Public Employees Retirement Association of Colorado Cuts Stock Position in Align Technology, Inc. (NASDAQ:ALGN)

Public Employees Retirement Association of Colorado decreased its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 6.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,725 shares of the medical equipment provider’s stock after selling 547 shares during the quarter. Public Employees Retirement Association of Colorado’s holdings in Align Technology were worth $2,533,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. Mather Group LLC. acquired a new stake in Align Technology in the first quarter worth about $26,000. LRI Investments LLC acquired a new position in Align Technology during the 1st quarter valued at approximately $29,000. Crewe Advisors LLC acquired a new position in Align Technology during the 1st quarter valued at approximately $41,000. Lindbrook Capital LLC raised its holdings in shares of Align Technology by 47.2% in the first quarter. Lindbrook Capital LLC now owns 187 shares of the medical equipment provider’s stock worth $61,000 after buying an additional 60 shares during the last quarter. Finally, Venturi Wealth Management LLC lifted its stake in shares of Align Technology by 97.2% during the fourth quarter. Venturi Wealth Management LLC now owns 280 shares of the medical equipment provider’s stock worth $77,000 after buying an additional 138 shares during the period. Institutional investors and hedge funds own 88.43% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on ALGN shares. StockNews.com lowered Align Technology from a “buy” rating to a “hold” rating in a research note on Thursday, July 25th. Morgan Stanley decreased their price objective on shares of Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a research note on Thursday, July 25th. Evercore ISI reduced their target price on shares of Align Technology from $370.00 to $300.00 and set an “outperform” rating for the company in a report on Monday, June 10th. Stifel Nicolaus decreased their target price on shares of Align Technology from $400.00 to $350.00 and set a “buy” rating for the company in a research report on Thursday, July 25th. Finally, Piper Sandler cut their price target on Align Technology from $330.00 to $315.00 and set an “overweight” rating on the stock in a research report on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $322.78.

Align Technology Stock Performance

Shares of Align Technology stock opened at $223.96 on Tuesday. Align Technology, Inc. has a fifty-two week low of $176.34 and a fifty-two week high of $384.90. The firm has a market capitalization of $16.86 billion, a price-to-earnings ratio of 36.90, a PEG ratio of 4.88 and a beta of 1.66. The stock has a 50 day moving average of $248.16 and a 200 day moving average of $280.25.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share for the quarter, topping analysts’ consensus estimates of $2.32 by $0.09. The business had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.04 billion. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The company’s revenue was up 2.6% compared to the same quarter last year. During the same period in the prior year, the business posted $1.73 EPS. Analysts forecast that Align Technology, Inc. will post 7.84 EPS for the current year.

Align Technology 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.