Kentucky Retirement Systems Insurance Trust Fund Acquires New Stake in Align Technology, Inc. (NASDAQ:ALGN)

Kentucky Retirement Systems Insurance Trust Fund acquired a new position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 2,179 shares of the medical equipment provider's stock, valued at approximately $346,000.

Other large investors have also recently made changes to their positions in the company. Geode Capital Management LLC grew its stake in shares of Align Technology by 2.2% in the 4th quarter. Geode Capital Management LLC now owns 1,790,014 shares of the medical equipment provider's stock worth $372,299,000 after buying an additional 39,209 shares in the last quarter. Invesco Ltd. grew its position in Align Technology by 17.1% in the fourth quarter. Invesco Ltd. now owns 1,082,162 shares of the medical equipment provider's stock worth $225,642,000 after acquiring an additional 158,312 shares in the last quarter. Norges Bank bought a new stake in Align Technology during the fourth quarter worth approximately $190,792,000. Northern Trust Corp increased its stake in Align Technology by 13.3% during the fourth quarter. Northern Trust Corp now owns 736,936 shares of the medical equipment provider's stock worth $153,659,000 after acquiring an additional 86,493 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its position in Align Technology by 35.2% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 731,846 shares of the medical equipment provider's stock valued at $152,597,000 after purchasing an additional 190,711 shares during the period. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Stock Performance

Shares of NASDAQ ALGN opened at $187.14 on Thursday. The firm has a market capitalization of $13.57 billion, a PE ratio of 34.09, a price-to-earnings-growth ratio of 1.98 and a beta of 1.64. Align Technology, Inc. has a fifty-two week low of $141.74 and a fifty-two week high of $263.24. The stock's 50-day simple moving average is $179.91 and its 200-day simple moving average is $190.41.

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

Align Technology announced that its Board of Directors has authorized a stock buyback 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 buy up to 7.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Piper Sandler reaffirmed an "overweight" rating and set a $250.00 price target (up from $235.00) on shares of Align Technology in a research note on Thursday, May 1st. UBS Group dropped their target price on Align Technology from $240.00 to $215.00 and set a "neutral" rating for the company in a research report on Thursday, April 24th. Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a report on Thursday, May 1st. Wells Fargo & Company decreased their price target on Align Technology from $255.00 to $246.00 and set an "overweight" rating for the company in a research note on Thursday, May 1st. Finally, HSBC downgraded Align Technology from a "buy" rating to a "hold" rating and cut their price objective for the company from $290.00 to $170.00 in a research report on Friday, April 25th. 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 assigned a strong buy rating to the company's stock. According to data from MarketBeat, Align Technology currently has an average rating of "Moderate Buy" and a consensus price target of $241.25.

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.

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