California Public Employees Retirement System Trims Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Posted by Defense World Staff on May 11th, 2023

California Public Employees Retirement System decreased its position in Align Technology, Inc. (NASDAQ:ALGN – Get Rating) by 6.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 148,256 shares of the medical equipment provider’s stock after selling 10,998 shares during the period. California Public Employees Retirement System owned approximately 0.19% of Align Technology worth $31,267,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of ALGN. Nordea Investment Management AB raised its stake in Align Technology by 21.8% during the 4th quarter. Nordea Investment Management AB now owns 235,801 shares of the medical equipment provider’s stock worth $49,568,000 after acquiring an additional 42,252 shares during the period. ICICI Prudential Asset Management Co Ltd lifted its stake in Align Technology by 37.1% in the fourth quarter. ICICI Prudential Asset Management Co Ltd now owns 392 shares of the medical equipment provider’s stock worth $83,000 after acquiring an additional 106 shares during the period. Arizona State Retirement System raised its holdings in Align Technology by 3.2% in the fourth quarter. Arizona State Retirement System now owns 21,003 shares of the medical equipment provider’s stock worth $4,430,000 after purchasing an additional 653 shares in the last quarter. Texas Permanent School Fund raised its holdings in Align Technology by 0.4% in the fourth quarter. Texas Permanent School Fund now owns 10,321 shares of the medical equipment provider’s stock worth $2,177,000 after purchasing an additional 43 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System increased its holdings in shares of Align Technology by 0.3% during the fourth quarter. State Board of Administration of Florida Retirement System now owns 94,225 shares of the medical equipment provider’s stock valued at $19,872,000 after acquiring an additional 280 shares in the last quarter. Institutional investors own 84.90% of the company’s stock.

Wall Street Analyst Weigh In

ALGN has been the topic of a number of recent analyst reports. Stifel Nicolaus increased their target price on Align Technology from $375.00 to $390.00 and gave the company a “buy” rating in a research report on Tuesday, April 18th. VNET Group reissued a “maintains” rating on shares of Align Technology in a research report on Thursday, April 27th. Morgan Stanley lifted their price target on Align Technology from $314.00 to $383.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 19th. Bank of America lifted their price target on Align Technology from $190.00 to $225.00 in a research note on Thursday, April 27th. Finally, Robert W. Baird lifted their price target on Align Technology from $260.00 to $335.00 and gave the company an “outperform” rating in a research note on Thursday, February 2nd. Two research analysts have rated the stock with a hold rating and nine have issued a buy 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 $347.78.

Align Technology Stock Performance

NASDAQ ALGN opened at $305.26 on Thursday. Align Technology, Inc. has a twelve month low of $172.05 and a twelve month high of $368.87. The stock has a market capitalization of $23.43 billion, a PE ratio of 75.37, a P/E/G ratio of 2.70 and a beta of 1.60. The stock has a 50-day simple moving average of $325.17 and a 200 day simple moving average of $266.61.

Align Technology Profile

(Get Rating)

Align Technology, Inc engages in the design, manufacture, and market of orthodontics, restorative, and aesthetic dentistry products. It operates through the Clear Aligner, and Scanner and Services segments. The Clear Aligner segment consists of Invisalign full, teen, and assist products, and Vivera retainers for treating malocclusion.