Align Technology, Inc. (NASDAQ:ALGN) Stake Lifted by Vanguard Group Inc.

Vanguard Group Inc. increased its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 1.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,349,785 shares of the medical equipment provider’s stock after buying an additional 104,132 shares during the quarter. Vanguard Group Inc. owned about 11.12% of Align Technology worth $2,287,841,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Orion Capital Management LLC bought a new position in shares of Align Technology in the third quarter worth $61,000. Operose Advisors LLC bought a new position in shares of Align Technology in the third quarter worth $63,000. Covestor Ltd grew its stake in shares of Align Technology by 379.5% in the third quarter. Covestor Ltd now owns 211 shares of the medical equipment provider’s stock worth $64,000 after purchasing an additional 167 shares in the last quarter. Valley National Advisers Inc. grew its stake in shares of Align Technology by 29.7% in the third quarter. Valley National Advisers Inc. now owns 214 shares of the medical equipment provider’s stock worth $65,000 after purchasing an additional 49 shares in the last quarter. Finally, Venturi Wealth Management LLC grew its stake in shares of Align Technology by 97.2% in the fourth quarter. Venturi Wealth Management LLC now owns 280 shares of the medical equipment provider’s stock worth $77,000 after purchasing an additional 138 shares in the last quarter. 88.43% of the stock is currently owned by institutional investors.

Align Technology Trading Down 4.1 %

Shares of ALGN stock opened at $245.52 on Tuesday. The stock has a 50 day moving average of $279.46 and a two-hundred day moving average of $282.72. Align Technology, Inc. has a 12 month low of $176.34 and a 12 month high of $413.20. The company has a market capitalization of $18.48 billion, a P/E ratio of 40.45, a P/E/G ratio of 4.74 and a beta of 1.62.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, April 24th. The medical equipment provider reported $1.62 EPS for the quarter, topping analysts’ consensus estimates of $1.54 by $0.08. Align Technology had a return on equity of 14.15% and a net margin of 11.80%. The company had revenue of $997.43 million during the quarter, compared to the consensus estimate of $971.97 million. Sell-side analysts predict that Align Technology, Inc. will post 7.86 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently weighed in on ALGN. SVB Leerink began coverage on Align Technology in a report on Monday, February 26th. They issued a “market perform” rating and a $310.00 price objective for the company. Robert W. Baird upped their price objective on Align Technology from $333.00 to $370.00 and gave the company an “outperform” rating in a report on Thursday, April 25th. OTR Global restated a “mixed” rating on shares of Align Technology in a report on Tuesday, June 4th. Evercore ISI cut their price objective on Align Technology from $370.00 to $300.00 and set an “outperform” rating for the company in a report on Monday, June 10th. Finally, Piper Sandler restated an “overweight” rating and issued a $375.00 price objective (up previously from $355.00) on shares of Align Technology in a report on Thursday, April 25th. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Align Technology presently has an average rating of “Moderate Buy” and an average target price of $351.00.

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.