price objective on shares of Align Technology from $188.00 to $175.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 29th. Weiss Ratings upgraded shares of Align Technology from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, October 9th. Stifel Nicolaus cut their target price on shares of Align Technology from $210.00 to $175.00 and set a “buy” rating for the company in a research note on Friday, October 9th. Robert W. Baird cut Align Technology from an “outperform” rating to a “neutral” rating and reduced their price target for the stock from $218.00 to $162.00 in a report on Thursday, October 15th. Finally, Evercore downgraded Align Technology from an “outperform” rating to an “in-line” rating and set a $155.00 price target on the stock. in a research report on Monday, October 5th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Align Technology presently has a consensus rating of “Moderate Buy” and an average price target of $193.08.
View Our Latest Analysis on Align Technology
Align Technology Profile
Align Technology, Inc develops, manufactures and markets digital orthodontic and restorative dentistry products. Its best-known offering is the Invisalign system, which uses a series of custom-made clear aligners to straighten teeth. The company also sells Vivera retainers and iTero intraoral scanners, which support digital dental imaging and treatment planning.
Founded in 1997, Align helped popularize clear-aligner orthodontic treatment as an alternative to traditional braces. Its digital dentistry portfolio also includes exocad software, used by dental professionals and laboratories to design dental restorations.
Headquartered in Tempe, Arizona, Align serves dental professionals and patients in markets around the world.
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