National Pension Service Cuts Stock Position in Align Technology, Inc. (NASDAQ:ALGN)

National Pension Service lessened its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 8.0% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 120,206 shares of the medical equipment provider's stock after selling 10,472 shares during the period. National Pension Service owned about 0.16% of Align Technology worth $30,571,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Achmea Investment Management B.V. grew its holdings in Align Technology by 3.4% in the second quarter. Achmea Investment Management B.V. now owns 10,335 shares of the medical equipment provider's stock valued at $2,495,000 after purchasing an additional 339 shares during the period. Tidal Investments LLC lifted its holdings in Align Technology by 122.9% in the first quarter. Tidal Investments LLC now owns 4,408 shares of the medical equipment provider's stock worth $1,445,000 after purchasing an additional 2,430 shares during the period. Swedbank AB lifted its holdings in Align Technology by 2.0% in the 2nd quarter. Swedbank AB now owns 299,115 shares of the medical equipment provider's stock valued at $72,215,000 after acquiring an additional 6,005 shares during the last quarter. Cetera Investment Advisers lifted its stake in Align Technology by 914.2% during the first quarter. Cetera Investment Advisers now owns 12,627 shares of the medical equipment provider's stock valued at $4,140,000 after buying an additional 11,382 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in Align Technology by 68.0% in the first quarter. Russell Investments Group Ltd. now owns 81,250 shares of the medical equipment provider's stock worth $26,644,000 after buying an additional 32,890 shares during the last quarter. Institutional investors and hedge funds own 88.43% of the company's stock.

Align Technology Stock Performance

Shares of ALGN stock traded down $1.74 on Friday, hitting $220.44. The company had a trading volume of 676,791 shares, compared to its average volume of 784,540. The stock's 50-day moving average is $230.02 and its two-hundred day moving average is $244.03. The firm has a market cap of $16.47 billion, a P/E ratio of 37.91, a P/E/G ratio of 4.98 and a beta of 1.65. Align Technology, Inc. has a twelve month low of $186.01 and a twelve month high of $335.40.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its quarterly earnings data 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. The company had revenue of $977.87 million during the quarter, compared to analysts' expectations of $990.05 million. Align Technology had a net margin of 11.15% and a return on equity of 13.99%. Align Technology's revenue for the quarter was up 1.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.62 earnings per share. Equities research analysts predict that Align Technology, Inc. will post 7.45 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Piper Sandler lowered 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 report on Thursday, September 19th. Stifel Nicolaus decreased their target price on Align Technology from $285.00 to $275.00 and set a "buy" rating on the stock in a report on Thursday, October 24th. Evercore ISI reduced their price target on Align Technology from $270.00 to $250.00 and set an "outperform" rating for the company in a research note on Thursday, October 24th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a research report on Monday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Align Technology currently has an average rating of "Hold" and an average price target of $276.38.

Insider Activity

In other news, Director C Raymond Larkin, Jr. bought 6,500 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were bought at an average price of $235.33 per share, for a total transaction of $1,529,645.00. Following the purchase, the director now owns 28,247 shares in the company, valued at $6,647,366.51. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 0.62% of the company's stock.

Align Technology Company 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.