Victory Capital Management Inc. Raises Stock Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Victory Capital Management Inc. raised its position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 17.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 134,036 shares of the medical equipment provider's stock after acquiring an additional 19,518 shares during the quarter. Victory Capital Management Inc. owned approximately 0.18% of Align Technology worth $34,088,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. LRI Investments LLC bought a new stake in Align Technology in the 1st quarter valued at $29,000. Cullen Frost Bankers Inc. raised its position in shares of Align Technology by 854.5% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider's stock valued at $25,000 after buying an additional 94 shares in the last quarter. Rothschild Investment LLC acquired a new stake in shares of Align Technology during the 2nd quarter worth approximately $26,000. Innealta Capital LLC bought a new position in Align Technology in the second quarter valued at approximately $26,000. Finally, Versant Capital Management Inc grew its position in Align Technology by 547.1% during the 2nd quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider's stock worth $27,000 after acquiring an additional 93 shares during the last quarter. Institutional investors own 88.43% of the company's stock.

Align Technology Price Performance

NASDAQ ALGN traded up $2.05 during trading on Friday, reaching $223.69. The company's stock had a trading volume of 1,074,011 shares, compared to its average volume of 947,902. The firm has a fifty day moving average of $228.85 and a 200 day moving average of $239.93. The stock has a market capitalization of $16.70 billion, a PE ratio of 38.17, a P/E/G ratio of 5.79 and a beta of 1.65. Align Technology, Inc. has a one year low of $196.09 and a one year high of $335.40.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.31 by $0.04. The company had revenue of $977.87 million for the quarter, compared to analysts' expectations of $990.05 million. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. Align Technology's quarterly revenue was up 1.8% on a year-over-year basis. During the same period last year, the firm earned $1.62 earnings per share. Research analysts expect that Align Technology, Inc. will post 7.45 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a report on Monday, November 4th. Stifel Nicolaus reduced their price objective on shares of Align Technology from $285.00 to $275.00 and set a "buy" rating on the stock in a research note on Thursday, October 24th. StockNews.com raised Align Technology from a "hold" rating to a "buy" rating in a research report on Thursday, September 19th. Evercore ISI decreased their price target on Align Technology from $270.00 to $250.00 and set an "outperform" rating for the company in a research note on Thursday, October 24th. Finally, Piper Sandler dropped their price target on shares of Align Technology from $285.00 to $275.00 and set an "overweight" rating on the stock in a research report on Thursday, October 24th. One analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $276.38.

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.