New Mexico Educational Retirement Board Purchases 55,280 Shares of Align Technology, Inc. $ALGN

New Mexico Educational Retirement Board boosted its position in Align Technology, Inc. (NASDAQ:ALGN) by 1,650.1% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 58,630 shares of the medical equipment provider’s stock after purchasing an additional 55,280 shares during the period. New Mexico Educational Retirement Board owned 0.08% of Align Technology worth $7,801,000 at the end of the most recent quarter.

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

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on ALGN. Zacks Research downgraded shares of Align Technology from a “hold” rating to a “strong sell” rating in a research note on Thursday, October 15th. Mizuho reduced their price objective on shares of Align Technology from $220.00 to $200.00 and set an “outperform” rating on the stock in a research note on Thursday, October 22nd. UBS Group reissued a “neutral” rating and issued a $189.00 price objective on shares of Align Technology in a research note on Thursday, July 23rd. Weiss Ratings upgraded Align Technology from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, October 9th. Finally, Piper Sandler lowered their target price on Align Technology from $235.00 to $205.00 and set an “overweight” rating for the company in a research report on Wednesday, October 21st. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $193.08.

Align Technology Stock Performance

Shares of ALGN stock opened at $172.08 on Thursday. The company has a market cap of $12.13 billion, a P/E ratio of 25.05, a PEG ratio of 2.26 and a beta of 1.74. The stock has a 50 day simple moving average of $151.34 and a two-hundred day simple moving average of $168.56. Align Technology, Inc. has a fifty-two week low of $130.23 and a fifty-two week high of $200.43.

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

About Align Technology

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.