Van ECK Associates Corp Acquires Shares of 11,582 Align Technology, Inc. (NASDAQ:ALGN)

Van ECK Associates Corp acquired a new stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 11,582 shares of the medical equipment provider's stock, valued at approximately $2,415,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC lifted its position in Align Technology by 119.6% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 169,641 shares of the medical equipment provider's stock valued at $35,368,000 after acquiring an additional 92,407 shares in the last quarter. Certuity LLC purchased a new stake in Align Technology during the 4th quarter valued at $212,000. Newbridge Financial Services Group Inc. purchased a new stake in Align Technology during the 4th quarter valued at $52,000. Stephens Inc. AR raised its stake in Align Technology by 5.2% during the 4th quarter. Stephens Inc. AR now owns 3,517 shares of the medical equipment provider's stock valued at $733,000 after buying an additional 175 shares during the last quarter. Finally, Entropy Technologies LP purchased a new stake in Align Technology during the 4th quarter valued at $1,812,000. 88.43% of the stock is owned by institutional investors.

Align Technology Stock Down 3.9 %

ALGN stock traded down $7.63 during trading on Friday, reaching $190.43. The company's stock had a trading volume of 1,695,090 shares, compared to its average volume of 820,444. Align Technology, Inc. has a 1 year low of $186.82 and a 1 year high of $335.40. The company has a market capitalization of $14.22 billion, a P/E ratio of 33.94, a price-to-earnings-growth ratio of 2.38 and a beta of 1.67. The company's fifty day moving average is $215.95 and its 200-day moving average is $224.29.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its quarterly earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.43 by ($0.47). Align Technology had a return on equity of 13.84% and a net margin of 10.54%. Analysts anticipate that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Leerink Partners upgraded shares of Align Technology from a "market perform" rating to an "outperform" rating and boosted their target price for the company from $235.00 to $280.00 in a research note on Monday, January 6th. Bank of America boosted their target price on shares of Align Technology from $200.00 to $206.00 and gave the company an "underperform" rating in a research note on Friday, December 13th. Piper Sandler decreased their target price on shares of Align Technology from $275.00 to $270.00 and set an "overweight" rating for the company in a research note on Thursday, February 6th. Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a research note on Thursday, February 6th. Finally, Stifel Nicolaus decreased their target price on shares of Align Technology from $285.00 to $275.00 and set a "buy" rating for the company in a research note on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $269.91.

About Align Technology

Align Technology, Inc designs, manufactures, and markets Invisalign clear aligners, and iTero intraoral scanners and services for orthodontists and general practitioner dentists in the United States, Switzerland, and internationally. The company's Clear Aligner segment offers comprehensive products, including Invisalign comprehensive package that addresses the orthodontic needs of younger patients, such as mandibular advancement, compliance indicators, and compensation for tooth eruption; and Invisalign First Phase I and Invisalign First Comprehensive Phase 2 package for younger patients generally between the ages of six and ten years, which is a mixture of primary/baby and permanent teeth.