Arizona State Retirement System Grows Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Arizona State Retirement System increased its position in Align Technology, Inc. (NASDAQ:ALGN) by 0.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,584 shares of the medical equipment provider’s stock after acquiring an additional 93 shares during the quarter. Arizona State Retirement System’s holdings in Align Technology were worth $4,292,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ALGN. True Wealth Design LLC increased its holdings in Align Technology by 10,700.0% in the 3rd quarter. True Wealth Design LLC now owns 108 shares of the medical equipment provider’s stock worth $27,000 after acquiring an additional 107 shares in the last quarter. Neo Ivy Capital Management purchased a new stake in Align Technology in the 3rd quarter worth approximately $32,000. Private Trust Co. NA increased its holdings in Align Technology by 113.4% in the 4th quarter. Private Trust Co. NA now owns 175 shares of the medical equipment provider’s stock worth $36,000 after acquiring an additional 93 shares in the last quarter. Versant Capital Management Inc increased its holdings in Align Technology by 212.2% in the 4th quarter. Versant Capital Management Inc now owns 231 shares of the medical equipment provider’s stock worth $48,000 after acquiring an additional 157 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. purchased a new stake in Align Technology in the 4th quarter worth approximately $52,000. 88.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ALGN has been the subject of several analyst reports. Leerink Partners raised shares of Align Technology from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $235.00 to $280.00 in a report on Monday, January 6th. Leerink Partnrs raised shares of Align Technology from a “hold” rating to a “strong-buy” rating in a report on Monday, January 6th. Evercore ISI increased their price objective on shares of Align Technology from $240.00 to $260.00 and gave the company an “outperform” rating in a report on Thursday, February 6th. Wells Fargo & Company started coverage on shares of Align Technology in a report on Friday, February 14th. They set an “overweight” rating and a $255.00 price objective for the company. Finally, Piper Sandler cut their price objective on shares of Align Technology from $275.00 to $270.00 and set an “overweight” rating for the company in a report on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $269.91.

Align Technology Stock Performance

NASDAQ ALGN opened at $173.75 on Friday. The company has a market capitalization of $12.79 billion, a P/E ratio of 30.97, a P/E/G ratio of 2.24 and a beta of 1.69. Align Technology, Inc. has a one year low of $167.32 and a one year high of $335.40. The stock has a 50 day moving average price of $208.02 and a 200-day moving average price of $221.29.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 EPS for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). Align Technology had a net margin of 10.54% and a return on equity of 13.84%. As a group, equities analysts predict that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology Company 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.