Align Technology, Inc. (NASDAQ:ALGN) Shares Sold by UMB Bank n.a.

UMB Bank n.a. lessened its stake in Align Technology, Inc. (NASDAQ:ALGN) by 15.9% in the third quarter, Holdings Channel reports. The institutional investor owned 728 shares of the medical equipment provider’s stock after selling 138 shares during the quarter. UMB Bank n.a.’s holdings in Align Technology were worth $185,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Moody National Bank Trust Division increased its position in shares of Align Technology by 1.8% in the 1st quarter. Moody National Bank Trust Division now owns 2,107 shares of the medical equipment provider’s stock worth $691,000 after purchasing an additional 38 shares during the last quarter. Mather Group LLC. grew its stake in Align Technology by 52.5% in the second quarter. Mather Group LLC. now owns 122 shares of the medical equipment provider’s stock worth $29,000 after purchasing an additional 42 shares in the last quarter. Quarry LP increased its holdings in Align Technology by 53.0% in the second quarter. Quarry LP now owns 127 shares of the medical equipment provider’s stock valued at $31,000 after buying an additional 44 shares during the last quarter. Crewe Advisors LLC raised its stake in Align Technology by 36.8% during the second quarter. Crewe Advisors LLC now owns 171 shares of the medical equipment provider’s stock valued at $41,000 after buying an additional 46 shares in the last quarter. Finally, Daiwa Securities Group Inc. lifted its holdings in Align Technology by 0.6% during the 2nd quarter. Daiwa Securities Group Inc. now owns 8,876 shares of the medical equipment provider’s stock worth $2,143,000 after buying an additional 54 shares during the last quarter. 88.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on ALGN. Stifel Nicolaus lowered their price target on Align Technology from $350.00 to $285.00 and set a “buy” rating for the company in a report on Friday. Morgan Stanley lowered their target price on shares of Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a research note on Thursday, July 25th. Robert W. Baird reduced their price target on shares of Align Technology from $370.00 to $325.00 and set an “outperform” rating on the stock in a research report on Monday, July 22nd. Piper Sandler reaffirmed an “overweight” rating and set a $315.00 price objective on shares of Align Technology in a research report on Friday, September 13th. Finally, Needham & Company LLC began coverage on shares of Align Technology in a research note on Thursday. They set a “hold” rating on the stock. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Align Technology has a consensus rating of “Hold” and an average target price of $295.00.

Align Technology Trading Down 3.3 %

NASDAQ ALGN opened at $222.04 on Friday. The company has a 50-day moving average price of $233.68 and a two-hundred day moving average price of $256.77. Align Technology, Inc. has a 52 week low of $176.34 and a 52 week high of $335.40. The stock has a market cap of $16.59 billion, a price-to-earnings ratio of 37.70, a price-to-earnings-growth ratio of 5.33 and a beta of 1.64.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.32 by $0.09. The business had revenue of $1.03 billion during the quarter, compared to analyst estimates of $1.04 billion. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period in the prior year, the company posted $1.73 EPS. As a group, equities research analysts expect that Align Technology, Inc. will post 7.61 earnings per share for the current fiscal year.

Insider Activity

In related news, Director C Raymond Larkin, Jr. bought 6,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was purchased at an average price of $235.33 per share, for a total transaction of $1,529,645.00. Following the transaction, the director now directly owns 28,247 shares of the company’s stock, valued at approximately $6,647,366.51. This represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.62% of the company’s stock.

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.