Align Technology, Inc. $ALGN Stock: State of Alaska Department of Revenue Grows Holdings

Key Points

• State of Alaska Department of Revenue increased its Align Technology holdings by 821.2% in the third quarter, ending with 167,271 shares worth approximately $22.4 million. Institutional investors and hedge funds collectively own 88.43% of ALGN.
• Align Technology reported quarterly revenue of $1.06 billion and earnings of $2.64 per share, narrowly exceeding analyst estimates; revenue increased 4.3% year over year.
• Analyst sentiment remains moderately bullish, with a consensus “Moderate Buy” rating and an average price target of $194.14, despite recent target reductions and the stock trading at $148.20.

State of Alaska Department of Revenue grew its holdings in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 821.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 167,271 shares of the medical equipment provider's stock after purchasing an additional 149,113 shares during the quarter. State of Alaska Department of Revenue owned approximately 0.23% of Align Technology worth $22,362,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. BlackRock Inc. bought a new position in Align Technology in the second quarter valued at approximately $745,370,000. Assenagon Asset Management S.A. grew its holdings in Align Technology by 413.0% during the 1st quarter. Assenagon Asset Management S.A. now owns 989,388 shares of the medical equipment provider's stock worth $169,611,000 after acquiring an additional 796,529 shares during the period. Deutsche Bank AG acquired a new stake in Align Technology during the 2nd quarter worth $99,779,000. Bank of America Corp DE bought a new stake in shares of Align Technology during the 2nd quarter valued at $93,085,000. Finally, Nykredit A S bought a new stake in shares of Align Technology during the 2nd quarter valued at $74,077,000. Institutional investors and hedge funds own 88.43% of the company's stock.

Align Technology Stock Performance

NASDAQ:ALGN traded up $3.76 during trading hours on Thursday, hitting $148.20. The stock had a trading volume of 360,316 shares, compared to its average volume of 1,059,615. The business's 50 day moving average is $154.93 and its 200-day moving average is $167.44. The company has a market cap of $10.61 billion, a price-to-earnings ratio of 25.78, a P/E/G ratio of 1.53 and a beta of 1.67. Align Technology, Inc. has a one year low of $128.65 and a one year high of $200.43.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.62 by $0.02. Align Technology had a net margin of 9.99% and a return on equity of 15.86%. The company had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.05 billion. During the same quarter in the previous year, the business earned $2.49 EPS. The firm's revenue was up 4.3% on a year-over-year basis. On average, sell-side analysts anticipate that Align Technology, Inc. will post 9.36 EPS for the current fiscal year.

Wall Street Analyst Weigh In

ALGN has been the topic of several recent research reports. UBS Group restated a "neutral" rating and issued a $189.00 price target on shares of Align Technology in a research report on Thursday, July 23rd. Zacks Research cut Align Technology from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 16th. Raymond James Financial reiterated a "buy" rating on shares of Align Technology in a report on Monday, October 5th. Stifel Nicolaus cut their target price on Align Technology from $210.00 to $175.00 and set a "buy" rating on the stock in a research note on Friday, October 9th. Finally, Evercore lowered Align Technology from an "outperform" rating to an "in-line" rating and set a $155.00 target price on the stock. in a research note on Monday, October 5th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $194.14.

About Align Technology

Align Technology, Inc is a medical device and digital technology company that designs, manufactures and markets products used in orthodontics and restorative dentistry. The company is best known for Invisalign clear aligners, which are custom-made orthodontic devices intended to gradually move patients' teeth under the supervision of dental professionals.

Align also develops the iTero family of intraoral scanners and related digital imaging systems, which help dental professionals create digital impressions and treatment plans.

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