Kentucky Retirement Systems Trims Position in Align Technology, Inc. (NASDAQ:ALGN)

Kentucky Retirement Systems trimmed its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 1.4% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 4,825 shares of the medical equipment provider’s stock after selling 67 shares during the period. Kentucky Retirement Systems’ holdings in Align Technology were worth $1,006,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. True Wealth Design LLC increased its stake in shares of Align Technology by 10,700.0% during the third quarter. True Wealth Design LLC now owns 108 shares of the medical equipment provider’s stock worth $27,000 after acquiring an additional 107 shares during the period. Neo Ivy Capital Management acquired a new position in shares of Align Technology during the third quarter worth about $32,000. Quarry LP increased its stake in shares of Align Technology by 74.8% during the third quarter. Quarry LP now owns 222 shares of the medical equipment provider’s stock worth $56,000 after acquiring an additional 95 shares during the period. Versant Capital Management Inc increased its stake in shares of Align Technology by 212.2% during the fourth quarter. Versant Capital Management Inc now owns 231 shares of the medical equipment provider’s stock worth $48,000 after acquiring an additional 157 shares during the period. Finally, Newbridge Financial Services Group Inc. acquired a new position in shares of Align Technology during the fourth quarter worth about $52,000. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Align Technology Price Performance

ALGN stock opened at $190.72 on Tuesday. The company’s 50 day simple moving average is $214.26 and its 200-day simple moving average is $224.27. The firm has a market capitalization of $14.24 billion, a PE ratio of 34.00, a P/E/G ratio of 2.33 and a beta of 1.67. Align Technology, Inc. has a 12 month low of $185.20 and a 12 month high of $335.40.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 EPS for the quarter, missing the consensus estimate of $2.43 by ($0.47). Align Technology had a net margin of 10.54% and a return on equity of 13.84%. As a group, sell-side analysts anticipate that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Morgan Stanley lowered their target price on shares of Align Technology from $280.00 to $272.00 and set an “overweight” rating on the stock in a research report on Thursday, February 6th. Leerink Partnrs upgraded shares of Align Technology from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 6th. Bank of America upped their target price on shares of Align Technology from $200.00 to $206.00 and gave the stock an “underperform” rating in a research report on Friday, December 13th. Needham & Company LLC restated a “hold” rating on shares of Align Technology in a research report on Thursday, February 6th. Finally, Piper Sandler lowered their target price on shares of Align Technology from $275.00 to $270.00 and set an “overweight” rating on the stock in a research report on Thursday, February 6th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Align Technology currently has an average rating of “Moderate Buy” and an average price target of $269.91.

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.