Kentucky Retirement Systems Insurance Trust Fund Lowers Position in Align Technology, Inc. (NASDAQ:ALGN)

Kentucky Retirement Systems Insurance Trust Fund trimmed its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 7.9% during the 3rd quarter, Holdings Channel reports. The fund owned 2,079 shares of the medical equipment provider’s stock after selling 179 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Align Technology were worth $529,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in ALGN. Cullen Frost Bankers Inc. lifted its position in shares of 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 bought a new position in Align Technology in the second quarter worth approximately $26,000. Rothschild Investment LLC purchased a new stake in Align Technology during the second quarter worth $26,000. Versant Capital Management Inc boosted its position in Align Technology by 547.1% during the 2nd quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider’s stock valued at $27,000 after acquiring an additional 93 shares in the last quarter. Finally, LRI Investments LLC bought a new stake in Align Technology during the 1st quarter valued at $29,000. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Price Performance

Shares of ALGN opened at $229.90 on Tuesday. The company’s fifty day moving average price is $229.02 and its 200-day moving average price is $239.22. Align Technology, Inc. has a 1-year low of $196.09 and a 1-year high of $335.40. The firm has a market capitalization of $17.16 billion, a PE ratio of 39.23, a price-to-earnings-growth ratio of 5.79 and a beta of 1.65.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share for the quarter, beating the consensus estimate of $2.31 by $0.04. The business had revenue of $977.87 million for the quarter, compared to the consensus estimate of $990.05 million. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The company’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.62 EPS. As a group, research analysts anticipate that Align Technology, Inc. will post 7.45 EPS for the current fiscal year.

Wall Street Analyst Weigh In

ALGN has been the subject of a number of analyst reports. Morgan Stanley decreased their price objective on Align Technology from $310.00 to $280.00 and set an “overweight” rating for the company in a research note on Thursday, October 24th. Piper Sandler cut their price objective on shares of Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a research report on Thursday, October 24th. StockNews.com raised shares of Align Technology from a “hold” rating to a “buy” rating in a research report on Thursday, September 19th. Robert W. Baird lowered their target price on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a research report on Monday, November 4th. 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, the company has an average rating of “Hold” and a consensus price target of $276.38.

About Align Technology

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.