Align Technology, Inc. (NASDAQ:ALGN) Shares Purchased by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund lifted its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 20.9% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 33,344 shares of the medical equipment provider’s stock after purchasing an additional 5,759 shares during the period. Illinois Municipal Retirement Fund’s holdings in Align Technology were worth $9,136,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Huntington National Bank grew its holdings in shares of Align Technology by 94.9% in the third quarter. Huntington National Bank now owns 115 shares of the medical equipment provider’s stock valued at $35,000 after purchasing an additional 56 shares in the last quarter. Compagnie Lombard Odier SCmA purchased a new position in Align Technology in the third quarter worth approximately $61,000. Orion Capital Management LLC purchased a new position in Align Technology in the third quarter worth approximately $61,000. Operose Advisors LLC purchased a new position in Align Technology in the third quarter worth approximately $63,000. Finally, Covestor Ltd lifted its stake in Align Technology by 379.5% in 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. Institutional investors and hedge funds own 88.43% of the company’s stock.

Align Technology Price Performance

Shares of Align Technology stock opened at $311.88 on Wednesday. The firm’s fifty day simple moving average is $313.14 and its 200-day simple moving average is $270.22. The stock has a market capitalization of $23.47 billion, a price-to-earnings ratio of 53.59, a PEG ratio of 5.39 and a beta of 1.65. Align Technology, Inc. has a 12 month low of $176.34 and a 12 month high of $413.20.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, January 31st. The medical equipment provider reported $1.91 EPS for the quarter, beating analysts’ consensus estimates of $1.78 by $0.13. The business had revenue of $956.73 million for 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%. Analysts anticipate that Align Technology, Inc. will post 7.69 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. UBS Group lifted their price target on shares of Align Technology from $280.00 to $320.00 and gave the stock a “neutral” rating in a research note on Monday, April 15th. SVB Leerink assumed coverage on shares of Align Technology in a research note on Monday, February 26th. They issued a “market perform” rating and a $310.00 price target for the company. Piper Sandler boosted their price objective on shares of Align Technology from $335.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, March 14th. Leerink Partnrs restated a “market perform” rating on shares of Align Technology in a research report on Monday, February 26th. Finally, Stifel Nicolaus boosted their price objective 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. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $344.45.

Insider Activity

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

Align Technology 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.