Texas Permanent School Fund Corp Cuts Stake in Align Technology, Inc. $ALGN

Texas Permanent School Fund Corp reduced its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 41.5% during the second quarter, Holdings Channel reports. The institutional investor owned 4,529 shares of the medical equipment provider’s stock after selling 3,214 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Align Technology were worth $857,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Rothschild Investment LLC grew its position in Align Technology by 140.3% during the 2nd quarter. Rothschild Investment LLC now owns 149 shares of the medical equipment provider’s stock worth $28,000 after acquiring an additional 87 shares during the last quarter. True Wealth Design LLC grew its holdings in Align Technology by 7,650.0% in the 2nd quarter. True Wealth Design LLC now owns 155 shares of the medical equipment provider’s stock worth $29,000 after acquiring an additional 153 shares during the last quarter. Cromwell Holdings LLC increased its position in shares of Align Technology by 2,900.0% in the second quarter. Cromwell Holdings LLC now owns 180 shares of the medical equipment provider’s stock valued at $34,000 after acquiring an additional 174 shares during the period. CYBER HORNET ETFs LLC purchased a new position in shares of Align Technology in the second quarter valued at about $36,000. Finally, MUFG Securities EMEA plc bought a new position in shares of Align Technology during the second quarter valued at about $38,000. Institutional investors own 88.43% of the company’s stock.

Analyst Upgrades and Downgrades

ALGN has been the topic of several recent analyst reports. Piper Sandler reissued an “overweight” rating and issued a $200.00 target price (up from $190.00) on shares of Align Technology in a research note on Thursday, October 30th. HSBC lifted their price objective on Align Technology from $140.00 to $150.00 in a research report on Friday, October 31st. Leerink Partners upped their target price on Align Technology from $172.00 to $189.00 in a report on Thursday, October 30th. Evercore ISI dropped their target price on shares of Align Technology from $220.00 to $170.00 and set an “outperform” rating for the company in a research report on Tuesday, November 25th. Finally, Needham & Company LLC restated a “hold” rating on shares of Align Technology in a research note on Thursday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Align Technology presently has an average rating of “Hold” and an average price target of $172.18.

Align Technology Price Performance

Shares of ALGN opened at $156.45 on Friday. Align Technology, Inc. has a one year low of $122.00 and a one year high of $237.23. The firm has a market capitalization of $11.22 billion, a P/E ratio of 30.32, a PEG ratio of 1.92 and a beta of 1.86. The business has a fifty day moving average of $145.69 and a 200 day moving average of $153.77.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, October 29th. The medical equipment provider reported $2.61 EPS for the quarter, topping analysts’ consensus estimates of $2.38 by $0.23. The company had revenue of $995.69 million for the quarter, compared to analysts’ expectations of $980.75 million. Align Technology had a return on equity of 13.96% and a net margin of 9.50%.Align Technology’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same period last year, the firm earned $2.35 EPS. Analysts expect that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

About Align Technology

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.