VIRGINIA RETIREMENT SYSTEMS ET Al Makes New $1.92 Million Investment in Align Technology, Inc. $ALGN

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN) during the second quarter, Holdings Channel reports. The fund purchased 11,400 shares of the medical equipment provider’s stock, valued at approximately $1,923,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Sunbelt Securities Inc. increased its stake in shares of Align Technology by 222.4% in the fourth quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider’s stock valued at $25,000 after buying an additional 109 shares during the period. Blue Trust Inc. boosted its position in Align Technology by 77.5% during the 1st quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider’s stock worth $27,000 after buying an additional 69 shares during the period. Tobam acquired a new stake in Align Technology during the 4th quarter worth approximately $30,000. Hollencrest Capital Management bought a new stake in Align Technology during the 1st quarter worth approximately $34,000. Finally, Caitong International Asset Management Co. Ltd grew its holdings in Align Technology by 1,773.3% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 281 shares of the medical equipment provider’s stock worth $35,000 after acquiring an additional 266 shares during the last quarter. 88.43% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on ALGN shares. BMO Capital Markets began coverage on shares of Align Technology in a research note on Wednesday, July 8th. They set an “outperform” rating and a $209.00 price target for the company. Wall Street Zen downgraded Align Technology from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 1st. Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a research report on Thursday, July 30th. Weiss Ratings raised Align Technology from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, September 4th. Finally, Zacks Research lowered Align Technology from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $206.36.

Align Technology Stock Up 0.1%

ALGN stock opened at $150.82 on Friday. The firm has a market cap of $10.80 billion, a price-to-earnings ratio of 26.23, a PEG ratio of 1.60 and a beta of 1.65. The company’s fifty day simple moving average is $168.99 and its 200 day simple moving average is $172.76. Align Technology, Inc. has a 12-month low of $122.00 and a 12-month high of $200.43.

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

About Align Technology

Align Technology, Inc (NASDAQ: ALGN) is a global medical device company that designs, manufactures and markets products used in orthodontics and digital dentistry. Its best-known product is the Invisalign system, a series of clear, removable aligners intended to gradually straighten teeth and address certain orthodontic conditions under the supervision of dental professionals.

The company also develops digital dentistry technologies, including iTero intraoral scanners and related software, which create digital impressions and support orthodontic, restorative and implant treatment planning.