New York State Common Retirement Fund Lowers Holdings in Align Technology, Inc. (NASDAQ:ALGN)

New York State Common Retirement Fund lessened its stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 4.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 38,724 shares of the medical equipment provider's stock after selling 1,600 shares during the quarter. New York State Common Retirement Fund owned approximately 0.05% of Align Technology worth $6,152,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in ALGN. Laurus Global Equity Management Inc. boosted its position in Align Technology by 26.2% in the first quarter. Laurus Global Equity Management Inc. now owns 52,455 shares of the medical equipment provider's stock valued at $8,333,000 after buying an additional 10,890 shares during the last quarter. Cerity Partners LLC raised its holdings in shares of Align Technology by 122.1% during the first quarter. Cerity Partners LLC now owns 18,923 shares of the medical equipment provider's stock valued at $3,006,000 after acquiring an additional 10,402 shares during the last quarter. Alps Advisors Inc. lifted its holdings in Align Technology by 30.1% in the 1st quarter. Alps Advisors Inc. now owns 5,181 shares of the medical equipment provider's stock valued at $823,000 after purchasing an additional 1,199 shares in the last quarter. Allworth Financial LP boosted its position in Align Technology by 5.8% during the first quarter. Allworth Financial LP now owns 2,557 shares of the medical equipment provider's stock worth $406,000 after acquiring an additional 141 shares during the last quarter. Finally, LBP AM SA grew its position in shares of Align Technology by 9.3% in the first quarter. LBP AM SA now owns 7,088 shares of the medical equipment provider's stock valued at $1,126,000 after purchasing an additional 602 shares in the last quarter. 88.43% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

ALGN has been the topic of several analyst reports. Wells Fargo & Company reduced their price target on shares of Align Technology from $255.00 to $246.00 and set an "overweight" rating on the stock in a research report on Thursday, May 1st. HSBC lowered Align Technology from a "buy" rating to a "hold" rating and reduced their price target for the company from $290.00 to $170.00 in a research report on Friday, April 25th. UBS Group decreased their price objective on shares of Align Technology from $240.00 to $215.00 and set a "neutral" rating for the company in a research report on Thursday, April 24th. Piper Sandler reaffirmed an "overweight" rating and issued a $250.00 price target (up from $235.00) on shares of Align Technology in a report on Thursday, May 1st. Finally, Hsbc Global Res cut Align Technology from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 25th. One 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. According to data from MarketBeat.com, Align Technology currently has an average rating of "Moderate Buy" and a consensus target price of $242.92.

Align Technology Price Performance

ALGN opened at $190.77 on Monday. The stock has a market capitalization of $13.83 billion, a PE ratio of 34.75, a P/E/G ratio of 2.02 and a beta of 1.63. Align Technology, Inc. has a 12-month low of $141.74 and a 12-month high of $262.87. The firm's fifty day moving average price is $186.00 and its 200 day moving average price is $187.04.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share (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 business had revenue of $979.26 million for the quarter, compared to the consensus estimate of $977.90 million. During the same quarter last year, the business posted $2.14 EPS. The business's revenue was down 1.8% on a year-over-year basis. On average, equities research 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 approved a share repurchase plan on Tuesday, May 6th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the medical equipment provider to reacquire up to 7.9% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board believes its shares are 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.

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