Washington Capital Management Inc. Makes New $313,000 Investment in Align Technology, Inc. (NASDAQ:ALGN)

Washington Capital Management Inc. purchased a new stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 1,500 shares of the medical equipment provider's stock, valued at approximately $313,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Quarry LP increased its stake in shares of Align Technology by 53.0% during the 2nd quarter. Quarry LP now owns 127 shares of the medical equipment provider's stock valued at $31,000 after acquiring an additional 44 shares during the last quarter. Empirical Finance LLC grew its stake in Align Technology by 2.1% during the 3rd quarter. Empirical Finance LLC now owns 2,486 shares of the medical equipment provider's stock valued at $632,000 after purchasing an additional 50 shares in the last quarter. Lake Street Advisors Group LLC increased its holdings in Align Technology by 5.6% in the third quarter. Lake Street Advisors Group LLC now owns 1,042 shares of the medical equipment provider's stock valued at $265,000 after buying an additional 55 shares during the last quarter. Crestwood Advisors Group LLC lifted its position in shares of Align Technology by 6.6% in the 3rd quarter. Crestwood Advisors Group LLC now owns 1,000 shares of the medical equipment provider's stock worth $254,000 after buying an additional 62 shares during the last quarter. Finally, Mather Group LLC. increased its position in Align Technology by 51.6% in the third quarter. Mather Group LLC. now owns 185 shares of the medical equipment provider's stock worth $47,000 after buying an additional 63 shares during the period. Hedge funds and other institutional investors own 88.43% of the company's stock.

Align Technology Price Performance

Shares of ALGN stock traded up $4.45 during trading hours on Thursday, hitting $228.90. The stock had a trading volume of 465,049 shares, compared to its average volume of 573,428. The stock's 50-day moving average price is $223.14 and its two-hundred day moving average price is $227.20. Align Technology, Inc. has a one year low of $196.09 and a one year high of $335.40. The stock has a market capitalization of $17.09 billion, a price-to-earnings ratio of 39.21, a PEG ratio of 5.14 and a beta of 1.67.

Wall Street Analysts Forecast Growth

ALGN has been the topic of a number of research analyst reports. Needham & Company LLC reaffirmed a "hold" rating on shares of Align Technology in a report on Monday, November 4th. Piper Sandler cut their price target on shares of Align Technology from $285.00 to $275.00 and set an "overweight" rating on the stock in a report on Thursday, October 24th. Leerink Partners upgraded shares of Align Technology from a "market perform" rating to an "outperform" rating and boosted their price objective for the stock from $235.00 to $280.00 in a research note on Monday, January 6th. Stifel Nicolaus cut their price target on Align Technology from $285.00 to $275.00 and set a "buy" rating for the company in a report on Thursday, October 24th. Finally, Robert W. Baird reduced their target price on shares of Align Technology from $325.00 to $276.00 and set an "outperform" rating for the company in a research note on Thursday, October 24th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $267.45.

Align Technology Company Profile

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.