Teachers Retirement System of The State of Kentucky Reduces Position in Align Technology, Inc. (NASDAQ:ALGN)

Teachers Retirement System of The State of Kentucky decreased its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 7.4% in the third quarter, Holdings Channel reports. The fund owned 5,279 shares of the medical equipment provider’s stock after selling 422 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Align Technology were worth $1,343,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Blue Trust Inc. lifted its position in Align Technology by 150.9% during the second quarter. Blue Trust Inc. now owns 133 shares of the medical equipment provider’s stock worth $32,000 after buying an additional 80 shares in the last quarter. First Horizon Advisors Inc. raised its holdings in shares of Align Technology by 63.5% during the 2nd quarter. First Horizon Advisors Inc. now owns 852 shares of the medical equipment provider’s stock worth $206,000 after acquiring an additional 331 shares during the period. Fifth Third Wealth Advisors LLC acquired a new position in shares of Align Technology during the 2nd quarter valued at about $300,000. Richard W. Paul & Associates LLC boosted its position in shares of Align Technology by 5.0% during the 2nd quarter. Richard W. Paul & Associates LLC now owns 2,190 shares of the medical equipment provider’s stock valued at $529,000 after acquiring an additional 105 shares during the last quarter. Finally, Geneos Wealth Management Inc. increased its position in Align Technology by 2.6% during the second quarter. Geneos Wealth Management Inc. now owns 12,552 shares of the medical equipment provider’s stock worth $3,031,000 after purchasing an additional 315 shares during the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Stock Performance

Shares of ALGN opened at $228.81 on Wednesday. The stock has a market capitalization of $17.08 billion, a PE ratio of 39.05, a P/E/G ratio of 6.20 and a beta of 1.66. The company’s 50-day simple moving average is $223.91 and its 200-day simple moving average is $233.79. Align Technology, Inc. has a 1 year low of $196.09 and a 1 year high of $335.40.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 EPS for the quarter, beating the consensus estimate of $2.31 by $0.04. Align Technology had a net margin of 11.15% and a return on equity of 13.99%. The company had revenue of $977.87 million during the quarter, compared to analysts’ expectations of $990.05 million. During the same quarter last year, the company posted $1.62 EPS. The firm’s revenue was up 1.8% compared to the same quarter last year. On average, sell-side analysts predict that Align Technology, Inc. will post 7.45 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a report on Monday, November 4th. Evercore ISI decreased their price objective on Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. Piper Sandler cut their target price on Align Technology from $285.00 to $275.00 and set an “overweight” rating for the company in a research note on Thursday, October 24th. StockNews.com raised Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday, September 19th. Finally, Robert W. Baird cut their price objective on Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a research report on Thursday, October 24th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $271.20.

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.