Commerce Bank Reduces Position in Align Technology, Inc. (NASDAQ:ALGN)

Commerce Bank decreased its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 62.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,271 shares of the medical equipment provider's stock after selling 2,110 shares during the period. Commerce Bank's holdings in Align Technology were worth $265,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of ALGN. Wilmington Savings Fund Society FSB purchased a new stake in shares of Align Technology during the 3rd quarter worth approximately $78,000. Oddo BHF Asset Management Sas purchased a new position in shares of Align Technology in the third quarter valued at $747,000. Exome Asset Management LLC acquired a new position in shares of Align Technology during the 3rd quarter worth $4,756,000. Principal Financial Group Inc. boosted its position in shares of Align Technology by 2.7% in the 3rd quarter. Principal Financial Group Inc. now owns 82,020 shares of the medical equipment provider's stock worth $20,859,000 after buying an additional 2,168 shares in the last quarter. Finally, Versant Capital Management Inc grew its stake in Align Technology by 212.2% in the 4th quarter. Versant Capital Management Inc now owns 231 shares of the medical equipment provider's stock valued at $48,000 after acquiring an additional 157 shares during the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Stock Down 2.5 %

Shares of Align Technology stock traded down $4.45 during trading hours on Wednesday, hitting $173.30. The company's stock had a trading volume of 2,534,611 shares, compared to its average volume of 893,236. The business has a fifty day moving average of $168.84 and a 200 day moving average of $201.70. Align Technology, Inc. has a 1-year low of $141.74 and a 1-year high of $295.69. The company has a market capitalization of $12.69 billion, a PE ratio of 30.89, a P/E/G ratio of 2.24 and a beta of 1.73.

Align Technology (NASDAQ:ALGN - Get Free Report) 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%. On average, sell-side analysts anticipate that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have issued reports on ALGN. UBS Group cut their target price on shares of Align Technology from $240.00 to $215.00 and set a "neutral" rating for the company in a research report on Thursday, April 24th. Jefferies Financial Group reduced their target price on Align Technology from $285.00 to $260.00 and set a "buy" rating on the stock in a research note on Thursday, January 23rd. Piper Sandler reiterated an "overweight" rating and set a $235.00 target price (down previously from $270.00) on shares of Align Technology in a report on Tuesday, March 18th. Mizuho reduced their price objective on Align Technology from $250.00 to $245.00 and set an "outperform" rating on the stock in a research report on Tuesday. Finally, Leerink Partnrs upgraded Align Technology from a "hold" rating to a "strong-buy" rating in a research report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $245.75.

Align Technology 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.