New York State Common Retirement Fund trimmed its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 2.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 149,364 shares of the medical equipment provider’s stock after selling 3,947 shares during the period. New York State Common Retirement Fund owned approximately 0.19% of Align Technology worth $41,679,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in ALGN. Select Equity Group L.P. acquired a new position in Align Technology during the third quarter worth $49,760,000. Veritas Investment Management LLP lifted its stake in Align Technology by 4,163.0% during the fourth quarter. Veritas Investment Management LLP now owns 215,923 shares of the medical equipment provider’s stock worth $60,259,000 after purchasing an additional 210,858 shares in the last quarter. Bessemer Group Inc. raised its stake in shares of Align Technology by 5,948.6% in the fourth quarter. Bessemer Group Inc. now owns 148,373 shares of the medical equipment provider’s stock valued at $41,402,000 after acquiring an additional 145,920 shares in the last quarter. Ieq Capital LLC acquired a new stake in shares of Align Technology in the fourth quarter valued at $37,190,000. Finally, Factory Mutual Insurance Co. raised its stake in Align Technology by 186.5% in the third quarter. Factory Mutual Insurance Co. now owns 106,300 shares of the medical equipment provider’s stock valued at $19,232,000 after buying an additional 69,200 shares in the last quarter. Institutional investors own 82.00% of the company’s stock.
In other news, SVP Julie Tay sold 2,739 shares of Align Technology stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $280.01, for a total transaction of $766,947.39. Following the completion of the sale, the senior vice president now directly owns 11,366 shares in the company, valued at approximately $3,182,593.66. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Yuval Shaked sold 800 shares of Align Technology stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $268.61, for a total transaction of $214,888.00. Following the sale, the director now owns 41 shares of the company’s stock, valued at $11,013.01. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,741 shares of company stock valued at $1,568,773. 1.30% of the stock is owned by insiders.
Shares of ALGN stock opened at $272.97 on Friday. The stock’s 50-day moving average is $274.34 and its two-hundred day moving average is $233.43. The firm has a market cap of $21.59 billion, a price-to-earnings ratio of 49.36, a PEG ratio of 1.91 and a beta of 2.06. Align Technology, Inc. has a 1 year low of $169.84 and a 1 year high of $334.64. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.68.
Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, January 29th. The medical equipment provider reported $1.53 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.40 by $0.13. Align Technology had a return on equity of 30.06% and a net margin of 18.40%. The firm had revenue of $649.80 million for the quarter, compared to analyst estimates of $646.75 million. During the same quarter last year, the company posted $1.20 earnings per share. The business’s revenue was up 21.7% on a year-over-year basis. As a group, research analysts predict that Align Technology, Inc. will post 5.99 EPS for the current year.
A number of analysts have weighed in on ALGN shares. Stifel Nicolaus raised their price target on Align Technology from $290.00 to $305.00 and gave the company a “buy” rating in a research note on Monday, November 18th. Piper Sandler raised their price target on Align Technology from to in a research note on Thursday, January 30th. UBS Group raised their price target on Align Technology from $235.00 to $280.00 and gave the company a “neutral” rating in a research note on Tuesday, January 28th. Bank of America raised their price target on Align Technology from $220.00 to $240.00 and gave the company a “neutral” rating in a research note on Thursday, October 24th. Finally, Wolfe Research upgraded Align Technology from a “peer perform” rating to an “outperform” rating and set a $360.00 price target on the stock in a research note on Thursday, January 9th. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $269.42.
Align Technology Company Profile
Align Technology, Inc, a medical device company, designs, manufactures, and markets Invisalign clear aligners and iTero intraoral scanners and services for orthodontics, and restorative and aesthetic dentistry worldwide. It operates in two segments, Clear Aligner; and Scanners and Services. The Clear Aligner segment consists of comprehensive products, including Invisalign Comprehensive treatment that addresses the orthodontic needs of teenage patients, such as compliance indicators and compensation for tooth eruption; Invisalign Assist treatment, which offers support to dental practitioners throughout the treatment process, including progress tracking; and Invisalign First Phase I and Invisalign First Comprehensive Phase II package for younger patients with early mixed dentition with a mixture of primary/baby and permanent teeth.
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