Retirement Systems of Alabama boosted its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 257.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 120,407 shares of the medical equipment provider’s stock after purchasing an additional 86,700 shares during the quarter. Retirement Systems of Alabama owned approximately 0.15% of Align Technology worth $25,217,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also added to or reduced their stakes in ALGN. FMR LLC increased its stake in Align Technology by 251.6% in the second quarter. FMR LLC now owns 1,705,510 shares of the medical equipment provider’s stock valued at $583,523,000 after purchasing an additional 1,220,448 shares during the last quarter. Winslow Capital Management LLC increased its stake in Align Technology by 30.2% in the third quarter. Winslow Capital Management LLC now owns 564,651 shares of the medical equipment provider’s stock valued at $220,903,000 after purchasing an additional 130,982 shares during the last quarter. BlackRock Inc. increased its stake in Align Technology by 2.2% in the third quarter. BlackRock Inc. now owns 5,264,644 shares of the medical equipment provider’s stock valued at $2,059,633,000 after purchasing an additional 113,728 shares during the last quarter. TIAA CREF Investment Management LLC increased its stake in Align Technology by 22.7% in the third quarter. TIAA CREF Investment Management LLC now owns 480,391 shares of the medical equipment provider’s stock valued at $187,939,000 after purchasing an additional 88,731 shares during the last quarter. Finally, TCW Group Inc. increased its stake in Align Technology by 32.9% in the third quarter. TCW Group Inc. now owns 285,817 shares of the medical equipment provider’s stock valued at $111,818,000 after purchasing an additional 70,796 shares during the last quarter. Hedge funds and other institutional investors own 77.80% of the company’s stock.
Several brokerages have commented on ALGN. Zacks Investment Research upgraded Align Technology from a “sell” rating to a “hold” rating in a research note on Monday, December 31st. Morgan Stanley dropped their price target on Align Technology from $300.00 to $210.00 and set an “equal weight” rating for the company in a research note on Friday, January 4th. Barclays restated a “buy” rating and set a $275.00 price target on shares of Align Technology in a research note on Sunday, January 6th. ValuEngine lowered Align Technology from a “buy” rating to a “hold” rating in a research note on Wednesday, January 2nd. Finally, BidaskClub lowered Align Technology from a “hold” rating to a “sell” rating in a research note on Saturday, October 27th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Align Technology currently has an average rating of “Buy” and a consensus price target of $339.84.
Shares of NASDAQ ALGN opened at $202.64 on Friday. Align Technology, Inc. has a 1-year low of $177.93 and a 1-year high of $398.88. The stock has a market capitalization of $16.02 billion, a PE ratio of 40.88, a P/E/G ratio of 1.45 and a beta of 1.91.
Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Wednesday, October 24th. The medical equipment provider reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $1.19 by $0.05. The firm had revenue of $505.30 million during the quarter, compared to the consensus estimate of $503.14 million. Align Technology had a return on equity of 34.09% and a net margin of 16.89%. Align Technology’s revenue for the quarter was up 31.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.01 earnings per share. As a group, research analysts expect that Align Technology, Inc. will post 4.87 EPS for the current fiscal year.
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About Align Technology
Align Technology, Inc designs, manufactures, and markets a system of clear aligner therapy, intraoral scanners, and computer-aided design and computer-aided manufacturing (CAD/CAM) digital services. The company's Clear Aligner segment offers Invisalign Full, a treatment used for a range of malocclusion; Invisalign Teen treatment that addresses orthodontic needs of teenage patients, such as compliance indicators, compensation for tooth eruption, and six free single arch replacement aligners; and Invisalign Assist treatment for anterior alignment and aesthetically-oriented cases.
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