Public Employees Retirement System of Ohio Makes New Investment in Align Technology, Inc. $ALGN

Key Points

• Public Employees Retirement System of Ohio purchased 22,891 Align Technology shares worth approximately $3.86 million in the second quarter. Institutional investors collectively own 88.43% of the company.
• Analyst sentiment remains moderately positive, with one Strong Buy, eight Buy, and six Hold ratings. Align has an average price target of $206.36, despite several recent rating downgrades.
• Align reported quarterly earnings of $2.64 per share and revenue of $1.06 billion, exceeding estimates, while revenue increased 4.3% year over year. The stock opened at $159.85, below its 50-day and 200-day moving averages.

Public Employees Retirement System of Ohio purchased a new position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 22,891 shares of the medical equipment provider's stock, valued at approximately $3,861,000.

Several other large investors have also recently added to or reduced their stakes in ALGN. Sunbelt Securities Inc. lifted its holdings in Align Technology by 222.4% in the fourth quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider's stock valued at $25,000 after acquiring an additional 109 shares during the period. Blue Trust Inc. grew its stake in shares of Align Technology by 77.5% during the 1st quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider's stock worth $27,000 after purchasing an additional 69 shares during the period. Tobam purchased a new position in shares of Align Technology in the 4th quarter valued at about $30,000. Hollencrest Capital Management acquired a new stake in shares of Align Technology in the first quarter valued at about $34,000. Finally, Caitong International Asset Management Co. Ltd lifted its stake in shares of Align Technology by 1,773.3% in the third quarter. Caitong International Asset Management Co. Ltd now owns 281 shares of the medical equipment provider's stock valued at $35,000 after purchasing an additional 266 shares during the period. 88.43% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ALGN has been the topic of several recent analyst reports. Needham & Company LLC restated a "hold" rating on shares of Align Technology in a research report on Thursday, July 30th. Wall Street Zen lowered Align Technology from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 1st. Zacks Research cut Align Technology from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 16th. Weiss Ratings downgraded Align Technology from a "hold (c)" rating to a "hold (c-)" rating in a research note on Monday, August 3rd. Finally, BMO Capital Markets initiated coverage on Align Technology in a research report on Wednesday, July 8th. They set an "outperform" rating and a $209.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $206.36.

Align Technology Stock Performance

ALGN stock opened at $159.85 on Friday. The stock's 50 day moving average price is $171.91 and its 200 day moving average price is $174.11. The firm has a market cap of $11.45 billion, a P/E ratio of 27.80, a PEG ratio of 1.69 and a beta of 1.65. Align Technology, Inc. has a 1 year low of $122.00 and a 1 year high of $200.43.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share for the quarter, topping the consensus estimate of $2.62 by $0.02. Align Technology had a return on equity of 15.86% and a net margin of 9.99%.The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.05 billion. During the same quarter last year, the business posted $2.49 earnings per share. Align Technology's revenue was up 4.3% compared to the same quarter last year. On average, research analysts predict that Align Technology, Inc. will post 9.38 earnings per share for the current year.

Align Technology Company Profile

Align Technology, Inc NASDAQ: ALGN pioneered the use of digital technology in orthodontics through the development of the Invisalign system, a series of clear, removable aligners that provide an alternative to traditional metal braces. Since its founding in 1997 by Zia Chishti and Kelsey Wirth, the Tempe, Arizona–based company has expanded its focus to include intraoral scanners, CAD/CAM software for dental laboratories and comprehensive digital dentistry solutions.

The company's signature Invisalign system leverages 3D imaging and computer-aided design (CAD) to create customized aligners that gradually reposition teeth, improving patient comfort and treatment predictability.

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