California Public Employees Retirement System Cuts Holdings in Align Technology, Inc. $ALGN

California Public Employees Retirement System trimmed its position in Align Technology, Inc. (NASDAQ:ALGN) by 2.4% during the 1st quarter, HoldingsChannel reports. The firm owned 120,619 shares of the medical equipment provider’s stock after selling 3,016 shares during the quarter. California Public Employees Retirement System’s holdings in Align Technology were worth $20,678,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Blue Trust Inc. boosted its stake in Align Technology by 77.5% during the first quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider’s stock valued at $27,000 after buying an additional 69 shares during the last quarter. Sunbelt Securities Inc. increased its stake in Align Technology by 222.4% in the 4th quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider’s stock worth $25,000 after acquiring an additional 109 shares during the last quarter. Independence Bank of Kentucky raised its holdings in shares of Align Technology by 77.7% during the 4th quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider’s stock worth $29,000 after acquiring an additional 80 shares in the last quarter. CYBER HORNET ETFs LLC purchased a new stake in shares of Align Technology during the 2nd quarter worth approximately $36,000. Finally, Tobam bought a new position in shares of Align Technology during the 4th quarter valued at approximately $30,000. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Wall Street Zen raised shares of Align Technology from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 4th. Weiss Ratings upgraded shares of Align Technology from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, July 17th. Piper Sandler increased their price objective on shares of Align Technology from $220.00 to $235.00 and gave the company an “overweight” rating in a research report on Tuesday, April 21st. Evercore boosted their target price on shares of Align Technology from $200.00 to $220.00 in a report on Thursday, April 30th. Finally, Citigroup assumed coverage on shares of Align Technology in a research report on Wednesday, April 15th. They set a “buy” rating and a $240.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $206.07.

Align Technology Stock Performance

ALGN opened at $172.46 on Thursday. The stock’s 50 day moving average price is $172.96 and its 200-day moving average price is $174.98. Align Technology, Inc. has a one year low of $122.00 and a one year high of $208.30. The stock has a market cap of $12.35 billion, a price-to-earnings ratio of 28.94, a P/E/G ratio of 1.82 and a beta of 1.67.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share for the quarter, beating analysts’ consensus estimates of $2.26 by $0.32. The company had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.02 billion. Align Technology had a net margin of 10.50% and a return on equity of 15.82%. The firm’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same quarter last year, the business posted $2.13 EPS. As a group, analysts predict that Align Technology, Inc. will post 9.48 earnings per share for the current fiscal year.

Align Technology declared that its Board of Directors has initiated a stock repurchase program on Wednesday, April 29th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the medical equipment provider to buy up to 1.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its shares are undervalued.

Align Technology 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.