Align Technology, Inc. (NASDAQ:ALGN) Stock Holdings Lessened by New York State Teachers Retirement System

New York State Teachers Retirement System lessened its position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 4.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 77,679 shares of the medical equipment provider's stock after selling 4,002 shares during the quarter. New York State Teachers Retirement System owned about 0.10% of Align Technology worth $18,754,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in ALGN. Parnassus Investments LLC grew its holdings in shares of Align Technology by 11.3% during the fourth quarter. Parnassus Investments LLC now owns 396,603 shares of the medical equipment provider's stock worth $108,669,000 after buying an additional 40,406 shares in the last quarter. Tidal Investments LLC raised its holdings in Align Technology by 122.9% in the 1st quarter. Tidal Investments LLC now owns 4,408 shares of the medical equipment provider's stock valued at $1,445,000 after acquiring an additional 2,430 shares during the last quarter. Truist Financial Corp raised its holdings in Align Technology by 24.8% in the 4th quarter. Truist Financial Corp now owns 11,165 shares of the medical equipment provider's stock valued at $3,059,000 after acquiring an additional 2,220 shares during the last quarter. Nomura Holdings Inc. acquired a new position in shares of Align Technology during the 4th quarter worth approximately $1,197,000. Finally, Norden Group LLC grew its position in shares of Align Technology by 3,647.7% in the first quarter. Norden Group LLC now owns 36,540 shares of the medical equipment provider's stock valued at $11,982,000 after purchasing an additional 35,565 shares in the last quarter. 88.43% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Stifel Nicolaus reduced their price objective on Align Technology from $400.00 to $350.00 and set a "buy" rating on the stock in a research report on Thursday, July 25th. Piper Sandler reduced their price target on Align Technology from $330.00 to $315.00 and set an "overweight" rating on the stock in a report on Thursday, July 25th. Morgan Stanley dropped their price objective on shares of Align Technology from $328.00 to $310.00 and set an "overweight" rating for the company in a report on Thursday, July 25th. StockNews.com cut shares of Align Technology from a "buy" rating to a "hold" rating in a research report on Friday, August 16th. Finally, Evercore ISI decreased their target price on shares of Align Technology from $370.00 to $300.00 and set an "outperform" rating on the stock in a report on Monday, June 10th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $322.78.

Align Technology Price Performance

Shares of NASDAQ:ALGN traded up $5.28 during mid-day trading on Friday, reaching $233.97. 549,892 shares of the company were exchanged, compared to its average volume of 791,355. Align Technology, Inc. has a 1 year low of $176.34 and a 1 year high of $375.68. The firm's 50-day simple moving average is $235.53 and its 200 day simple moving average is $274.30. The firm has a market cap of $17.61 billion, a price-to-earnings ratio of 38.55, a P/E/G ratio of 5.18 and a beta of 1.66.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share for the quarter, beating analysts' consensus estimates of $2.32 by $0.09. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The business had revenue of $1.03 billion during the quarter, compared to analysts' expectations of $1.04 billion. During the same period in the previous year, the firm posted $1.73 earnings per share. The company's revenue was up 2.6% on a year-over-year basis. On average, research analysts forecast that Align Technology, Inc. will post 7.64 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Align Technology news, Director C Raymond Larkin, Jr. acquired 6,500 shares of the stock in a transaction dated Thursday, August 15th. The stock was acquired at an average price of $235.33 per share, with a total value of $1,529,645.00. Following the completion of the purchase, the director now owns 28,247 shares in the company, valued at approximately $6,647,366.51. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.62% of the company's stock.

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.