Illinois Municipal Retirement Fund Sells 1,738 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Illinois Municipal Retirement Fund reduced its stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 5.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,515 shares of the medical equipment provider's stock after selling 1,738 shares during the quarter. Illinois Municipal Retirement Fund's holdings in Align Technology were worth $4,848,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Diversified Trust Co bought a new stake in Align Technology during the first quarter worth $906,000. Sabal Trust CO increased its stake in shares of Align Technology by 15.8% during the 1st quarter. Sabal Trust CO now owns 4,941 shares of the medical equipment provider's stock worth $785,000 after purchasing an additional 676 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its holdings in shares of Align Technology by 69.7% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 37,336 shares of the medical equipment provider's stock valued at $5,931,000 after purchasing an additional 15,329 shares during the period. JCIC Asset Management Inc. acquired a new stake in Align Technology in the 1st quarter valued at about $117,000. Finally, Lecap Asset Management Ltd. bought a new position in Align Technology during the first quarter worth about $2,425,000. 88.43% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Wells Fargo & Company decreased their target price on Align Technology from $255.00 to $246.00 and set an "overweight" rating on the stock in a report on Thursday, May 1st. Hsbc Global Res downgraded shares of Align Technology from a "strong-buy" rating to a "hold" rating in a report on Friday, April 25th. Mizuho dropped their price objective on shares of Align Technology from $250.00 to $245.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 29th. Piper Sandler restated an "overweight" rating and set a $250.00 target price (up previously from $235.00) on shares of Align Technology in a research note on Thursday, May 1st. Finally, UBS Group decreased their price target on shares of Align Technology from $240.00 to $215.00 and set a "neutral" rating on the stock in a research note on Thursday, April 24th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Align Technology has a consensus rating of "Moderate Buy" and an average price target of $241.25.

Align Technology Price Performance

Align Technology stock traded up $2.11 during mid-day trading on Wednesday, reaching $196.39. 642,653 shares of the company were exchanged, compared to its average volume of 911,952. The firm has a market cap of $14.24 billion, a PE ratio of 35.75, a PEG ratio of 2.01 and a beta of 1.63. The company has a fifty day simple moving average of $181.33 and a 200-day simple moving average of $188.78. Align Technology, Inc. has a 12 month low of $141.74 and a 12 month high of $263.24.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 EPS for the quarter, beating analysts' consensus estimates of $2.00 by $0.13. The business had revenue of $979.26 million during the quarter, compared to the consensus estimate of $977.90 million. Align Technology had a return on equity of 13.52% and a net margin of 10.29%. Align Technology's revenue for the quarter was down 1.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.14 earnings per share. Sell-side analysts anticipate that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Align Technology declared that its Board of Directors has initiated a share repurchase plan on Tuesday, May 6th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the medical equipment provider to repurchase up to 7.9% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's board of directors believes its stock is undervalued.

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.