Public Employees Retirement System of Ohio Acquires Shares of 26,723 Align Technology, Inc. (NASDAQ:ALGN)

Public Employees Retirement System of Ohio purchased a new stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 26,723 shares of the medical equipment provider's stock, valued at approximately $5,572,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Picton Mahoney Asset Management raised its stake in Align Technology by 69.9% in the fourth 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 in the last quarter. GKV Capital Management Co. Inc. acquired a new position in Align Technology during the fourth quarter worth about $31,000. Aster Capital Management DIFC Ltd acquired a new position in Align Technology during the fourth quarter worth about $35,000. Private Trust Co. NA raised its stake in Align Technology by 113.4% during the fourth quarter. Private Trust Co. NA now owns 175 shares of the medical equipment provider's stock worth $36,000 after acquiring an additional 93 shares in the last quarter. Finally, Orion Capital Management LLC acquired a new position in Align Technology during the fourth quarter worth about $42,000. Institutional investors and hedge funds own 88.43% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Mizuho lowered their target price on Align Technology from $250.00 to $245.00 and set an "outperform" rating for the company in a research note on Tuesday, April 29th. Wells Fargo & Company lowered their target price 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. Hsbc Global Res downgraded Align Technology from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 25th. Piper Sandler reissued 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, Evercore ISI boosted their target price on Align Technology from $165.00 to $200.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Align Technology has a consensus rating of "Moderate Buy" and an average target price of $241.25.

Align Technology Stock Performance

Shares of NASDAQ:ALGN traded down $2.30 during midday trading on Friday, hitting $180.75. 1,194,786 shares of the stock were exchanged, compared to its average volume of 921,916. The stock has a market capitalization of $13.10 billion, a price-to-earnings ratio of 32.22, a P/E/G ratio of 2.24 and a beta of 1.68. The business's 50-day moving average price is $171.97 and its 200 day moving average price is $196.24. Align Technology, Inc. has a 12 month low of $141.74 and a 12 month high of $271.59.

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

Align Technology announced that its board has approved a share repurchase plan on Tuesday, May 6th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the medical equipment provider to repurchase up to 7.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's management 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.