Louisiana State Employees Retirement System Invests $583,000 in Align Technology, Inc. $ALGN

Louisiana State Employees Retirement System purchased a new stake in Align Technology, Inc. (NASDAQ:ALGN) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 3,400 shares of the medical equipment provider’s stock, valued at approximately $583,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of ALGN. Capital International Investors lifted its stake in shares of Align Technology by 52.2% in the fourth quarter. Capital International Investors now owns 4,643,221 shares of the medical equipment provider’s stock valued at $725,039,000 after buying an additional 1,592,848 shares in the last quarter. Invesco Ltd. increased its position in shares of Align Technology by 37.4% during the third quarter. Invesco Ltd. now owns 1,497,535 shares of the medical equipment provider’s stock worth $187,521,000 after acquiring an additional 407,559 shares in the last quarter. Capital World Investors raised its holdings in shares of Align Technology by 13.2% in the 4th quarter. Capital World Investors now owns 1,490,503 shares of the medical equipment provider’s stock worth $232,742,000 after acquiring an additional 173,641 shares during the last quarter. Holocene Advisors LP acquired a new stake in shares of Align Technology in the 3rd quarter worth about $179,035,000. Finally, Bank of America Corp DE lifted its position in Align Technology by 72.0% in the 3rd quarter. Bank of America Corp DE now owns 1,353,125 shares of the medical equipment provider’s stock valued at $169,438,000 after acquiring an additional 566,488 shares in the last quarter. Institutional investors own 88.43% of the company’s stock.

Align Technology Stock Down 1.7%

Shares of NASDAQ ALGN opened at $185.22 on Wednesday. The company has a market capitalization of $13.27 billion, a PE ratio of 31.08, a PEG ratio of 1.93 and a beta of 1.67. The stock’s 50 day moving average price is $171.67 and its 200-day moving average price is $173.44. Align Technology, Inc. has a twelve month low of $122.00 and a twelve month high of $208.30.

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

Align Technology declared that its board has authorized a stock buyback plan on Wednesday, April 29th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the medical equipment provider to reacquire up to 1.6% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

A number of brokerages have commented on ALGN. Barclays raised Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 price objective for the company in a report on Tuesday, March 17th. Leerink Partners lifted their target price on Align Technology from $225.00 to $230.00 in a research report on Thursday, April 30th. Wall Street Zen raised Align Technology from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Weiss Ratings lowered Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, June 4th. Finally, Evercore lifted their price objective on shares of Align Technology from $200.00 to $220.00 in a report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $205.85.

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.