Align Technology, Inc. $ALGN Shares Bought by Van ECK Associates Corp

Key Points

• Van ECK Associates increased its Align Technology stake by 15.4% in the second quarter, bringing its holdings to 81,500 shares valued at approximately $13.7 million. Institutional investors collectively own 88.43% of the company.
• Analyst sentiment remains positive overall, with a consensus rating of “Moderate Buy” and an average price target of $206.36, despite several firms maintaining or lowering their ratings to “Hold.”
• Align Technology reported quarterly earnings of $2.64 per share, narrowly beating estimates, while revenue rose 4.3% year over year to $1.06 billion. Shares opened at $159.79, below both their 50-day and 200-day moving averages.

Van ECK Associates Corp lifted its stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 15.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 81,500 shares of the medical equipment provider's stock after purchasing an additional 10,853 shares during the quarter. Van ECK Associates Corp owned about 0.11% of Align Technology worth $13,746,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Sunbelt Securities Inc. boosted its holdings in shares of Align Technology by 222.4% during the fourth quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider's stock valued at $25,000 after acquiring an additional 109 shares during the period. Blue Trust Inc. increased its holdings in shares of Align Technology by 77.5% in the 1st quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider's stock worth $27,000 after acquiring an additional 69 shares during the period. Tobam bought a new stake in Align Technology in the 4th quarter valued at about $30,000. Hollencrest Capital Management acquired a new position in Align Technology during the 1st quarter valued at about $34,000. Finally, Caitong International Asset Management Co. Ltd increased its stake in shares of Align Technology by 1,773.3% in the third quarter. Caitong International Asset Management Co. Ltd now owns 281 shares of the medical equipment provider's stock valued at $35,000 after purchasing an additional 266 shares during the period. Institutional investors own 88.43% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ALGN. Weiss Ratings lowered Align Technology from a "hold (c)" rating to a "hold (c-)" rating in a research report on Monday, August 3rd. Zacks Research lowered Align Technology from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 16th. Needham & Company LLC restated a "hold" rating on shares of Align Technology in a research note on Thursday, July 30th. UBS Group reiterated a "neutral" rating and issued a $189.00 target price on shares of Align Technology in a research report on Thursday, July 23rd. Finally, BMO Capital Markets assumed coverage on shares of Align Technology in a research note on Wednesday, July 8th. They set an "outperform" rating and a $209.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Align Technology presently has a consensus rating of "Moderate Buy" and a consensus target price of $206.36.

Align Technology Stock Performance

Shares of ALGN stock opened at $159.79 on Tuesday. Align Technology, Inc. has a 1 year low of $122.00 and a 1 year high of $200.43. The stock has a market cap of $11.44 billion, a PE ratio of 27.79, a price-to-earnings-growth ratio of 1.67 and a beta of 1.65. The business's fifty day moving average is $172.73 and its 200-day moving average is $174.77.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share 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 quarter in the prior year, the firm posted $2.49 earnings per share. The company's revenue was up 4.3% on a year-over-year basis. Equities research analysts predict that Align Technology, Inc. will post 9.38 earnings per share for the current year.

Align Technology Company Profile

Align Technology, Inc NASDAQ: ALGN pioneered the use of digital technology in orthodontics through the development of the Invisalign system, a series of clear, removable aligners that provide an alternative to traditional metal braces. Since its founding in 1997 by Zia Chishti and Kelsey Wirth, the Tempe, Arizona–based company has expanded its focus to include intraoral scanners, CAD/CAM software for dental laboratories and comprehensive digital dentistry solutions.

The company's signature Invisalign system leverages 3D imaging and computer-aided design (CAD) to create customized aligners that gradually reposition teeth, improving patient comfort and treatment predictability.

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