VELA Investment Management LLC Purchases Shares of 1,334 Align Technology, Inc. (NASDAQ:ALGN)

VELA Investment Management LLC purchased a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN) in the fourth quarter, Holdings Channel reports. The firm purchased 1,334 shares of the medical equipment provider’s stock, valued at approximately $278,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Empirical Finance LLC increased its stake in Align Technology by 2.1% during the 3rd quarter. Empirical Finance LLC now owns 2,486 shares of the medical equipment provider’s stock valued at $632,000 after purchasing an additional 50 shares in the last quarter. Crestwood Advisors Group LLC increased its stake in Align Technology by 6.6% during the 3rd quarter. Crestwood Advisors Group LLC now owns 1,000 shares of the medical equipment provider’s stock valued at $254,000 after purchasing an additional 62 shares in the last quarter. Beech Hill Advisors Inc. grew its stake in shares of Align Technology by 0.6% in the 4th quarter. Beech Hill Advisors Inc. now owns 11,632 shares of the medical equipment provider’s stock worth $2,425,000 after acquiring an additional 65 shares in the last quarter. New York Life Investment Management LLC grew its stake in shares of Align Technology by 0.7% in the 4th quarter. New York Life Investment Management LLC now owns 9,406 shares of the medical equipment provider’s stock worth $1,961,000 after acquiring an additional 68 shares in the last quarter. Finally, Covestor Ltd grew its stake in shares of Align Technology by 26.6% in the 3rd quarter. Covestor Ltd now owns 362 shares of the medical equipment provider’s stock worth $92,000 after acquiring an additional 76 shares in the last quarter. Institutional investors own 88.43% of the company’s stock.

Wall Street Analysts Forecast Growth

ALGN has been the subject of several recent analyst reports. Evercore ISI upped their target price on shares of Align Technology from $240.00 to $260.00 and gave the stock an “outperform” rating in a research note on Thursday, February 6th. Jefferies Financial Group reduced their target price on shares of Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a research note on Thursday, January 23rd. Morgan Stanley reduced their target price on shares of Align Technology from $280.00 to $272.00 and set an “overweight” rating for the company in a research note on Thursday, February 6th. Wells Fargo & Company initiated coverage on shares of Align Technology in a research note on Friday, February 14th. They issued an “overweight” rating and a $255.00 target price for the company. Finally, Piper Sandler reduced their target price on shares of Align Technology from $275.00 to $270.00 and set an “overweight” rating for the company in a research note on Thursday, February 6th. One equities 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 issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $269.91.

Align Technology Stock Performance

Shares of NASDAQ:ALGN opened at $185.77 on Friday. The company’s 50-day moving average is $212.44 and its 200 day moving average is $223.57. The company has a market capitalization of $13.87 billion, a P/E ratio of 33.11, a price-to-earnings-growth ratio of 2.24 and a beta of 1.67. Align Technology, Inc. has a fifty-two week low of $183.26 and a fifty-two week high of $335.40.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Wednesday, February 5th. The medical equipment provider reported $1.96 EPS for the quarter, missing the consensus estimate 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 earnings per share for the current year.

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.