Louisiana State Employees Retirement System Invests $1.18 Million in Align Technology, Inc. (NASDAQ:ALGN)

Louisiana State Employees Retirement System acquired a new position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 4,300 shares of the medical equipment provider's stock, valued at approximately $1,178,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Cerity Partners LLC boosted its position in Align Technology by 21.2% during the fourth quarter. Cerity Partners LLC now owns 100,510 shares of the medical equipment provider's stock worth $27,539,000 after purchasing an additional 17,556 shares during the period. Impax Asset Management Group plc lifted its holdings in shares of Align Technology by 65.0% during the fourth quarter. Impax Asset Management Group plc now owns 114,369 shares of the medical equipment provider's stock worth $31,337,000 after buying an additional 45,070 shares in the last quarter. Sequoia Financial Advisors LLC boosted its position in shares of Align Technology by 67.9% in the fourth quarter. Sequoia Financial Advisors LLC now owns 1,679 shares of the medical equipment provider's stock valued at $460,000 after acquiring an additional 679 shares during the period. HBK Sorce Advisory LLC grew its stake in shares of Align Technology by 26.1% in the fourth quarter. HBK Sorce Advisory LLC now owns 1,597 shares of the medical equipment provider's stock valued at $438,000 after acquiring an additional 331 shares in the last quarter. Finally, International Assets Investment Management LLC bought a new position in Align Technology during the fourth quarter worth about $141,140,000. 88.43% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on ALGN. Stifel Nicolaus increased their target price on shares of Align Technology from $350.00 to $400.00 and gave the stock a "buy" rating in a research report on Thursday, April 18th. Piper Sandler raised their price objective on Align Technology from $335.00 to $355.00 and gave the stock an "overweight" rating in a research note on Thursday, March 14th. Leerink Partnrs reiterated a "market perform" rating on shares of Align Technology in a research report on Monday, February 26th. SVB Leerink started coverage on Align Technology in a research report on Monday, February 26th. They issued a "market perform" rating and a $310.00 price target on the stock. Finally, The Goldman Sachs Group boosted their price target on Align Technology from $197.00 to $225.00 and gave the company a "sell" rating in a research note on Friday, February 2nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, Align Technology presently has an average rating of "Moderate Buy" and an average target price of $344.45.

Insider Buying and Selling

In other Align Technology news, EVP Emory Wright sold 2,524 shares of the company's stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $287.45, for a total value of $725,523.80. Following the completion of the transaction, the executive vice president now directly owns 709 shares in the company, valued at approximately $203,802.05. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, Director Joseph Lacob sold 15,000 shares of the stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $303.22, for a total value of $4,548,300.00. Following the completion of the sale, the director now directly owns 131,994 shares in the company, valued at $40,023,220.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Emory Wright sold 2,524 shares of the stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $287.45, for a total value of $725,523.80. Following the completion of the sale, the executive vice president now owns 709 shares of the company's stock, valued at $203,802.05. The disclosure for this sale can be found here. Insiders sold a total of 27,524 shares of company stock worth $8,403,924 in the last three months. 0.72% of the stock is owned by corporate insiders.

Align Technology Price Performance

ALGN stock traded up $11.06 during trading on Tuesday, reaching $311.88. 621,296 shares of the company were exchanged, compared to its average volume of 740,570. The company has a 50-day moving average of $313.14 and a two-hundred day moving average of $270.22. The company has a market capitalization of $23.47 billion, a price-to-earnings ratio of 53.59, a P/E/G ratio of 5.35 and a beta of 1.65. Align Technology, Inc. has a twelve month low of $176.34 and a twelve month high of $413.20.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings data on Wednesday, January 31st. The medical equipment provider reported $1.91 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.78 by $0.13. The business had revenue of $956.73 million during the quarter, compared to analysts' expectations of $928.57 million. Align Technology had a net margin of 11.52% and a return on equity of 13.88%. On average, analysts forecast that Align Technology, Inc. will post 7.69 EPS for the current year.

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.