Victory Capital Management Inc. Has $34.01 Million Stock Position in Align Technology, Inc. (NASDAQ:ALGN)

Victory Capital Management Inc. raised its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 21.7% in the 4th quarter, Holdings Channel reports. The firm owned 163,102 shares of the medical equipment provider’s stock after acquiring an additional 29,066 shares during the period. Victory Capital Management Inc.’s holdings in Align Technology were worth $34,008,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Wellington Management Group LLP raised its position in Align Technology by 49.0% during the third quarter. Wellington Management Group LLP now owns 2,634,600 shares of the medical equipment provider’s stock valued at $670,031,000 after purchasing an additional 866,663 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Align Technology by 1.2% during the third quarter. Geode Capital Management LLC now owns 1,750,805 shares of the medical equipment provider’s stock worth $443,810,000 after buying an additional 21,605 shares during the last quarter. FMR LLC grew its stake in shares of Align Technology by 43.0% during the third quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock worth $310,736,000 after buying an additional 367,508 shares during the last quarter. Ninety One UK Ltd grew its stake in shares of Align Technology by 3.7% during the fourth quarter. Ninety One UK Ltd now owns 1,220,601 shares of the medical equipment provider’s stock worth $254,508,000 after buying an additional 43,524 shares during the last quarter. Finally, Meridiem Investment Management Ltd. grew its stake in shares of Align Technology by 63.7% during the fourth quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider’s stock worth $159,470,000 after buying an additional 297,472 shares during the last quarter. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Align Technology Trading Up 1.0 %

Shares of ALGN opened at $173.75 on Monday. The stock has a market capitalization of $12.79 billion, a P/E ratio of 30.97, a price-to-earnings-growth ratio of 2.24 and a beta of 1.69. The firm’s fifty day simple moving average is $208.02 and its two-hundred day simple moving average is $221.19. Align Technology, Inc. has a 12 month low of $167.32 and a 12 month high of $335.40.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 EPS for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). Align Technology had a net margin of 10.54% and a return on equity of 13.84%. As a group, research analysts predict that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Morgan Stanley decreased their target price on shares of Align Technology from $280.00 to $272.00 and set an “overweight” rating on the stock in a research note on Thursday, February 6th. Jefferies Financial Group decreased their target price on shares of Align Technology from $285.00 to $260.00 and set a “buy” rating on the stock in a research note on Thursday, January 23rd. Wells Fargo & Company assumed coverage on shares of Align Technology in a research note on Friday, February 14th. They set an “overweight” rating and a $255.00 target price on the stock. Bank of America boosted their price objective on shares of Align Technology from $200.00 to $206.00 and gave the stock an “underperform” rating in a research note on Friday, December 13th. Finally, Leerink Partners raised shares of Align Technology from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $235.00 to $280.00 in a research note on Monday, January 6th. One research analyst has rated the stock with a sell rating, two have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $269.91.

Align Technology Company 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.