M&T Bank Corp Reduces Stock Position in Align Technology, Inc. (NASDAQ:ALGN)

M&T Bank Corp trimmed its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 6.0% in the fourth quarter, Holdings Channel reports. The institutional investor owned 6,819 shares of the medical equipment provider’s stock after selling 433 shares during the quarter. M&T Bank Corp’s holdings in Align Technology were worth $1,869,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Commonwealth Equity Services LLC lifted its holdings in Align Technology by 9.4% during the 3rd quarter. Commonwealth Equity Services LLC now owns 5,046 shares of the medical equipment provider’s stock worth $1,541,000 after purchasing an additional 435 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its holdings in shares of Align Technology by 26.0% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 21,040 shares of the medical equipment provider’s stock worth $6,424,000 after purchasing an additional 4,346 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Align Technology by 8.0% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,251 shares of the medical equipment provider’s stock worth $4,046,000 after buying an additional 979 shares in the last quarter. Strs Ohio boosted its stake in Align Technology by 43.8% during the third quarter. Strs Ohio now owns 8,628 shares of the medical equipment provider’s stock valued at $2,634,000 after buying an additional 2,628 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in Align Technology by 20.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 78,172 shares of the medical equipment provider’s stock valued at $23,867,000 after buying an additional 13,221 shares during the period. Institutional investors own 88.43% of the company’s stock.

Align Technology Stock Up 2.5 %

NASDAQ ALGN opened at $280.39 on Friday. The company has a 50-day simple moving average of $309.52 and a two-hundred day simple moving average of $271.71. Align Technology, Inc. has a 12-month low of $176.34 and a 12-month high of $413.20. The firm has a market cap of $21.10 billion, a price-to-earnings ratio of 46.19, a PEG ratio of 5.29 and a beta of 1.66.

Insider Activity

In other Align Technology news, Director Joseph Lacob sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $303.22, for a total value of $4,548,300.00. Following the completion of the sale, the director now owns 131,994 shares in the company, valued at $40,023,220.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.62% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

ALGN has been the topic of several recent analyst reports. Leerink Partnrs reaffirmed a “market perform” rating on shares of Align Technology in a report on Monday, February 26th. UBS Group raised their target price on shares of Align Technology from $280.00 to $320.00 and gave the company a “neutral” rating in a research note on Monday, April 15th. Morgan Stanley boosted their price target on shares of Align Technology from $344.00 to $360.00 and gave the stock an “overweight” rating in a research note on Thursday, April 25th. SVB Leerink assumed coverage on shares of Align Technology in a research report on Monday, February 26th. They set a “market perform” rating and a $310.00 price objective on the stock. Finally, Stifel Nicolaus upped their target price on shares of Align Technology from $350.00 to $400.00 and gave the stock a “buy” rating in a research report on Thursday, April 18th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $353.00.

About Align Technology

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.