Illinois Municipal Retirement Fund Has $8.27 Million Position in Align Technology, Inc. $ALGN

Illinois Municipal Retirement Fund boosted its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 8.1% during the first quarter, Holdings Channel.com reports. The fund owned 48,222 shares of the medical equipment provider’s stock after acquiring an additional 3,621 shares during the period. Illinois Municipal Retirement Fund’s holdings in Align Technology were worth $8,267,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ALGN. Blue Trust Inc. grew its holdings in shares of Align Technology by 77.5% during the 1st quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider’s stock worth $27,000 after purchasing an additional 69 shares in the last quarter. Sunbelt Securities Inc. increased its position in shares of Align Technology by 222.4% in the fourth quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider’s stock worth $25,000 after purchasing an additional 109 shares during the period. Independence Bank of Kentucky raised its stake in Align Technology by 77.7% in the fourth quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider’s stock valued at $29,000 after purchasing an additional 80 shares in the last quarter. CYBER HORNET ETFs LLC acquired a new position in Align Technology in the second quarter valued at about $36,000. Finally, Tobam bought a new stake in Align Technology during the fourth quarter worth about $30,000. 88.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ALGN. Morgan Stanley increased their price objective on shares of Align Technology from $169.00 to $188.00 and gave the stock an “equal weight” rating in a research note on Friday, April 24th. Piper Sandler boosted their target price on shares of Align Technology from $220.00 to $235.00 and gave the company an “overweight” rating in a research report on Tuesday, April 21st. Zacks Research raised shares of Align Technology from a “hold” rating to a “strong-buy” rating in a report on Monday, June 1st. Wall Street Zen upgraded shares of Align Technology from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 4th. Finally, BMO Capital Markets started coverage on shares of Align Technology in a research note on Wednesday, July 8th. They issued an “outperform” rating and a $209.00 price objective on the stock. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, Align Technology has an average rating of “Moderate Buy” and an average price target of $206.07.

Align Technology Stock Down 0.9%

NASDAQ:ALGN opened at $176.76 on Friday. The stock’s 50-day simple moving average is $172.30 and its 200 day simple moving average is $174.48. The firm has a market capitalization of $12.66 billion, a PE ratio of 29.66, a price-to-earnings-growth ratio of 1.83 and a beta of 1.67. Align Technology, Inc. has a twelve month low of $122.00 and a twelve month high of $208.30.

Align Technology (NASDAQ:ALGN) last released its earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.26 by $0.32. The firm had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.02 billion. Align Technology had a return on equity of 15.82% and a net margin of 10.50%.The business’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.13 earnings per share. On average, analysts anticipate that Align Technology, Inc. will post 9.48 EPS for the current fiscal year.

Align Technology announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, April 29th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the medical equipment provider to repurchase up to 1.6% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Align Technology Company Profile

Align Technology, Inc (NASDAQ: ALGN) pioneered the use of digital technology in orthodontics through the development of the Invisalign system, a series of clear, removable aligners that provide an alternative to traditional metal braces. Since its founding in 1997 by Zia Chishti and Kelsey Wirth, the Tempe, Arizona–based company has expanded its focus to include intraoral scanners, CAD/CAM software for dental laboratories and comprehensive digital dentistry solutions.

The company’s signature Invisalign system leverages 3D imaging and computer-aided design (CAD) to create customized aligners that gradually reposition teeth, improving patient comfort and treatment predictability.