Commerce Bank Lowers Stock Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Commerce Bank lessened its position in Align Technology, Inc. (NASDAQ:ALGN) by 62.4% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 1,271 shares of the medical equipment provider’s stock after selling 2,110 shares during the quarter. Commerce Bank’s holdings in Align Technology were worth $265,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Covestor Ltd boosted its stake in shares of Align Technology by 14.6% in the fourth quarter. Covestor Ltd now owns 415 shares of the medical equipment provider’s stock valued at $87,000 after purchasing an additional 53 shares during the period. Picton Mahoney Asset Management grew its stake in Align Technology by 69.9% during the 4th quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider’s stock worth $30,000 after purchasing an additional 58 shares in the last quarter. Smartleaf Asset Management LLC increased its holdings in Align Technology by 9.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 766 shares of the medical equipment provider’s stock worth $158,000 after purchasing an additional 64 shares during the period. Beech Hill Advisors Inc. raised its position in Align Technology by 0.6% in the 4th quarter. Beech Hill Advisors Inc. now owns 11,632 shares of the medical equipment provider’s stock valued at $2,425,000 after purchasing an additional 65 shares in the last quarter. Finally, New York Life Investment Management LLC boosted its stake in shares of Align Technology by 0.7% in the 4th quarter. New York Life Investment Management LLC now owns 9,406 shares of the medical equipment provider’s stock valued at $1,961,000 after buying an additional 68 shares during the period. Institutional investors and hedge funds own 88.43% of the company’s stock.

Align Technology Price Performance

ALGN stock opened at $184.27 on Friday. Align Technology, Inc. has a 12 month low of $141.74 and a 12 month high of $327.49. The company has a market cap of $13.49 billion, a price-to-earnings ratio of 32.85, a price-to-earnings-growth ratio of 2.24 and a beta of 1.73. The company has a fifty day moving average price of $170.38 and a 200 day moving average price of $203.10.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share for the quarter, missing the consensus estimate of $2.43 by ($0.47). Align Technology had a return on equity of 13.84% and a net margin of 10.54%. As a group, analysts anticipate that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. UBS Group cut their target price on shares of Align Technology from $240.00 to $215.00 and set a “neutral” rating on the stock in a research note on Thursday. Morgan Stanley reduced their price objective on shares of Align Technology from $280.00 to $272.00 and set an “overweight” rating on the stock in a report on Thursday, February 6th. Leerink Partners upgraded shares of Align Technology from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $235.00 to $280.00 in a research note on Monday, January 6th. Mizuho cut their price target on Align Technology from $295.00 to $250.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 25th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a research report on Thursday, February 6th. One research analyst has rated the stock with a sell rating, two have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $253.09.

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.