California State Teachers Retirement System Lowers Stock Position in Align Technology, Inc. (NASDAQ:ALGN)

California State Teachers Retirement System trimmed its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 3.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 112,853 shares of the medical equipment provider's stock after selling 4,079 shares during the quarter. California State Teachers Retirement System owned 0.15% of Align Technology worth $23,531,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Picton Mahoney Asset Management boosted its stake in shares of Align Technology by 69.9% in the 4th quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider's stock valued at $30,000 after purchasing an additional 58 shares during the last quarter. GKV Capital Management Co. Inc. bought a new stake in shares of Align Technology in the 4th quarter valued at $31,000. Aster Capital Management DIFC Ltd bought a new stake in shares of Align Technology in the 4th quarter valued at $35,000. Private Trust Co. NA boosted its stake in shares of Align Technology by 113.4% in the 4th quarter. Private Trust Co. NA now owns 175 shares of the medical equipment provider's stock valued at $36,000 after purchasing an additional 93 shares during the last quarter. Finally, Orion Capital Management LLC bought a new stake in shares of Align Technology in the 4th quarter valued at $42,000. 88.43% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Wells Fargo & Company cut their target price on shares of Align Technology from $255.00 to $246.00 and set an "overweight" rating on the stock in a research note on Thursday, May 1st. Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a research note on Thursday, May 1st. Hsbc Global Res lowered shares of Align Technology from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 25th. Mizuho cut their target price on shares of Align Technology from $250.00 to $245.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 29th. Finally, Piper Sandler reissued an "overweight" rating and set a $250.00 target price (up from $235.00) on shares of Align Technology in a research note on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $241.25.

Align Technology Stock Down 1.3%

ALGN traded down $2.30 during trading on Friday, hitting $180.75. 1,194,786 shares of the company's stock were exchanged, compared to its average volume of 921,505. The business's 50 day moving average is $171.97 and its two-hundred day moving average is $196.11. Align Technology, Inc. has a fifty-two week low of $141.74 and a fifty-two week high of $271.59. The stock has a market cap of $13.10 billion, a P/E ratio of 32.22, a PEG ratio of 2.24 and a beta of 1.68.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share for the quarter, topping the consensus estimate of $2.00 by $0.13. Align Technology had a net margin of 10.54% and a return on equity of 13.84%. The firm had revenue of $979.26 million for the quarter, compared to the consensus estimate of $977.90 million. During the same quarter in the prior year, the company posted $2.14 earnings per share. The business's revenue was down 1.8% on a year-over-year basis. On average, sell-side analysts forecast that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Align Technology announced that its Board of Directors has approved a stock buyback plan on Tuesday, May 6th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the medical equipment provider to buy up to 7.9% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board of directors believes its stock is undervalued.

About Align Technology

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.