Align Technology, Inc. $ALGN Shares Acquired by QRG Capital Management Inc.

QRG Capital Management Inc. lifted its stake in Align Technology, Inc. (NASDAQ:ALGN) by 19,139.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 325,534 shares of the medical equipment provider’s stock after buying an additional 323,842 shares during the period. QRG Capital Management Inc. owned approximately 0.45% of Align Technology worth $54,905,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. acquired a new position in Align Technology in the second quarter valued at $745,370,000. Capital International Investors increased its position in shares of Align Technology by 52.2% during the fourth quarter. Capital International Investors now owns 4,643,221 shares of the medical equipment provider’s stock worth $725,039,000 after purchasing an additional 1,592,848 shares in the last quarter. Ruane Cunniff & Goldfarb L.P. acquired a new stake in shares of Align Technology during the fourth quarter worth about $190,899,000. Norges Bank purchased a new stake in shares of Align Technology in the 4th quarter valued at about $155,556,000. Finally, Assenagon Asset Management S.A. boosted its position in shares of Align Technology by 413.0% in the 1st quarter. Assenagon Asset Management S.A. now owns 989,388 shares of the medical equipment provider’s stock valued at $169,611,000 after purchasing an additional 796,529 shares during the period. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Align Technology Trading Down 3.3%

Shares of NASDAQ ALGN traded down $5.12 during midday trading on Wednesday, reaching $148.17. 1,327,004 shares of the company were exchanged, compared to its average volume of 1,074,631. The stock has a market cap of $10.61 billion, a P/E ratio of 25.77, a PEG ratio of 1.56 and a beta of 1.65. Align Technology, Inc. has a 1 year low of $122.00 and a 1 year high of $200.43. The stock has a fifty day simple moving average of $164.65 and a 200 day simple moving average of $170.87.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings data on Wednesday, July 29th. The medical equipment provider reported $2.64 EPS for the quarter, beating the consensus estimate of $2.62 by $0.02. Align Technology had a return on equity of 15.86% and a net margin of 9.99%.The firm had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.05 billion. During the same period in the prior year, the business earned $2.49 EPS. The firm’s revenue was up 4.3% compared to the same quarter last year. As a group, analysts forecast that Align Technology, Inc. will post 9.38 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. BMO Capital Markets initiated coverage on Align Technology in a research note on Wednesday, July 8th. They set an “outperform” rating and a $209.00 price target on the stock. UBS Group reissued a “neutral” rating and issued a $189.00 price objective on shares of Align Technology in a report on Thursday, July 23rd. Weiss Ratings upgraded shares of Align Technology from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, September 4th. Zacks Research cut shares of Align Technology from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 16th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a research report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $206.36.

Align Technology Profile

Align Technology, Inc (NASDAQ: ALGN) is a global medical device company that designs, manufactures and markets products used in orthodontics and digital dentistry. Its best-known product is the Invisalign system, a series of clear, removable aligners intended to gradually straighten teeth and address certain orthodontic conditions under the supervision of dental professionals.

The company also develops digital dentistry technologies, including iTero intraoral scanners and related software, which create digital impressions and support orthodontic, restorative and implant treatment planning.