VIRGINIA RETIREMENT SYSTEMS ET Al Invests $1.92 Million in Align Technology, Inc. $ALGN

Key Points

• Virginia Retirement Systems purchased 11,400 shares of Align Technology worth approximately $1.92 million in the second quarter. Institutional investors collectively own 88.43% of the company.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $206.36; individual targets cited ranged from $189 to $209.
• Align Technology slightly exceeded quarterly expectations, reporting EPS of $2.64 versus the $2.62 estimate and revenue of $1.06 billion, up 4.3% year over year.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 11,400 shares of the medical equipment provider's stock, valued at approximately $1,923,000.

Other institutional investors have also made changes to their positions in the company. K.J. Harrison & Partners Inc bought a new position in shares of Align Technology in the second quarter worth $1,872,000. Northwestern Mutual Wealth Management Co. lifted its position in Align Technology by 35,513.8% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 545,604 shares of the medical equipment provider's stock worth $85,196,000 after purchasing an additional 544,072 shares during the period. Maridea Wealth Management LLC acquired a new stake in Align Technology during the second quarter worth about $1,659,000. Pallas Capital Advisors LLC acquired a new stake in Align Technology during the second quarter worth about $1,128,000. Finally, Deutsche Bank AG bought a new position in Align Technology in the 2nd quarter valued at about $99,779,000. 88.43% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. UBS Group restated a "neutral" rating and issued a $189.00 target price on shares of Align Technology in a research report on Thursday, July 23rd. Zacks Research lowered shares of Align Technology from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 16th. Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a research note on Thursday, July 30th. Wall Street Zen downgraded shares of Align Technology from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 1st. Finally, BMO Capital Markets assumed coverage on Align Technology in a research note on Wednesday, July 8th. They set an "outperform" rating and a $209.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $206.36.

Align Technology Trading Up 0.1%

Shares of NASDAQ ALGN opened at $150.82 on Friday. The company has a market cap of $10.80 billion, a price-to-earnings ratio of 26.23, a PEG ratio of 1.60 and a beta of 1.65. Align Technology, Inc. has a 12 month low of $122.00 and a 12 month high of $200.43. The stock has a 50-day moving average price of $168.99 and a two-hundred day moving average price of $172.76.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 EPS for the quarter, topping analysts' consensus estimates of $2.62 by $0.02. The firm had revenue of $1.06 billion during the quarter, compared to analysts' expectations of $1.05 billion. Align Technology had a net margin of 9.99% and a return on equity of 15.86%. The business's revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.49 earnings per share. On average, sell-side 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 is a global medical device company that designs, manufactures and markets products used in orthodontics and digital dentistry. Its best-known product is the Invisalign system, a series of clear, removable aligners intended to gradually straighten teeth and address certain orthodontic conditions under the supervision of dental professionals.

The company also develops digital dentistry technologies, including iTero intraoral scanners and related software, which create digital impressions and support orthodontic, restorative and implant treatment planning.

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