Align Technology, Inc. $ALGN Stock Holdings Lifted by Van ECK Associates Corp

Van ECK Associates Corp grew its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 15.4% in the second quarter, Holdings Channel.com reports. The fund owned 81,500 shares of the medical equipment provider’s stock after buying an additional 10,853 shares during the quarter. Van ECK Associates Corp’s holdings in Align Technology were worth $13,746,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Sunbelt Securities Inc. grew its holdings in shares of Align Technology by 222.4% in the 4th quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider’s stock worth $25,000 after acquiring an additional 109 shares during the last quarter. Blue Trust Inc. raised its position in shares of Align Technology by 77.5% during the first quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider’s stock worth $27,000 after purchasing an additional 69 shares during the period. Tobam purchased a new stake in shares of Align Technology during the fourth quarter valued at $30,000. Hollencrest Capital Management purchased a new stake in shares of Align Technology during the first quarter valued at $34,000. Finally, Caitong International Asset Management Co. Ltd boosted its position in shares of Align Technology by 1,773.3% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 281 shares of the medical equipment provider’s stock valued at $35,000 after purchasing an additional 266 shares during the period. 88.43% of the stock is owned by institutional investors.

Align Technology Stock Performance

Align Technology stock opened at $159.79 on Tuesday. The firm has a market cap of $11.44 billion, a PE ratio of 27.79, a P/E/G ratio of 1.67 and a beta of 1.65. The firm’s 50 day moving average price is $172.73 and its two-hundred day moving average price is $174.77. Align Technology, Inc. has a twelve month low of $122.00 and a twelve month high of $200.43.

Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.62 by $0.02. Align Technology had a net margin of 9.99% and a return on equity of 15.86%. The company had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.05 billion. During the same quarter last year, the business posted $2.49 EPS. The company’s revenue for the quarter was up 4.3% on a year-over-year basis. Equities analysts anticipate that Align Technology, Inc. will post 9.38 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have commented on ALGN. UBS Group reaffirmed a “neutral” rating and set a $189.00 price objective on shares of Align Technology in a research note on Thursday, July 23rd. Zacks Research lowered shares of Align Technology from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 16th. Weiss Ratings cut shares of Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a research report on Monday, August 3rd. Wall Street Zen lowered Align Technology from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 1st. Finally, BMO Capital Markets started coverage on Align Technology in a research report on Wednesday, July 8th. They issued an “outperform” rating and a $209.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $206.36.

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.