Van ECK Associates Corp Purchases New Stake in Align Technology, Inc. (NASDAQ:ALGN)

Van ECK Associates Corp purchased a new position in Align Technology, Inc. (NASDAQ:ALGN) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 6,869 shares of the medical equipment provider’s stock, valued at approximately $1,882,000.

A number of other hedge funds have also recently modified their holdings of the company. Morgan Stanley grew its stake in shares of Align Technology by 9.8% in the third quarter. Morgan Stanley now owns 1,018,161 shares of the medical equipment provider’s stock worth $310,866,000 after purchasing an additional 90,581 shares during the last quarter. Rhenman & Partners Asset Management AB purchased a new position in shares of Align Technology during the third quarter valued at approximately $305,000. Invesco Ltd. raised its holdings in shares of Align Technology by 15.4% during the third quarter. Invesco Ltd. now owns 960,271 shares of the medical equipment provider’s stock valued at $293,190,000 after acquiring an additional 128,273 shares in the last quarter. Northern Trust Corp raised its holdings in Align Technology by 2.7% in the 3rd quarter. Northern Trust Corp now owns 831,469 shares of the medical equipment provider’s stock worth $253,864,000 after purchasing an additional 21,490 shares in the last quarter. Finally, Ameriprise Financial Inc. lifted its position in shares of Align Technology by 348.9% in the 3rd quarter. Ameriprise Financial Inc. now owns 756,393 shares of the medical equipment provider’s stock worth $230,938,000 after purchasing an additional 587,886 shares during the period. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Stock Performance

NASDAQ:ALGN opened at $273.65 on Thursday. The firm has a 50-day simple moving average of $310.10 and a two-hundred day simple moving average of $271.70. Align Technology, Inc. has a fifty-two week low of $176.34 and a fifty-two week high of $413.20. The firm has a market cap of $20.59 billion, a P/E ratio of 45.08, a P/E/G ratio of 5.29 and a beta of 1.66.

Insider Buying and Selling at Align Technology

In other news, Director Joseph Lacob sold 10,000 shares of Align Technology stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $313.01, for a total value of $3,130,100.00. Following the completion of the sale, the director now directly owns 146,994 shares in the company, valued at $46,010,591.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.62% of the company’s stock.

Analysts Set New Price Targets

ALGN has been the subject of a number of research reports. Robert W. Baird increased their price target on shares of Align Technology from $333.00 to $370.00 and gave the stock an “outperform” rating in a research note on Thursday, April 25th. Stifel Nicolaus raised their target price on Align Technology from $350.00 to $400.00 and gave the company a “buy” rating in a research note on Thursday, April 18th. Morgan Stanley increased their price objective on Align Technology from $344.00 to $360.00 and gave the stock an “overweight” rating in a report on Thursday, April 25th. Leerink Partnrs reissued a “market perform” rating on shares of Align Technology in a research report on Monday, February 26th. Finally, SVB Leerink started coverage on shares of Align Technology in a research report on Monday, February 26th. They issued a “market perform” rating and a $310.00 target price on the stock. One analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $353.00.

Align Technology Profile

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.