Illinois Municipal Retirement Fund Sells 2,478 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Illinois Municipal Retirement Fund reduced its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 7.1% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 32,253 shares of the medical equipment provider’s stock after selling 2,478 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Align Technology were worth $6,725,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of ALGN. Wellington Management Group LLP grew its stake in Align Technology by 49.0% during the third quarter. Wellington Management Group LLP now owns 2,634,600 shares of the medical equipment provider’s stock worth $670,031,000 after buying an additional 866,663 shares in the last quarter. Holocene Advisors LP acquired a new position in shares of Align Technology in the 3rd quarter valued at approximately $137,287,000. FMR LLC lifted its holdings in shares of Align Technology by 43.0% during the 3rd quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock worth $310,736,000 after acquiring an additional 367,508 shares during the period. Point72 Asset Management L.P. boosted its position in shares of Align Technology by 96.3% during the 3rd quarter. Point72 Asset Management L.P. now owns 674,319 shares of the medical equipment provider’s stock worth $171,493,000 after acquiring an additional 330,807 shares in the last quarter. Finally, Meridiem Investment Management Ltd. increased its stake in Align Technology by 63.7% in the fourth quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider’s stock valued at $159,470,000 after acquiring an additional 297,472 shares during the last quarter. Institutional investors own 88.43% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on ALGN. Jefferies Financial Group cut their target price on Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a research note on Thursday, January 23rd. Morgan Stanley lowered their price target on Align Technology from $280.00 to $272.00 and set an “overweight” rating for the company in a report on Thursday, February 6th. Evercore ISI raised their price objective on Align Technology from $240.00 to $260.00 and gave the company an “outperform” rating in a research note on Thursday, February 6th. Piper Sandler decreased their target price on Align Technology from $275.00 to $270.00 and set an “overweight” rating on the stock in a research report on Thursday, February 6th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a report on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $269.91.

Align Technology Price Performance

Align Technology stock opened at $191.21 on Thursday. The business has a 50 day moving average of $212.99 and a 200-day moving average of $223.84. The company has a market capitalization of $14.27 billion, a P/E ratio of 34.08, a P/E/G ratio of 2.24 and a beta of 1.67. Align Technology, Inc. has a 1 year low of $183.26 and a 1 year high of $335.40.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.43 by ($0.47). Align Technology had a net margin of 10.54% and a return on equity of 13.84%. Equities analysts anticipate that Align Technology, Inc. will post 7.98 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.