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

QRG Capital Management Inc. grew its position in Align Technology, Inc. (NASDAQ:ALGN) by 19,139.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 325,534 shares of the medical equipment provider’s stock after acquiring an additional 323,842 shares during the period. QRG Capital Management Inc.’s holdings in Align Technology were worth $54,905,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. BlackRock Inc. purchased a new position in Align Technology during the second quarter worth about $745,370,000. Capital International Investors increased its position in Align Technology by 52.2% during the 4th 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 during the period. Capital World Investors increased its position in Align Technology by 13.2% during the 4th quarter. Capital World Investors now owns 1,490,503 shares of the medical equipment provider’s stock worth $232,742,000 after purchasing an additional 173,641 shares during the period. Ruane Cunniff & Goldfarb L.P. purchased a new position in shares of Align Technology during the 4th quarter worth approximately $190,899,000. Finally, Arrowstreet Capital Limited Partnership raised its stake in shares of Align Technology by 4.9% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,054,633 shares of the medical equipment provider’s stock worth $180,796,000 after buying an additional 49,220 shares in the last quarter. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

ALGN has been the topic of a number of analyst reports. Wall Street Zen downgraded Align Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 1st. BMO Capital Markets began coverage on Align Technology in a research report on Wednesday, July 8th. They issued an “outperform” rating and a $209.00 price objective for the company. Weiss Ratings raised Align Technology from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, September 4th. Zacks Research lowered shares of Align Technology from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 16th. Finally, UBS Group reaffirmed a “neutral” rating and set a $189.00 price target on shares of Align Technology in a research note on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $206.36.

Align Technology Trading Down 3.3%

Shares of NASDAQ:ALGN traded down $5.12 during trading on Wednesday, hitting $148.17. 1,327,004 shares of the stock were exchanged, compared to its average volume of 1,074,631. The company has a fifty day moving average price of $164.65 and a two-hundred day moving average price of $170.87. The company has a market cap of $10.61 billion, a PE ratio of 25.77, a P/E/G ratio of 1.56 and a beta of 1.65. Align Technology, Inc. has a 12-month low of $122.00 and a 12-month high of $200.43.

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

About Align Technology

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.