Comerica Bank Grows Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Comerica Bank increased its position in shares of Align Technology, Inc. (NASDAQ:ALGN – Get Rating) by 2.4% during the 3rd quarter, Holdings Channel reports. The firm owned 16,565 shares of the medical equipment provider’s stock after purchasing an additional 396 shares during the quarter. Comerica Bank’s holdings in Align Technology were worth $3,502,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Keybank National Association OH boosted its stake in Align Technology by 56,573.8% in the second quarter. Keybank National Association OH now owns 426,754 shares of the medical equipment provider’s stock valued at $101,000,000 after acquiring an additional 426,001 shares during the last quarter. Brown Advisory Inc. boosted its stake in Align Technology by 72.0% in the second quarter. Brown Advisory Inc. now owns 918,812 shares of the medical equipment provider’s stock valued at $217,455,000 after acquiring an additional 384,494 shares during the last quarter. Bares Capital Management Inc. boosted its stake in Align Technology by 68.0% in the second quarter. Bares Capital Management Inc. now owns 690,233 shares of the medical equipment provider’s stock valued at $163,357,000 after acquiring an additional 279,461 shares during the last quarter. Riverbridge Partners LLC boosted its stake in Align Technology by 5,579.6% in the third quarter. Riverbridge Partners LLC now owns 268,984 shares of the medical equipment provider’s stock valued at $55,709,000 after acquiring an additional 264,248 shares during the last quarter. Finally, Echo Street Capital Management LLC boosted its stake in Align Technology by 97.2% in the second quarter. Echo Street Capital Management LLC now owns 492,964 shares of the medical equipment provider’s stock valued at $116,670,000 after acquiring an additional 242,988 shares during the last quarter. 84.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on ALGN shares. The Goldman Sachs Group dropped their target price on shares of Align Technology from $250.00 to $165.00 and set a “sell” rating on the stock in a research note on Thursday, October 27th. Piper Sandler boosted their target price on shares of Align Technology from $230.00 to $255.00 and gave the company an “overweight” rating in a research note on Wednesday, January 11th. Robert W. Baird dropped their price target on shares of Align Technology from $310.00 to $260.00 in a research note on Thursday, October 27th. StockNews.com started coverage on shares of Align Technology in a research note on Wednesday, October 12th. They set a “hold” rating on the stock. Finally, Stifel Nicolaus dropped their price target on shares of Align Technology from $325.00 to $265.00 in a research note on Thursday, October 27th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Align Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $300.78.

Insider Buying and Selling

In other news, CEO Joseph M. Hogan bought 10,600 shares of the firm’s stock in a transaction that occurred on Wednesday, November 2nd. The shares were acquired at an average price of $188.58 per share, with a total value of $1,998,948.00. Following the acquisition, the chief executive officer now owns 185,401 shares of the company’s stock, valued at approximately $34,962,920.58. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Warren S. Thaler purchased 1,050 shares of the firm’s stock in a transaction dated Wednesday, November 2nd. The shares were purchased at an average price of $191.21 per share, with a total value of $200,770.50. Following the acquisition, the director now directly owns 30,666 shares of the company’s stock, valued at $5,863,645.86. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Joseph M. Hogan purchased 10,600 shares of the firm’s stock in a transaction dated Wednesday, November 2nd. The stock was bought at an average cost of $188.58 per share, for a total transaction of $1,998,948.00. Following the acquisition, the chief executive officer now directly owns 185,401 shares in the company, valued at $34,962,920.58. The disclosure for this purchase can be found here. 0.64% of the stock is currently owned by insiders.

Align Technology Trading Up 1.8 %

Align Technology stock opened at $239.76 on Monday. The firm’s 50 day simple moving average is $202.91 and its 200 day simple moving average is $228.67. The firm has a market capitalization of $18.73 billion, a PE ratio of 37.06, a price-to-earnings-growth ratio of 29.22 and a beta of 1.59. Align Technology, Inc. has a 1-year low of $172.05 and a 1-year high of $552.00.

Align Technology (NASDAQ:ALGN – Get Rating) last posted its earnings results on Wednesday, October 26th. The medical equipment provider reported $0.98 earnings per share for the quarter, missing analysts’ consensus estimates of $1.93 by ($0.95). The firm had revenue of $890.35 million for the quarter, compared to the consensus estimate of $973.00 million. Align Technology had a return on equity of 14.39% and a net margin of 13.22%. The business’s revenue was down 12.4% on a year-over-year basis. During the same period last year, the company posted $2.28 EPS. Research analysts forecast that Align Technology, Inc. will post 5.8 earnings per share for the current year.

Align Technology Company Profile

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Align Technology, Inc, a medical device company, designs, manufactures, and markets Invisalign clear aligners and iTero intraoral scanners and services for orthodontists and general practitioner dentists, and restorative and aesthetic dentistry. It operates in two segments, Clear Aligner; and Scanners and Services.