68,625 Align Technology, Inc. $ALGN Shares Acquired by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System boosted its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 1,959.0% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 72,128 shares of the medical equipment provider’s stock after buying an additional 68,625 shares during the period. Maryland State Retirement & Pension System owned approximately 0.10% of Align Technology worth $9,598,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. K.J. Harrison & Partners Inc bought a new stake in Align Technology in the second quarter valued at about $1,872,000. Maridea Wealth Management LLC bought a new position in Align Technology during the second quarter worth about $1,659,000. NewEdge Wealth LLC bought a new position in Align Technology during the second quarter worth about $1,658,000. Pallas Capital Advisors LLC bought a new position in Align Technology during the second quarter worth about $1,128,000. Finally, Nykredit A S acquired a new position in shares of Align Technology during the 2nd quarter worth about $74,077,000. 88.43% of the stock is owned by institutional investors.

Align Technology Trading Down 3.0%

ALGN stock opened at $166.97 on Friday. The business’s 50-day moving average price is $151.50 and its two-hundred day moving average price is $168.56. The firm has a market cap of $11.77 billion, a PE ratio of 24.30, a P/E/G ratio of 2.23 and a beta of 1.74. Align Technology, Inc. has a 1-year low of $130.23 and a 1-year high of $200.43.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, October 28th. The medical equipment provider reported $2.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.77 by $0.03. Align Technology had a return on equity of 15.96% and a net margin of 11.83%. The firm had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. During the same period in the previous year, the firm earned $2.61 earnings per share. The company’s revenue was up 1.9% on a year-over-year basis. On average, analysts forecast that Align Technology, Inc. will post 9.21 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Robert W. Baird cut Align Technology from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $218.00 to $162.00 in a research note on Thursday, October 15th. Wall Street Zen lowered shares of Align Technology from a “buy” rating to a “hold” rating in a research note on Saturday, October 24th. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a research note on Thursday, October 29th. Morgan Stanley decreased their price objective on shares of Align Technology from $188.00 to $175.00 and set an “equal weight” rating for the company in a report on Thursday, October 29th. Finally, Piper Sandler lowered their target price on shares of Align Technology from $235.00 to $205.00 and set an “overweight” rating for the company in a research note on Wednesday, October 21st. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $193.08.

Align Technology Company Profile

Align Technology, Inc. develops, manufactures and markets digital orthodontic and restorative dentistry products. Its best-known offering is the Invisalign system, which uses a series of custom-made clear aligners to straighten teeth. The company also sells Vivera retainers and iTero intraoral scanners, which support digital dental imaging and treatment planning. Founded in 1997, Align helped popularize clear-aligner orthodontic treatment as an alternative to traditional braces. Its digital dentistry portfolio also includes exocad software, used by dental professionals and laboratories to design dental restorations.