Bank of Montreal Can Has $19.50 Million Stock Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Bank of Montreal Can reduced its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 12.6% in the 2nd quarter, Holdings Channel reports. The firm owned 80,756 shares of the medical equipment provider’s stock after selling 11,671 shares during the period. Bank of Montreal Can’s holdings in Align Technology were worth $19,500,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Cullen Frost Bankers Inc. boosted its holdings in shares of Align Technology by 854.5% in the 2nd 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 in the last quarter. Mather Group LLC. acquired a new stake in Align Technology in the first quarter valued at about $26,000. Innealta Capital LLC bought a new position in Align Technology in the second quarter valued at about $26,000. Rothschild Investment LLC acquired a new position in Align Technology during the second quarter worth about $26,000. Finally, Versant Capital Management Inc lifted its holdings in shares of Align Technology by 547.1% in the second quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider’s stock worth $27,000 after acquiring an additional 93 shares during the last quarter. 88.43% of the stock is currently owned by institutional investors.

Insider Transactions at Align Technology

In other news, Director C Raymond Larkin, Jr. acquired 6,500 shares of Align Technology stock in a transaction dated Thursday, August 15th. The shares were bought at an average cost of $235.33 per share, with a total value of $1,529,645.00. Following the purchase, the director now owns 28,247 shares in the company, valued at approximately $6,647,366.51. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.62% of the company’s stock.

Align Technology Stock Up 2.1 %

Shares of NASDAQ:ALGN opened at $254.81 on Friday. The business has a fifty day simple moving average of $232.61 and a 200 day simple moving average of $263.24. Align Technology, Inc. has a 12-month low of $176.34 and a 12-month high of $335.40. The firm has a market cap of $19.03 billion, a P/E ratio of 41.98, a P/E/G ratio of 5.77 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. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The company had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.04 billion. During the same period last year, the company earned $1.73 earnings per share. The firm’s revenue was up 2.6% compared to the same quarter last year. As a group, equities research analysts expect that Align Technology, Inc. will post 7.61 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on ALGN shares. Evercore ISI lowered their price objective on shares of Align Technology from $370.00 to $300.00 and set an “outperform” rating for the company in a research report on Monday, June 10th. Morgan Stanley dropped their price target on Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a research note on Thursday, July 25th. StockNews.com upgraded Align Technology from a “hold” rating to a “buy” rating in a research report on Thursday, September 19th. Stifel Nicolaus lowered their target price on Align Technology from $400.00 to $350.00 and set a “buy” rating for the company in a report on Thursday, July 25th. Finally, OTR Global reissued a “mixed” rating on shares of Align Technology in a research note on Tuesday, June 4th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, Align Technology has an average rating of “Moderate Buy” and an average price target of $306.88.

Align Technology 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.