State of Alaska Department of Revenue Sells 1,990 Shares of Align Technology, Inc. (NASDAQ:ALGN)

State of Alaska Department of Revenue cut its stake in Align Technology, Inc. (NASDAQ:ALGN) by 12.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 13,724 shares of the medical equipment provider’s stock after selling 1,990 shares during the quarter. State of Alaska Department of Revenue’s holdings in Align Technology were worth $4,500,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Mather Group LLC. purchased a new stake in Align Technology in the first quarter worth $26,000. Orion Capital Management LLC purchased a new stake in Align Technology in the third quarter worth $61,000. Venturi Wealth Management LLC increased its stake in Align Technology by 97.2% in the fourth quarter. Venturi Wealth Management LLC now owns 280 shares of the medical equipment provider’s stock worth $77,000 after purchasing an additional 138 shares during the period. Scarborough Advisors LLC purchased a new stake in Align Technology in the fourth quarter worth $86,000. Finally, Harel Insurance Investments & Financial Services Ltd. increased its stake in Align Technology by 61.6% in the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 328 shares of the medical equipment provider’s stock worth $90,000 after purchasing an additional 125 shares during the period. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Price Performance

ALGN opened at $243.37 on Friday. The business’s 50-day moving average is $262.59 and its two-hundred day moving average is $283.55. Align Technology, Inc. has a 1 year low of $176.34 and a 1 year high of $413.20. The firm has a market capitalization of $18.32 billion, a PE ratio of 40.09, a price-to-earnings-growth ratio of 4.44 and a beta of 1.66.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, April 24th. The medical equipment provider reported $1.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.08. Align Technology had a return on equity of 14.15% and a net margin of 11.80%. The company had revenue of $997.43 million for the quarter, compared to analyst estimates of $971.97 million. As a group, sell-side analysts expect that Align Technology, Inc. will post 7.86 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Evercore ISI reduced their target price on Align Technology from $370.00 to $300.00 and set an “outperform” rating on the stock in a research note on Monday, June 10th. Piper Sandler cut their price target on Align Technology from $375.00 to $330.00 and set an “overweight” rating on the stock in a research note on Friday, June 21st. UBS Group raised their price target on Align Technology from $280.00 to $320.00 and gave the company a “neutral” rating in a research note on Monday, April 15th. Robert W. Baird raised their price target on Align Technology from $333.00 to $370.00 and gave the company an “outperform” rating in a research note on Thursday, April 25th. Finally, Stifel Nicolaus raised their price target on Align Technology from $350.00 to $400.00 and gave the company a “buy” rating in a research note on Thursday, April 18th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $346.50.

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.