Align Technology, Inc. (NASDAQ:ALGN) Shares Sold by Retirement Systems of Alabama

Retirement Systems of Alabama reduced its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 2.5% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 15,698 shares of the medical equipment provider’s stock after selling 397 shares during the quarter. Retirement Systems of Alabama’s holdings in Align Technology were worth $4,301,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Morgan Stanley raised its holdings in shares of Align Technology by 9.8% during the third quarter. Morgan Stanley now owns 1,018,161 shares of the medical equipment provider’s stock worth $310,866,000 after purchasing an additional 90,581 shares during the last quarter. Rhenman & Partners Asset Management AB purchased a new position in shares of Align Technology during the third quarter worth $305,000. Invesco Ltd. raised its holdings in shares of Align Technology by 15.4% during the third quarter. Invesco Ltd. now owns 960,271 shares of the medical equipment provider’s stock worth $293,190,000 after purchasing an additional 128,273 shares during the last quarter. Northern Trust Corp raised its holdings in shares of Align Technology by 2.7% during the third quarter. Northern Trust Corp now owns 831,469 shares of the medical equipment provider’s stock worth $253,864,000 after purchasing an additional 21,490 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its holdings in Align Technology by 348.9% in the third quarter. Ameriprise Financial Inc. now owns 756,393 shares of the medical equipment provider’s stock valued at $230,938,000 after buying an additional 587,886 shares in the last quarter. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Align Technology Trading Down 0.2 %

ALGN opened at $287.37 on Tuesday. The firm has a market capitalization of $21.62 billion, a PE ratio of 47.34, a PEG ratio of 5.29 and a beta of 1.66. Align Technology, Inc. has a twelve month low of $176.34 and a twelve month high of $413.20. The firm’s 50-day moving average price is $310.63 and its 200 day moving average price is $271.58.

Analyst Ratings Changes

A number of research firms have weighed in on ALGN. Stifel Nicolaus lifted their price objective on shares of Align Technology from $350.00 to $400.00 and gave the company a “buy” rating in a report on Thursday, April 18th. SVB Leerink began coverage on shares of Align Technology in a report on Monday, February 26th. They issued a “market perform” rating and a $310.00 price objective for the company. The Goldman Sachs Group lifted their price objective on shares of Align Technology from $197.00 to $225.00 and gave the company a “sell” rating in a report on Friday, February 2nd. Morgan Stanley lifted their price objective on shares of Align Technology from $344.00 to $360.00 and gave the company an “overweight” rating in a report on Thursday, April 25th. Finally, UBS Group lifted their price objective on shares of Align Technology from $280.00 to $320.00 and gave the company a “neutral” rating in a report on Monday, April 15th. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $353.00.

Insider Buying and Selling

In related news, Director Joseph Lacob sold 15,000 shares of the business’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $303.22, for a total transaction of $4,548,300.00. Following the transaction, the director now directly owns 131,994 shares in the company, valued at $40,023,220.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Joseph Lacob sold 15,000 shares of the business’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $303.22, for a total transaction of $4,548,300.00. Following the transaction, the director now directly owns 131,994 shares in the company, valued at $40,023,220.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Emory Wright sold 2,524 shares of the business’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $287.45, for a total transaction of $725,523.80. Following the transaction, the executive vice president now owns 709 shares in the company, valued at $203,802.05. The disclosure for this sale can be found here. Over the last three months, insiders have sold 27,524 shares of company stock worth $8,403,924. 0.62% of the stock is owned by insiders.

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.