State of Alaska Department of Revenue Sells 3,420 Shares of Align Technology, Inc. (NASDAQ:ALGN)

State of Alaska Department of Revenue decreased its holdings in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 23.0% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 11,454 shares of the medical equipment provider's stock after selling 3,420 shares during the quarter. State of Alaska Department of Revenue's holdings in Align Technology were worth $2,912,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Cullen Frost Bankers Inc. boosted its stake in Align Technology by 854.5% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider's stock worth $25,000 after purchasing an additional 94 shares during the period. Innealta Capital LLC purchased a new position in shares of Align Technology during the second quarter valued at $26,000. Rothschild Investment LLC acquired a new position in Align Technology during the second quarter valued at $26,000. Versant Capital Management Inc lifted its stake in Align Technology by 547.1% in the 2nd quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider's stock worth $27,000 after acquiring an additional 93 shares in the last quarter. Finally, LRI Investments LLC acquired a new stake in Align Technology during the 1st quarter worth about $29,000. Institutional investors own 88.43% of the company's stock.

Insider Buying and Selling

In other Align Technology news, Director C Raymond Larkin, Jr. purchased 6,500 shares of the stock in a transaction dated Thursday, August 15th. The shares were bought at an average cost of $235.33 per share, with a total value of $1,529,645.00. Following the completion of the transaction, the director now owns 28,247 shares in the company, valued at $6,647,366.51. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.62% of the stock is owned by insiders.

Align Technology Stock Performance

Shares of ALGN traded up $3.55 during trading hours on Friday, hitting $208.58. 868,066 shares of the company were exchanged, compared to its average volume of 783,827. The company has a market cap of $15.58 billion, a PE ratio of 34.99, a PEG ratio of 4.98 and a beta of 1.64. The firm's 50 day moving average is $231.55 and its 200-day moving average is $246.87. Align Technology, Inc. has a 52 week low of $184.89 and a 52 week high of $335.40.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.31 by $0.04. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The firm had revenue of $977.87 million during the quarter, compared to analysts' expectations of $990.05 million. During the same quarter in the prior year, the business earned $1.62 earnings per share. The company's revenue was up 1.8% on a year-over-year basis. As a group, equities analysts forecast that Align Technology, Inc. will post 7.45 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Morgan Stanley dropped their target price on Align Technology from $310.00 to $280.00 and set an "overweight" rating on the stock in a report on Thursday, October 24th. Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a research note on Thursday, October 24th. Evercore ISI dropped their price target on shares of Align Technology from $270.00 to $250.00 and set an "outperform" rating on the stock in a research note on Thursday, October 24th. Stifel Nicolaus reduced their price objective on Align Technology from $285.00 to $275.00 and set a "buy" rating for the company in a research report on Thursday, October 24th. Finally, StockNews.com upgraded Align Technology from a "hold" rating to a "buy" rating in a research note on Thursday, September 19th. One investment analyst has rated the stock with a sell rating, four have assigned 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 "Hold" and a consensus target price of $276.38.

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.