Retirement Systems of Alabama Sells 277 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Retirement Systems of Alabama lessened its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 1.8% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,444 shares of the medical equipment provider’s stock after selling 277 shares during the period. Retirement Systems of Alabama’s holdings in Align Technology were worth $3,729,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in ALGN. International Assets Investment Management LLC bought a new stake in shares of Align Technology in the fourth quarter valued at approximately $141,140,000. Truist Financial Corp raised its position in Align Technology by 24.8% during the fourth quarter. Truist Financial Corp now owns 11,165 shares of the medical equipment provider’s stock valued at $3,059,000 after purchasing an additional 2,220 shares in the last quarter. Russell Investments Group Ltd. raised its position in Align Technology by 32.9% during the fourth quarter. Russell Investments Group Ltd. now owns 48,360 shares of the medical equipment provider’s stock valued at $13,267,000 after purchasing an additional 11,983 shares in the last quarter. Van ECK Associates Corp acquired a new position in Align Technology during the fourth quarter valued at approximately $1,882,000. Finally, Certuity LLC raised its position in Align Technology by 19.2% during the fourth quarter. Certuity LLC now owns 1,547 shares of the medical equipment provider’s stock valued at $424,000 after purchasing an additional 249 shares in the last quarter. 88.43% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. StockNews.com upgraded shares of Align Technology from a “hold” rating to a “buy” rating in a research report on Saturday. OTR Global reiterated a “mixed” rating on shares of Align Technology in a report on Tuesday, June 4th. Morgan Stanley lowered their price target on shares of Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a report on Thursday, July 25th. Piper Sandler lowered their price target on shares of Align Technology from $330.00 to $315.00 and set an “overweight” rating for the company in a report on Thursday, July 25th. Finally, Stifel Nicolaus lowered their price target on shares of Align Technology from $400.00 to $350.00 and set a “buy” rating for the company in a report on Thursday, July 25th. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $322.78.

Align Technology Stock Up 2.0 %

Shares of Align Technology stock opened at $236.28 on Wednesday. Align Technology, Inc. has a twelve month low of $176.34 and a twelve month high of $375.68. The stock has a market cap of $17.79 billion, a price-to-earnings ratio of 38.93, a P/E/G ratio of 5.18 and a beta of 1.66. The company’s fifty day moving average is $235.25 and its 200 day moving average is $273.68.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 EPS for the quarter, beating analysts’ consensus estimates of $2.32 by $0.09. The business had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $1.04 billion. Align Technology had a net margin of 11.34% and a return on equity of 14.07%. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.73 earnings per share. As a group, equities analysts anticipate that Align Technology, Inc. will post 7.64 earnings per share for the current fiscal year.

Insider Buying and Selling at Align Technology

In other news, Director C Raymond Larkin, Jr. purchased 6,500 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were acquired at an average price of $235.33 per share, with a total value of $1,529,645.00. Following the completion of the transaction, the director now owns 28,247 shares of the company’s stock, valued at approximately $6,647,366.51. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.62% of the company’s stock.

About Align Technology

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.