California Public Employees Retirement System Reduces Stock Position in Align Technology, Inc. $ALGN

California Public Employees Retirement System cut its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 2.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 120,619 shares of the medical equipment provider’s stock after selling 3,016 shares during the period. California Public Employees Retirement System owned about 0.17% of Align Technology worth $20,678,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Sequoia Financial Advisors LLC increased its stake in shares of Align Technology by 320.1% in the 4th quarter. Sequoia Financial Advisors LLC now owns 7,986 shares of the medical equipment provider’s stock worth $1,247,000 after purchasing an additional 6,085 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in Align Technology by 35,513.8% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 545,604 shares of the medical equipment provider’s stock worth $85,196,000 after purchasing an additional 544,072 shares during the period. Polianta Ltd purchased a new position in Align Technology during the fourth quarter valued at $1,623,000. Wealth Enhancement Advisory Services LLC lifted its position in Align Technology by 63.0% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 25,343 shares of the medical equipment provider’s stock valued at $4,282,000 after purchasing an additional 9,792 shares in the last quarter. Finally, Hunter Perkins Capital Management LLC grew its holdings in Align Technology by 383.1% during the fourth quarter. Hunter Perkins Capital Management LLC now owns 43,842 shares of the medical equipment provider’s stock valued at $6,846,000 after purchasing an additional 34,767 shares during the period. 88.43% of the stock is owned by institutional investors.

Align Technology Stock Down 2.8%

Shares of Align Technology stock opened at $172.46 on Thursday. The company has a market capitalization of $12.35 billion, a price-to-earnings ratio of 28.94, a PEG ratio of 1.82 and a beta of 1.67. The stock’s 50-day simple moving average is $172.96 and its 200-day simple moving average is $174.98. Align Technology, Inc. has a 52 week low of $122.00 and a 52 week high of $208.30.

Align Technology (NASDAQ:ALGN) last released its earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.26 by $0.32. The firm had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.02 billion. Align Technology had a return on equity of 15.82% and a net margin of 10.50%.The firm’s revenue was up 6.2% on a year-over-year basis. During the same quarter last year, the business posted $2.13 earnings per share. On average, equities analysts expect that Align Technology, Inc. will post 9.48 earnings per share for the current year.

Align Technology declared that its board has approved a stock repurchase program on Wednesday, April 29th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the medical equipment provider to buy up to 1.6% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

ALGN has been the subject of a number of analyst reports. Weiss Ratings upgraded Align Technology from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, July 17th. Zacks Research cut Align Technology from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 16th. Evercore boosted their price objective on Align Technology from $200.00 to $220.00 in a research note on Thursday, April 30th. Piper Sandler increased their target price on shares of Align Technology from $220.00 to $235.00 and gave the stock an “overweight” rating in a report on Tuesday, April 21st. Finally, Leerink Partners raised their target price on shares of Align Technology from $225.00 to $230.00 in a research note on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Align Technology currently has an average rating of “Moderate Buy” and an average target price of $206.07.

About Align Technology

Align Technology, Inc (NASDAQ: ALGN) pioneered the use of digital technology in orthodontics through the development of the Invisalign system, a series of clear, removable aligners that provide an alternative to traditional metal braces. Since its founding in 1997 by Zia Chishti and Kelsey Wirth, the Tempe, Arizona–based company has expanded its focus to include intraoral scanners, CAD/CAM software for dental laboratories and comprehensive digital dentistry solutions.

The company’s signature Invisalign system leverages 3D imaging and computer-aided design (CAD) to create customized aligners that gradually reposition teeth, improving patient comfort and treatment predictability.