6,869 Shares in Align Technology, Inc. (NASDAQ:ALGN) Acquired by Van ECK Associates Corp

Van ECK Associates Corp bought a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 6,869 shares of the medical equipment provider’s stock, valued at approximately $1,882,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Huntington National Bank boosted its position in Align Technology by 94.9% during the third quarter. Huntington National Bank now owns 115 shares of the medical equipment provider’s stock valued at $35,000 after purchasing an additional 56 shares in the last quarter. Orion Capital Management LLC purchased a new position in shares of Align Technology in the 3rd quarter worth approximately $61,000. Operose Advisors LLC bought a new position in shares of Align Technology during the 3rd quarter worth approximately $63,000. Covestor Ltd lifted its position in Align Technology by 379.5% during the third quarter. Covestor Ltd now owns 211 shares of the medical equipment provider’s stock valued at $64,000 after acquiring an additional 167 shares during the last quarter. Finally, Valley National Advisers Inc. boosted its stake in Align Technology by 29.7% in the third quarter. Valley National Advisers Inc. now owns 214 shares of the medical equipment provider’s stock valued at $65,000 after acquiring an additional 49 shares in the last quarter. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on ALGN shares. Robert W. Baird raised their price objective on Align Technology from $333.00 to $370.00 and gave the stock an “outperform” rating in a research report on Thursday, April 25th. Leerink Partnrs restated a “market perform” rating on shares of Align Technology in a research note on Monday, February 26th. Morgan Stanley raised their price target on shares of Align Technology from $344.00 to $360.00 and gave the stock an “overweight” rating in a report on Thursday, April 25th. UBS Group boosted their price objective on shares of Align Technology from $280.00 to $320.00 and gave the company a “neutral” rating in a report on Monday, April 15th. Finally, Stifel Nicolaus upped their target price on Align Technology from $350.00 to $400.00 and gave the company a “buy” rating in a research report on Thursday, April 18th. One investment 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.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $353.00.

Align Technology Price Performance

NASDAQ ALGN opened at $273.65 on Thursday. Align Technology, Inc. has a 1 year low of $176.34 and a 1 year high of $413.20. The company has a market capitalization of $20.59 billion, a PE ratio of 45.08, a P/E/G ratio of 5.29 and a beta of 1.66. The company has a fifty day moving average of $310.10 and a 200 day moving average of $271.70.

Insider Buying and Selling at Align Technology

In other news, Director Joseph Lacob sold 15,000 shares of the company’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $303.22, for a total value of $4,548,300.00. Following the sale, the director now owns 131,994 shares in the company, valued at $40,023,220.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.62% of the company’s stock.

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.