Oregon Public Employees Retirement Fund Trims Stock Position in Align Technology, Inc. (NASDAQ:ALGN)

Oregon Public Employees Retirement Fund cut its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 1.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,901 shares of the medical equipment provider’s stock after selling 255 shares during the period. Oregon Public Employees Retirement Fund’s holdings in Align Technology were worth $4,900,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Factory Mutual Insurance Co. purchased a new position in Align Technology during the first quarter worth about $20,558,000. Stephens Investment Management Group LLC raised its stake in Align Technology by 36.2% during the first quarter. Stephens Investment Management Group LLC now owns 73,114 shares of the medical equipment provider’s stock worth $20,789,000 after purchasing an additional 19,452 shares during the period. Allstate Corp raised its stake in Align Technology by 253.6% during the first quarter. Allstate Corp now owns 3,914 shares of the medical equipment provider’s stock worth $1,113,000 after purchasing an additional 2,807 shares during the period. Heritage Investors Management Corp raised its stake in Align Technology by 19.9% during the second quarter. Heritage Investors Management Corp now owns 7,817 shares of the medical equipment provider’s stock worth $2,140,000 after purchasing an additional 1,296 shares during the period. Finally, RDA Financial Network raised its stake in Align Technology by 10.4% during the second quarter. RDA Financial Network now owns 2,524 shares of the medical equipment provider’s stock worth $687,000 after purchasing an additional 237 shares during the period. 82.67% of the stock is currently owned by institutional investors.

Shares of ALGN traded down $2.41 during trading on Thursday, reaching $206.67. 47,913 shares of the company traded hands, compared to its average volume of 1,439,953. Align Technology, Inc. has a twelve month low of $177.93 and a twelve month high of $398.88. The firm has a market cap of $16.48 billion, a PE ratio of 42.11, a PEG ratio of 1.60 and a beta of 1.97. The business’s 50-day moving average is $271.71. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.74 and a current ratio of 1.85.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, July 24th. The medical equipment provider reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.13. The business had revenue of $600.70 million during the quarter, compared to analysts’ expectations of $599.86 million. Align Technology had a net margin of 19.06% and a return on equity of 29.26%. The business’s revenue for the quarter was up 22.5% on a year-over-year basis. During the same period last year, the business earned $1.30 earnings per share. Sell-side analysts predict that Align Technology, Inc. will post 5.03 EPS for the current fiscal year.

A number of equities analysts have commented on ALGN shares. UBS Group set a $230.00 target price on shares of Align Technology and gave the stock a “hold” rating in a research note on Friday, July 26th. Credit Suisse Group dropped their price target on shares of Align Technology from $340.00 to $320.00 and set an “outperform” rating for the company in a research report on Thursday, July 25th. Robert W. Baird dropped their price target on shares of Align Technology from $336.00 to $259.00 and set an “outperform” rating for the company in a research report on Friday, July 26th. ValuEngine cut shares of Align Technology from a “hold” rating to a “sell” rating in a research report on Friday, July 26th. Finally, Guggenheim initiated coverage on shares of Align Technology in a research report on Wednesday, April 17th. They set a “buy” rating and a $335.00 price target for the company. Two analysts have rated the stock with a sell rating, four have given a hold rating and ten have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $297.91.

In related news, CFO John Morici sold 2,374 shares of Align Technology stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $286.91, for a total value of $681,124.34. Following the completion of the transaction, the chief financial officer now owns 2,913 shares in the company, valued at $835,768.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CMO Raphael Pascaud sold 15,000 shares of Align Technology stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $326.18, for a total transaction of $4,892,700.00. Following the completion of the transaction, the chief marketing officer now owns 34,092 shares of the company’s stock, valued at approximately $11,120,128.56. The disclosure for this sale can be found here. Insiders sold 55,283 shares of company stock valued at $17,483,871 in the last 90 days. Company insiders own 1.30% of the company’s stock.

Align Technology Profile

Align Technology, Inc, a medical device company, designs, manufactures, and markets Invisalign clear aligners and iTero intraoral scanners and services for orthodontics, and restorative and aesthetic dentistry worldwide. It operates in two segments, Clear Aligner; and Scanners and Services. The Clear Aligner segment consists of comprehensive products, including Invisalign Comprehensive treatment that addresses the orthodontic needs of teenage patients, such as compliance indicators and compensation for tooth eruption; Invisalign Assist treatment, which offers support to dental practitioners throughout the treatment process, including progress tracking; and Invisalign First Phase I and Invisalign First Comprehensive Phase II package for younger patients with early mixed dentition with a mixture of primary/baby and permanent teeth.

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Institutional Ownership by Quarter for Align Technology (NASDAQ:ALGN)

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