Public Sector Pension Investment Board Boosts Stake in Align Technology, Inc. (NASDAQ:ALGN)

Public Sector Pension Investment Board increased its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 11.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,839 shares of the medical equipment provider’s stock after acquiring an additional 300 shares during the quarter. Public Sector Pension Investment Board’s holdings in Align Technology were worth $722,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of ALGN. FMR LLC boosted its holdings in shares of Align Technology by 43.0% during the 3rd quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock worth $310,736,000 after purchasing an additional 367,508 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Align Technology by 1.4% during the second quarter. Bank of New York Mellon Corp now owns 1,148,282 shares of the medical equipment provider’s stock worth $277,230,000 after buying an additional 15,540 shares during the last quarter. Ninety One UK Ltd grew its holdings in Align Technology by 1.0% in the 2nd quarter. Ninety One UK Ltd now owns 1,147,124 shares of the medical equipment provider’s stock valued at $276,950,000 after buying an additional 10,919 shares in the last quarter. Disciplined Growth Investors Inc. MN raised its holdings in shares of Align Technology by 0.5% during the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 707,542 shares of the medical equipment provider’s stock worth $170,822,000 after acquiring an additional 3,600 shares during the period. Finally, Kayne Anderson Rudnick Investment Management LLC boosted its position in shares of Align Technology by 4,391.3% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 488,251 shares of the medical equipment provider’s stock valued at $117,879,000 after acquiring an additional 477,380 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on ALGN. Robert W. Baird cut their price objective on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a research report on Thursday, October 24th. Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a research report on Monday, November 4th. Evercore ISI decreased their price objective on Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. StockNews.com raised Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday, September 19th. Finally, Mizuho assumed coverage on Align Technology in a research note on Wednesday. They issued an “outperform” rating and a $295.00 price target on the stock. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Align Technology has an average rating of “Moderate Buy” and an average price target of $278.44.

Align Technology Stock Performance

Shares of ALGN opened at $232.35 on Friday. The company’s 50-day simple moving average is $224.73 and its 200-day simple moving average is $234.96. Align Technology, Inc. has a 1 year low of $196.09 and a 1 year high of $335.40. The stock has a market capitalization of $17.34 billion, a PE ratio of 39.65, a P/E/G ratio of 6.10 and a beta of 1.66.

Align Technology (NASDAQ:ALGN) last released 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 net margin of 11.15% and a return on equity of 13.99%. The company had revenue of $977.87 million for the quarter, compared to analyst estimates of $990.05 million. During the same period in the prior year, the business earned $1.62 EPS. The firm’s quarterly revenue was up 1.8% on a year-over-year basis. On average, sell-side analysts predict that Align Technology, Inc. will post 7.45 earnings per share for the current year.

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.