Valley National Advisers Inc. Acquires 20,458 Shares of Align Technology, Inc. $ALGN

Key Points

• Valley National Advisers increased its Align Technology holdings by 20,458 shares in the third quarter, bringing its position to 20,465 shares valued at approximately $2.7 million. Institutional investors and hedge funds 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 $190.93, although several firms recently lowered their targets or ratings.
• Align Technology shares opened at $154.51, compared with a 52-week range of $130.23 to $200.43. The company recently beat quarterly earnings and revenue estimates, reporting $2.64 in EPS and $1.06 billion in revenue, up 4.3% year over year.

Valley National Advisers Inc. lifted its holdings in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 292,257.1% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund 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 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in ALGN. BlackRock Inc. bought a new stake in Align Technology during the 2nd quarter worth about $745,370,000. Assenagon Asset Management S.A. raised its stake in shares of Align Technology by 638.7% in the third quarter. Assenagon Asset Management S.A. now owns 4,662,437 shares of the medical equipment provider's stock worth $629,469,000 after acquiring an additional 4,031,284 shares during the last quarter. Vontobel Holding Ltd. raised its stake in shares of Align Technology by 69,628.9% in the third quarter. Vontobel Holding Ltd. now owns 1,385,513 shares of the medical equipment provider's stock worth $183,335,000 after acquiring an additional 1,383,526 shares during the last quarter. Deutsche Bank AG acquired a new position in shares of Align Technology during the second quarter worth approximately $99,779,000. Finally, Bank of America Corp DE acquired a new position in shares of Align Technology during the second quarter worth approximately $93,085,000. Institutional investors and hedge funds own 88.43% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ALGN. Mizuho decreased their price target on shares of Align Technology from $220.00 to $200.00 and set an "outperform" rating on the stock in a research note on Thursday. Evercore cut shares of Align Technology from an "outperform" rating to an "in-line" rating and set a $155.00 price objective for the company. in a research report on Monday, October 5th. BMO Capital Markets initiated coverage on Align Technology in a report on Wednesday, July 8th. They set an "outperform" rating and a $209.00 price objective on the stock. Stifel Nicolaus reduced their price objective on Align Technology from $210.00 to $175.00 and set a "buy" rating on the stock in a report on Friday, October 9th. Finally, Weiss Ratings upgraded Align Technology from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, October 9th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $190.93.

Align Technology Trading Down 0.6%

Shares of NASDAQ:ALGN opened at $154.51 on Friday. Align Technology, Inc. has a 1-year low of $130.23 and a 1-year high of $200.43. The stock has a market capitalization of $11.07 billion, a P/E ratio of 26.87, a P/E/G ratio of 1.65 and a beta of 1.67. The business has a 50-day moving average price of $151.62 and a two-hundred day moving average price of $166.55.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its earnings results 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 net margin of 9.99% and a return on equity of 15.86%. The company had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.05 billion. During the same quarter last year, the firm earned $2.49 EPS. The company's revenue for the quarter was up 4.3% on a year-over-year basis. As a group, equities analysts predict that Align Technology, Inc. will post 9.27 EPS 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.

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