Align Technology, Inc. $ALGN Stock: Valley National Advisers Inc. Grows Stake

Valley National Advisers Inc. raised its stake in Align Technology, Inc. (NASDAQ:ALGN) by 292,257.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 20,465 shares of the medical equipment provider’s stock after buying an additional 20,458 shares during the quarter. Valley National Advisers Inc.’s holdings in Align Technology were worth $2,708,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. K.J. Harrison & Partners Inc acquired a new stake in shares of Align Technology in the 2nd quarter valued at approximately $1,872,000. Maridea Wealth Management LLC acquired a new position in Align Technology during the second quarter valued at approximately $1,659,000. NewEdge Wealth LLC acquired a new position in Align Technology during the second quarter valued at approximately $1,658,000. Pallas Capital Advisors LLC acquired a new position in Align Technology during the second quarter valued at approximately $1,128,000. Finally, Nykredit A S acquired a new position in Align Technology during the second quarter valued at approximately $74,077,000. Institutional investors own 88.43% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on ALGN. Evercore downgraded shares of Align Technology from an “outperform” rating to an “in-line” rating and set a $155.00 target price for the company. in a research note on Monday, October 5th. Wall Street Zen cut shares of Align Technology from a “buy” rating to a “hold” rating in a research report on Saturday. Robert W. Baird reissued a “neutral” rating and issued a $162.00 price target (down from $218.00) on shares of Align Technology in a report on Thursday, October 15th. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a report on Thursday, July 30th. Finally, Zacks Research cut shares of Align Technology from a “hold” rating to a “strong sell” rating in a research report on Thursday, October 15th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $190.93.

Align Technology Price Performance

NASDAQ:ALGN opened at $154.51 on Friday. Align Technology, Inc. has a fifty-two week low of $130.23 and a fifty-two week high of $200.43. The stock has a market capitalization of $11.07 billion, a PE ratio of 26.87, a price-to-earnings-growth ratio of 1.65 and a beta of 1.67. The business’s 50-day simple moving average is $151.62 and its 200-day simple moving average is $166.55.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.62 by $0.02. Align Technology had a return on equity of 15.86% and a net margin of 9.99%. The business had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.05 billion. During the same period in the previous year, the firm earned $2.49 EPS. Align Technology’s quarterly revenue was up 4.3% compared to the same quarter last year. On average, research analysts expect that Align Technology, Inc. will post 9.27 earnings per share for the current year.

Align Technology Profile

Align Technology, Inc is a global medical device company focused on digital orthodontics and restorative dentistry. Founded in 1997, the company is best known for the Invisalign system, a series of clear, removable aligners designed to gradually move teeth and treat a range of orthodontic conditions.

Align’s products and services also include digital scanning and dental practice solutions. Its iTero intraoral scanners create digital impressions for orthodontic and restorative procedures, while its exocad business develops computer-aided design and computer-aided manufacturing software used by dental laboratories, clinicians and other dental professionals.

The company serves orthodontists, dentists, dental laboratories and patients in numerous markets worldwide.