Teacher Retirement System of Texas Has $916,000 Position in Align Technology, Inc. (NASDAQ:ALGN)

Teacher Retirement System of Texas cut its stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 75.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,342 shares of the medical equipment provider's stock after selling 10,430 shares during the period. Teacher Retirement System of Texas' holdings in Align Technology were worth $916,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Huntington National Bank increased its stake in shares of Align Technology by 94.9% during the 3rd quarter. Huntington National Bank now owns 115 shares of the medical equipment provider's stock worth $35,000 after purchasing an additional 56 shares in the last quarter. Orion Capital Management LLC acquired a new stake in Align Technology during the third quarter worth approximately $61,000. Operose Advisors LLC acquired a new stake in Align Technology during the third quarter worth approximately $63,000. Covestor Ltd boosted its position in Align Technology by 379.5% during the third quarter. Covestor Ltd now owns 211 shares of the medical equipment provider's stock worth $64,000 after acquiring an additional 167 shares during the last quarter. Finally, Valley National Advisers Inc. boosted its position in Align Technology by 29.7% during the third quarter. Valley National Advisers Inc. now owns 214 shares of the medical equipment provider's stock worth $65,000 after acquiring an additional 49 shares during the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Align Technology

In related news, Director Joseph Lacob sold 10,000 shares of Align Technology stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $313.01, for a total transaction of $3,130,100.00. Following the transaction, the director now owns 146,994 shares in the company, valued at approximately $46,010,591.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.62% of the company's stock.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. UBS Group raised their target price on shares of Align Technology from $280.00 to $320.00 and gave the stock a "neutral" rating in a research report on Monday, April 15th. Leerink Partnrs restated a "market perform" rating on shares of Align Technology in a research report on Monday, February 26th. Morgan Stanley raised their target price on shares of Align Technology from $344.00 to $360.00 and gave the stock an "overweight" rating in a research report on Thursday, April 25th. Piper Sandler restated an "overweight" rating and set a $375.00 target price (up previously from $355.00) on shares of Align Technology in a research report on Thursday, April 25th. Finally, SVB Leerink began coverage on shares of Align Technology in a report on Monday, February 26th. They issued a "market perform" rating and a $310.00 price target on the stock. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $353.00.

Align Technology Stock Performance

Shares of NASDAQ:ALGN traded down $8.73 during midday trading on Thursday, hitting $252.39. 910,655 shares of the company's stock traded hands, compared to its average volume of 733,149. The company has a market cap of $19.00 billion, a PE ratio of 41.58, a P/E/G ratio of 4.85 and a beta of 1.66. The firm's fifty day moving average price is $301.12 and its two-hundred day moving average price is $275.81. 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 posted its earnings results on Wednesday, April 24th. The medical equipment provider reported $1.62 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.08. The business had revenue of $997.43 million for the quarter, compared to analyst estimates of $971.97 million. Align Technology had a net margin of 11.80% and a return on equity of 14.15%. As a group, equities research analysts anticipate that Align Technology, Inc. will post 7.92 EPS for the current fiscal 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.