California Public Employees Retirement System Decreases Holdings in Align Technology, Inc. (ALGN)

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California Public Employees Retirement System cut its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 20.3% during the 1st quarter, HoldingsChannel reports. The fund owned 131,929 shares of the medical equipment provider’s stock after selling 33,635 shares during the quarter. California Public Employees Retirement System’s holdings in Align Technology were worth $37,511,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in ALGN. JPMorgan Chase & Co. grew its position in Align Technology by 47.7% in the third quarter. JPMorgan Chase & Co. now owns 216,832 shares of the medical equipment provider’s stock worth $84,830,000 after acquiring an additional 69,997 shares during the period. Legal & General Group Plc grew its position in Align Technology by 1.5% in the third quarter. Legal & General Group Plc now owns 359,786 shares of the medical equipment provider’s stock worth $140,770,000 after acquiring an additional 5,229 shares during the period. State of Alaska Department of Revenue grew its position in Align Technology by 2.7% in the fourth quarter. State of Alaska Department of Revenue now owns 12,994 shares of the medical equipment provider’s stock worth $2,720,000 after acquiring an additional 345 shares during the period. Gateway Investment Advisers LLC grew its position in Align Technology by 1.1% in the fourth quarter. Gateway Investment Advisers LLC now owns 52,625 shares of the medical equipment provider’s stock worth $11,021,000 after acquiring an additional 577 shares during the period. Finally, DNB Asset Management AS grew its position in Align Technology by 1.0% in the fourth quarter. DNB Asset Management AS now owns 15,069 shares of the medical equipment provider’s stock worth $3,156,000 after acquiring an additional 150 shares during the period. Institutional investors and hedge funds own 81.53% of the company’s stock.

Several research analysts recently weighed in on the company. Credit Suisse Group increased their price objective on Align Technology from $305.00 to $316.00 and gave the stock an “outperform” rating in a research report on Thursday, April 25th. Piper Jaffray Companies increased their price objective on Align Technology from $300.00 to $350.00 and gave the stock an “overweight” rating in a research report on Thursday, April 25th. Barclays increased their price objective on Align Technology from $335.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, April 25th. BidaskClub upgraded Align Technology from a “hold” rating to a “buy” rating in a research report on Friday, April 26th. Finally, UBS Group set a $325.00 price objective on Align Technology and gave the stock a “hold” rating in a research report on Friday, April 26th. Two research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Align Technology currently has an average rating of “Buy” and a consensus price target of $340.07.

NASDAQ:ALGN opened at $325.71 on Thursday. Align Technology, Inc. has a 52 week low of $177.93 and a 52 week high of $398.88. The firm has a market cap of $25.89 billion, a price-to-earnings ratio of 66.20, a PEG ratio of 2.49 and a beta of 2.14.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, April 24th. The medical equipment provider reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.06. Align Technology had a return on equity of 30.58% and a net margin of 18.10%. The company had revenue of $549.00 million for the quarter, compared to analysts’ expectations of $532.16 million. During the same period in the prior year, the firm earned $1.17 earnings per share. The firm’s revenue was up 25.7% compared to the same quarter last year. Sell-side analysts predict that Align Technology, Inc. will post 5.33 EPS for the current fiscal year.

In other news, CMO Raphael Pascaud sold 15,000 shares of the stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $326.18, for a total value of $4,892,700.00. Following the sale, the chief marketing officer now directly owns 34,092 shares in the company, valued at $11,120,128.56. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Julie Tay sold 13,500 shares of the stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $322.41, for a total value of $4,352,535.00. Following the completion of the sale, the senior vice president now owns 24,096 shares in the company, valued at $7,768,791.36. The disclosure for this sale can be found here. Insiders have sold 52,460 shares of company stock worth $15,670,643 over the last 90 days. 1.30% of the stock is owned by insiders.

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About Align Technology

Align Technology, Inc, a medical device company, designs, manufactures, and markets Invisalign clear aligners and iTero intraoral scanners and services for orthodontics, and restorative and aesthetic dentistry worldwide. It operates in two segments, Clear Aligner; and Scanners and Services. The Clear Aligner segment consists of comprehensive products, including Invisalign Comprehensive treatment that addresses the orthodontic needs of teenage patients, such as compliance indicators and compensation for tooth eruption; Invisalign Assist treatment, which offers support to dental practitioners throughout the treatment process, including progress tracking; and Invisalign First Phase I and Invisalign First Comprehensive Phase II package for younger patients with early mixed dentition with a mixture of primary/baby and permanent teeth.

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Institutional Ownership by Quarter for Align Technology (NASDAQ:ALGN)

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