Align Technology, Inc. (NASDAQ:ALGN) Shares Purchased by Public Sector Pension Investment Board

Public Sector Pension Investment Board boosted its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 11.8% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,839 shares of the medical equipment provider’s stock after acquiring an additional 300 shares during the period. Public Sector Pension Investment Board’s holdings in Align Technology were worth $722,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of ALGN. Kayne Anderson Rudnick Investment Management LLC lifted its position in shares of Align Technology by 4,391.3% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 488,251 shares of the medical equipment provider’s stock worth $117,879,000 after purchasing an additional 477,380 shares during the last quarter. FMR LLC raised its stake in Align Technology by 43.0% in the third quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock valued at $310,736,000 after buying an additional 367,508 shares in the last quarter. Senvest Management LLC raised its stake in Align Technology by 76.4% in the third quarter. Senvest Management LLC now owns 459,243 shares of the medical equipment provider’s stock valued at $116,795,000 after buying an additional 198,893 shares in the last quarter. Point72 Asset Management L.P. lifted its holdings in Align Technology by 127.4% during the 2nd quarter. Point72 Asset Management L.P. now owns 343,512 shares of the medical equipment provider’s stock worth $82,934,000 after buying an additional 192,474 shares during the last quarter. Finally, Sofinnova Investments Inc. boosted its position in shares of Align Technology by 128.9% during the 2nd quarter. Sofinnova Investments Inc. now owns 218,524 shares of the medical equipment provider’s stock worth $52,758,000 after acquiring an additional 123,046 shares in the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Piper Sandler cut their target price on Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a research report on Thursday, October 24th. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a report on Monday, November 4th. Morgan Stanley lowered their target price on shares of Align Technology from $310.00 to $280.00 and set an “overweight” rating for the company in a report on Thursday, October 24th. Robert W. Baird cut their price target on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. Finally, StockNews.com upgraded shares of Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday, September 19th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $278.44.

Align Technology Stock Up 2.0 %

Shares of ALGN stock opened at $232.35 on Friday. The stock’s 50-day moving average price is $224.73 and its 200 day moving average price is $234.96. The stock has a market capitalization of $17.34 billion, a PE ratio of 39.65, a price-to-earnings-growth ratio of 6.10 and a beta of 1.66. Align Technology, Inc. has a 52-week low of $196.09 and a 52-week high of $335.40.

Align Technology (NASDAQ:ALGN) last released its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.31 by $0.04. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The business had revenue of $977.87 million for the quarter, compared to analyst estimates of $990.05 million. During the same quarter in the previous year, the company posted $1.62 earnings per share. The company’s revenue for the quarter was up 1.8% compared to the same quarter last year. Analysts expect that Align Technology, Inc. will post 7.45 earnings per share for the current fiscal year.

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.