Texas Permanent School Fund Corp Lowers Stock Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Texas Permanent School Fund Corp lessened its position in Align Technology, Inc. (NASDAQ:ALGN) by 22.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 11,371 shares of the medical equipment provider’s stock after selling 3,352 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Align Technology were worth $2,745,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Mather Group LLC. acquired a new stake in shares of Align Technology during the first quarter worth about $26,000. LRI Investments LLC acquired a new stake in Align Technology during the 1st quarter worth approximately $29,000. Cullen Frost Bankers Inc. boosted its position in Align Technology by 854.5% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock valued at $25,000 after buying an additional 94 shares during the period. Rothschild Investment LLC acquired a new position in shares of Align Technology in the second quarter worth $26,000. Finally, Innealta Capital LLC purchased a new stake in shares of Align Technology during the second quarter worth $26,000. Institutional investors and hedge funds own 88.43% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on ALGN shares. Robert W. Baird lowered their target price on Align Technology from $370.00 to $325.00 and set an “outperform” rating for the company in a research note on Monday, July 22nd. StockNews.com cut shares of Align Technology from a “buy” rating to a “hold” rating in a report on Sunday, September 1st. Piper Sandler reiterated an “overweight” rating and set a $315.00 price target on shares of Align Technology in a report on Friday. OTR Global restated a “mixed” rating on shares of Align Technology in a report on Tuesday, June 4th. Finally, Evercore ISI lowered their target price on shares of Align Technology from $370.00 to $300.00 and set an “outperform” rating for the company in a research note on Monday, June 10th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Align Technology presently has a consensus rating of “Hold” and a consensus price target of $306.88.

Insider Activity

In other Align Technology news, Director C Raymond Larkin, Jr. bought 6,500 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were acquired at an average cost of $235.33 per share, with a total value of $1,529,645.00. Following the acquisition, the director now directly owns 28,247 shares of the company’s stock, valued at approximately $6,647,366.51. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.62% of the company’s stock.

Align Technology Price Performance

Shares of ALGN opened at $249.56 on Tuesday. Align Technology, Inc. has a 1-year low of $176.34 and a 1-year high of $335.40. The stock has a market cap of $18.79 billion, a PE ratio of 41.11, a price-to-earnings-growth ratio of 5.13 and a beta of 1.64. The firm has a fifty day moving average price of $232.09 and a 200 day moving average price of $265.71.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share for the quarter, beating the consensus estimate of $2.32 by $0.09. The business had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.04 billion. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The business’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period in the previous year, the business earned $1.73 EPS. As a group, equities analysts expect that Align Technology, Inc. will post 7.61 EPS for the current fiscal year.

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.