Commerce Bank Has $860,000 Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Commerce Bank boosted its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 47.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,381 shares of the medical equipment provider’s stock after purchasing an additional 1,081 shares during the period. Commerce Bank’s holdings in Align Technology were worth $860,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. LRI Investments LLC acquired a new stake in Align Technology in the 1st quarter valued at approximately $29,000. Cullen Frost Bankers Inc. raised its holdings in shares of Align Technology by 854.5% in the second quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock valued at $25,000 after purchasing an additional 94 shares during the last quarter. Rothschild Investment LLC bought a new stake in shares of Align Technology in the second quarter worth $26,000. Innealta Capital LLC acquired a new position in Align Technology during the second quarter worth $26,000. Finally, Versant Capital Management Inc grew its position in Align Technology by 547.1% in the second quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider’s stock valued at $27,000 after purchasing an additional 93 shares in the last quarter. Institutional investors and hedge funds own 88.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on ALGN shares. Piper Sandler reduced their price objective on shares of Align Technology from $285.00 to $275.00 and set an “overweight” rating for the company in a research note on Thursday, October 24th. Morgan Stanley decreased their price objective on shares of Align Technology from $310.00 to $280.00 and set an “overweight” rating for the company in a research report on Thursday, October 24th. StockNews.com upgraded shares of Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday, September 19th. Robert W. Baird lowered their price target on Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. Finally, Evercore ISI reduced their target price on Align Technology from $270.00 to $250.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $276.38.

Align Technology Stock Performance

ALGN opened at $240.52 on Tuesday. The stock has a fifty day moving average of $228.36 and a 200-day moving average of $237.28. The company has a market capitalization of $17.95 billion, a P/E ratio of 41.04, a P/E/G ratio of 5.85 and a beta of 1.65. Align Technology, Inc. has a fifty-two week low of $196.09 and a fifty-two week high of $335.40.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share for the quarter, topping the consensus estimate of $2.31 by $0.04. Align Technology had a net margin of 11.15% and a return on equity of 13.99%. The business had revenue of $977.87 million during the quarter, compared to analysts’ expectations of $990.05 million. During the same quarter in the previous year, the company earned $1.62 EPS. The business’s revenue was up 1.8% on a year-over-year basis. On average, equities research analysts predict that Align Technology, Inc. will post 7.45 earnings per share for the current fiscal 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.