Align Technology, Inc. (NASDAQ:ALGN) Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D trimmed its position in Align Technology, Inc. (NASDAQ:ALGN) by 38.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 25,764 shares of the medical equipment provider’s stock after selling 15,923 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Align Technology were worth $6,220,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of ALGN. Norges Bank acquired a new stake in shares of Align Technology in the 4th quarter valued at $223,610,000. Swedbank AB purchased a new position in shares of Align Technology in the 1st quarter valued at $96,117,000. Bares Capital Management Inc. grew its position in shares of Align Technology by 44.4% in the 1st quarter. Bares Capital Management Inc. now owns 819,930 shares of the medical equipment provider’s stock valued at $268,871,000 after buying an additional 252,220 shares during the last quarter. Envestnet Asset Management Inc. grew its position in shares of Align Technology by 102.0% in the 4th quarter. Envestnet Asset Management Inc. now owns 414,772 shares of the medical equipment provider’s stock valued at $113,648,000 after buying an additional 209,419 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its position in shares of Align Technology by 371.0% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 218,779 shares of the medical equipment provider’s stock valued at $71,742,000 after buying an additional 172,330 shares during the last quarter. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Align Technology Stock Performance

Shares of Align Technology stock opened at $243.73 on Monday. The company has a market capitalization of $18.35 billion, a P/E ratio of 40.15, a PEG ratio of 5.13 and a beta of 1.64. The company’s fifty day moving average is $232.08 and its two-hundred day moving average is $266.08. Align Technology, Inc. has a 1 year low of $176.34 and a 1 year high of $335.73.

Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share for the quarter, beating the consensus estimate of $2.32 by $0.09. The business had revenue of $1.03 billion for the quarter, compared to the consensus estimate 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 previous year, the firm earned $1.73 earnings per share. As a group, equities analysts expect that Align Technology, Inc. will post 7.61 earnings per share for the current year.

Insider Activity

In other news, Director C Raymond Larkin, Jr. bought 6,500 shares of the stock in a transaction dated 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 acquisition, the director now directly owns 28,247 shares in the company, valued at $6,647,366.51. The acquisition 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.

Analyst Ratings Changes

A number of research firms recently commented on ALGN. Piper Sandler reaffirmed an “overweight” rating and issued a $315.00 target price on shares of Align Technology in a research report on Friday. Robert W. Baird dropped their target price on shares of Align Technology from $370.00 to $325.00 and set an “outperform” rating on the stock in a research report on Monday, July 22nd. Morgan Stanley dropped their target price on shares of Align Technology from $328.00 to $310.00 and set an “overweight” rating on the stock in a research report on Thursday, July 25th. OTR Global reaffirmed a “mixed” rating on shares of Align Technology in a research report on Tuesday, June 4th. Finally, StockNews.com downgraded shares of Align Technology from a “buy” rating to a “hold” rating in a research report on Sunday, September 1st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Align Technology presently has an average rating of “Hold” and a consensus target price of $306.88.

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.