Illinois Municipal Retirement Fund Purchases 3,621 Shares of Align Technology, Inc. $ALGN

Illinois Municipal Retirement Fund lifted its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 8.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 48,222 shares of the medical equipment provider’s stock after purchasing an additional 3,621 shares during the period. Illinois Municipal Retirement Fund owned 0.07% of Align Technology worth $8,267,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. MASTERINVEST Kapitalanlage GmbH acquired a new position in Align Technology during the first quarter worth approximately $241,000. Sigma Planning Corp acquired a new stake in shares of Align Technology in the first quarter valued at approximately $367,000. Principal Financial Group Inc. lifted its position in shares of Align Technology by 0.9% in the first quarter. Principal Financial Group Inc. now owns 74,334 shares of the medical equipment provider’s stock valued at $12,743,000 after buying an additional 658 shares during the last quarter. Chicago Partners Investment Group LLC boosted its stake in shares of Align Technology by 12.7% during the 1st quarter. Chicago Partners Investment Group LLC now owns 3,022 shares of the medical equipment provider’s stock worth $518,000 after acquiring an additional 341 shares during the period. Finally, J. Safra Sarasin Holding AG bought a new position in shares of Align Technology during the 1st quarter worth approximately $1,065,000. 88.43% of the stock is owned by institutional investors.

Align Technology Price Performance

Shares of NASDAQ ALGN opened at $176.76 on Friday. The firm has a market cap of $12.66 billion, a price-to-earnings ratio of 29.66, a P/E/G ratio of 1.83 and a beta of 1.67. The stock’s fifty day moving average price is $172.30 and its two-hundred day moving average price is $174.48. Align Technology, Inc. has a one year low of $122.00 and a one year high of $208.30.

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

Align Technology announced that its board has initiated a share buyback plan on Wednesday, April 29th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the medical equipment provider to buy up to 1.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on ALGN shares. Weiss Ratings cut Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, June 4th. Evercore lifted their price objective on shares of Align Technology from $200.00 to $220.00 in a research report on Thursday, April 30th. Citigroup began coverage on shares of Align Technology in a report on Wednesday, April 15th. They issued a “buy” rating and a $240.00 price objective on the stock. Piper Sandler increased their price objective on shares of Align Technology from $220.00 to $235.00 and gave the company an “overweight” rating in a research report on Tuesday, April 21st. Finally, Leerink Partners raised their target price on shares of Align Technology from $225.00 to $230.00 in a research note on Thursday, April 30th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $206.07.

Align Technology Profile

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.