Public Employees Retirement System of Ohio Makes New $5.57 Million Investment in Align Technology, Inc. (NASDAQ:ALGN)

Public Employees Retirement System of Ohio bought a new stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 26,723 shares of the medical equipment provider's stock, valued at approximately $5,572,000.

A number of other institutional investors and hedge funds have also made changes to their positions in ALGN. Covestor Ltd boosted its holdings in Align Technology by 14.6% in the 4th quarter. Covestor Ltd now owns 415 shares of the medical equipment provider's stock valued at $87,000 after purchasing an additional 53 shares in the last quarter. Picton Mahoney Asset Management lifted its holdings in shares of Align Technology by 69.9% in the 4th quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider's stock valued at $30,000 after buying an additional 58 shares during the period. Smartleaf Asset Management LLC lifted its holdings in shares of Align Technology by 9.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 766 shares of the medical equipment provider's stock valued at $158,000 after buying an additional 64 shares during the period. New York Life Investment Management LLC boosted its stake in shares of Align Technology by 0.7% in the fourth quarter. New York Life Investment Management LLC now owns 9,406 shares of the medical equipment provider's stock valued at $1,961,000 after buying an additional 68 shares in the last quarter. Finally, Motley Fool Asset Management LLC grew its holdings in Align Technology by 6.9% during the fourth quarter. Motley Fool Asset Management LLC now owns 1,099 shares of the medical equipment provider's stock worth $229,000 after acquiring an additional 71 shares during the period. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Align Technology Stock Down 1.3%

Shares of Align Technology stock traded down $2.43 during trading on Monday, hitting $178.51. 1,178,823 shares of the company were exchanged, compared to its average volume of 922,534. Align Technology, Inc. has a fifty-two week low of $141.74 and a fifty-two week high of $271.59. The firm has a 50 day moving average price of $172.21 and a 200 day moving average price of $195.62. The stock has a market capitalization of $12.94 billion, a price-to-earnings ratio of 31.82, a P/E/G ratio of 2.24 and a beta of 1.68.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly 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 during the quarter, compared to analysts' expectations of $977.90 million. Align Technology had a return on equity of 13.84% and a net margin of 10.54%. The business's revenue for the quarter was down 1.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.14 earnings per share. Analysts predict that Align Technology, Inc. will post 7.98 earnings per share for the current year.

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

Analyst Ratings Changes

A number of research firms have commented on ALGN. UBS Group reduced their target price on Align Technology from $240.00 to $215.00 and set a "neutral" rating for the company in a report on Thursday, April 24th. Morgan Stanley cut their price target on shares of Align Technology from $280.00 to $272.00 and set an "overweight" rating for the company in a report on Thursday, February 6th. Piper Sandler reiterated an "overweight" rating and issued a $250.00 price objective (up previously from $235.00) on shares of Align Technology in a research note on Thursday, May 1st. Mizuho lowered their target price 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. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a research report on Thursday, May 1st. One investment 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 company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $241.25.

Align Technology 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.