Retirement Systems of Alabama Buys 664,430 Shares of Align Technology, Inc. $ALGN

Key Points

• Retirement Systems of Alabama dramatically increased its Align Technology stake, buying 664,430 shares in the third quarter and raising its holdings by 4,748.6% to 678,422 shares, worth about $89.9 million.
• Align reported quarterly EPS of $2.80, beating the $2.77 consensus, while revenue of $1.01 billion also topped estimates and rose 1.9% year over year.
• Analyst views were mixed, but the consensus rating was Moderate Buy, with an average price target of $193.08.

Retirement Systems of Alabama boosted its stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 4,748.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 678,422 shares of the medical equipment provider's stock after purchasing an additional 664,430 shares during the quarter. Retirement Systems of Alabama owned about 0.95% of Align Technology worth $89,943,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Entrust Financial LLC grew its holdings in shares of Align Technology by 272.9% in the 3rd quarter. Entrust Financial LLC now owns 220 shares of the medical equipment provider's stock valued at $30,000 after buying an additional 161 shares during the period. Hollencrest Capital Management acquired a new stake in Align Technology during the 1st quarter worth $34,000. Osterweis Capital Management Inc. acquired a new stake in Align Technology during the 2nd quarter worth $36,000. Global Retirement Partners LLC bought a new position in Align Technology during the second quarter worth about $38,000. Finally, Bessemer Group Inc. lifted its holdings in shares of Align Technology by 37.2% during the 1st quarter. Bessemer Group Inc. now owns 247 shares of the medical equipment provider's stock valued at $43,000 after purchasing an additional 67 shares in the last quarter. Institutional investors own 88.43% of the company's stock.

Align Technology Stock Up 5.0%

NASDAQ ALGN opened at $174.26 on Tuesday. Align Technology, Inc. has a 12-month low of $130.23 and a 12-month high of $200.43. The company has a market capitalization of $12.48 billion, a PE ratio of 25.37, a price-to-earnings-growth ratio of 1.79 and a beta of 1.74. The firm's 50 day moving average is $150.71 and its 200-day moving average is $168.52.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its earnings results on Wednesday, October 28th. The medical equipment provider reported $2.80 EPS for the quarter, topping the consensus estimate of $2.77 by $0.03. The business had revenue of $1.01 billion during the quarter, compared to analysts' expectations of $1 billion. Align Technology had a net margin of 11.83% and a return on equity of 15.96%. The firm's revenue was up 1.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.61 earnings per share. As a group, sell-side analysts expect that Align Technology, Inc. will post 9.21 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on ALGN shares. Robert W. Baird lowered shares of Align Technology from an "outperform" rating to a "neutral" rating and reduced their target price for the stock from $218.00 to $162.00 in a research note on Thursday, October 15th. Evercore downgraded Align Technology from an "outperform" rating to an "in-line" rating and set a $155.00 price target on the stock. in a research note on Monday, October 5th. Wall Street Zen downgraded Align Technology from a "buy" rating to a "hold" rating in a research note on Saturday, October 24th. Piper Sandler cut their price target on Align Technology from $235.00 to $205.00 and set an "overweight" rating on the stock in a report on Wednesday, October 21st. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Align Technology in a research report on Thursday, October 29th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $193.08.

Align Technology Profile

Align Technology, Inc develops, manufactures and markets digital orthodontic and restorative dentistry products. Its best-known offering is the Invisalign system, which uses a series of custom-made clear aligners to straighten teeth. The company also sells Vivera retainers and iTero intraoral scanners, which support digital dental imaging and treatment planning.

Founded in 1997, Align helped popularize clear-aligner orthodontic treatment as an alternative to traditional braces. Its digital dentistry portfolio also includes exocad software, used by dental professionals and laboratories to design dental restorations.

Headquartered in Tempe, Arizona, Align serves dental professionals and patients in markets around the world.

Want to see what other hedge funds are holding ALGN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Align Technology, Inc. (NASDAQ:ALGN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.