Align Technology, Inc. (NASDAQ:ALGN) Shares Acquired by South Dakota Investment Council

South Dakota Investment Council lifted its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 412.5% during the fourth quarter, HoldingsChannel.com reports. The firm owned 4,100 shares of the medical equipment provider’s stock after purchasing an additional 3,300 shares during the period. South Dakota Investment Council’s holdings in Align Technology were worth $1,123,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Huntington National Bank grew its stake in Align Technology by 94.9% in the 3rd quarter. Huntington National Bank now owns 115 shares of the medical equipment provider’s stock valued at $35,000 after acquiring an additional 56 shares during the last quarter. Compagnie Lombard Odier SCmA acquired a new stake in Align Technology in the 3rd quarter valued at about $61,000. Orion Capital Management LLC acquired a new stake in Align Technology in the 3rd quarter valued at about $61,000. Operose Advisors LLC acquired a new stake in Align Technology in the 3rd quarter valued at about $63,000. Finally, Covestor Ltd grew its stake in Align Technology by 379.5% in the 3rd quarter. Covestor Ltd now owns 211 shares of the medical equipment provider’s stock valued at $64,000 after acquiring an additional 167 shares during the last quarter. 88.43% of the stock is owned by institutional investors and hedge funds.

Align Technology Stock Performance

ALGN opened at $313.78 on Thursday. The firm has a 50 day moving average price of $313.37 and a 200 day moving average price of $270.52. The company has a market cap of $23.61 billion, a PE ratio of 53.91, a price-to-earnings-growth ratio of 5.59 and a beta of 1.65. Align Technology, Inc. has a 1 year low of $176.34 and a 1 year high of $413.20.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, January 31st. The medical equipment provider reported $1.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.78 by $0.13. The firm had revenue of $956.73 million during the quarter, compared to the consensus estimate of $928.57 million. Align Technology had a net margin of 11.52% and a return on equity of 13.88%. On average, sell-side analysts predict that Align Technology, Inc. will post 7.69 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have issued reports on ALGN. Robert W. Baird upped their target price on shares of Align Technology from $333.00 to $370.00 and gave the company an “outperform” rating in a report on Thursday. Stifel Nicolaus upped their target price on shares of Align Technology from $350.00 to $400.00 and gave the company a “buy” rating in a report on Thursday, April 18th. SVB Leerink began coverage on shares of Align Technology in a report on Monday, February 26th. They issued a “market perform” rating and a $310.00 target price on the stock. The Goldman Sachs Group upped their target price on shares of Align Technology from $197.00 to $225.00 and gave the company a “sell” rating in a report on Friday, February 2nd. Finally, Piper Sandler restated an “overweight” rating and issued a $375.00 target price (up from $355.00) on shares of Align Technology in a report on Thursday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $343.00.

Insider Activity

In other news, Director Joseph Lacob sold 15,000 shares of Align Technology stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $303.22, for a total transaction of $4,548,300.00. Following the sale, the director now owns 131,994 shares in the company, valued at $40,023,220.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Joseph Lacob sold 15,000 shares of Align Technology stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $303.22, for a total transaction of $4,548,300.00. Following the sale, the director now owns 131,994 shares in the company, valued at $40,023,220.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Emory Wright sold 2,524 shares of Align Technology stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $287.45, for a total transaction of $725,523.80. Following the sale, the executive vice president now owns 709 shares in the company, valued at approximately $203,802.05. The disclosure for this sale can be found here. Insiders have sold 27,524 shares of company stock worth $8,403,924 over the last 90 days. Company insiders own 0.64% of the company’s stock.

Align Technology 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.