New York State Teachers Retirement System Sells 11,399 Shares of Align Technology, Inc. (NASDAQ:ALGN)

New York State Teachers Retirement System reduced its stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 18.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,574 shares of the medical equipment provider's stock after selling 11,399 shares during the quarter. New York State Teachers Retirement System owned about 0.07% of Align Technology worth $8,193,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Norges Bank purchased a new position in shares of Align Technology during the fourth quarter worth approximately $190,792,000. Senvest Management LLC boosted its holdings in Align Technology by 58.1% in the fourth quarter. Senvest Management LLC now owns 726,243 shares of the medical equipment provider's stock valued at $151,429,000 after acquiring an additional 267,000 shares in the last quarter. Resona Asset Management Co. Ltd. bought a new stake in shares of Align Technology during the 4th quarter valued at $47,853,000. Raymond James Financial Inc. bought a new stake in shares of Align Technology during the 4th quarter valued at $42,243,000. Finally, Bank of America Corp DE boosted its holdings in shares of Align Technology by 77.3% during the 4th quarter. Bank of America Corp DE now owns 460,028 shares of the medical equipment provider's stock valued at $95,920,000 after buying an additional 200,492 shares in the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Stock Performance

Shares of NASDAQ ALGN opened at $196.93 on Friday. The company has a market cap of $14.28 billion, a PE ratio of 35.87, a P/E/G ratio of 2.09 and a beta of 1.63. The business has a 50-day simple moving average of $182.25 and a two-hundred day simple moving average of $188.39. Align Technology, Inc. has a fifty-two week low of $141.74 and a fifty-two week high of $263.24.

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 for the quarter, beating 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 during the quarter, compared to analysts' expectations of $977.90 million. During the same period last year, the business earned $2.14 earnings per share. Align Technology's quarterly revenue was down 1.8% on a year-over-year basis. On average, sell-side analysts predict that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Align Technology declared that its board has initiated a stock buyback program on Tuesday, May 6th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the medical equipment provider to reacquire up to 7.9% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's management believes its shares are undervalued.

Analyst Ratings Changes

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

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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